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Bank Use of Sovereign CDS in the Eurozone Crisis : Hedging and Risk Incentives
Acharya, Viral V. - 2019
Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....
Persistent link: https://www.econbiz.de/10012898392
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Bank Use of Sovereign CDS in the Eurozone Crisis : Hedging and Risk Incentives
Acharya, Viral V.; Gündüz, Yalin; Johnson, Timothy C. - 2021
Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....
Persistent link: https://www.econbiz.de/10013222131
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Bank use of sovereign CDS in the eurozone crisis : hedging and risk incentives
Acharya, Viral V.; Gündüz, Yalın; Johnson, Tim - 2018
Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....
Persistent link: https://www.econbiz.de/10011888333
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Market failures and regulatory failures : lessons from past and present financial crises
Acharya, Viral V.; Cooley, Thomas F.; Richardson, Matthew; … - 2011
The paper analyzes the financial crisis of through the lens of market failures and regulatory failures. We present a case that there were four primary failures contributing to the crisis: excessive risk-taking in the financial sector due to mispriced government guarantees; regulatory focus on...
Persistent link: https://www.econbiz.de/10008907804
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Market Failures and Regulatory Failures : Lessons from Past and Present Financial Crises
Acharya, Viral V. - 2011
The paper analyzes the financial crisis of 2007-2009 through the lens of market failures and regulatory failures and presents a case that there were four primary failures contributing to the crisis: excessive risk-taking in the financial sector due to mispriced government guarantees; regulatory...
Persistent link: https://www.econbiz.de/10013130373
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Analyzing Systemic Risk of the European Banking Sector
Acharya, Viral V. - 2012
Since the summer of 2007, the financial system has faced two major systemic crises. European banks have been at the center of both crises, particularly of the European sovereign debt crisis. This article analyzes systemic risk of European banks across both crises exploiting the specific...
Persistent link: https://www.econbiz.de/10013100403
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Falling Short of Expectations? Stress-Testing the European Banking System
Acharya, Viral V. - 2015
The eurozone is mired in a recession. In 2013, the GDP of all 17 eurozone countries fell by 0.5% and the outlook for … system, a eurozone banking union is being established. An important part of the banking union is the Single Supervisory …
Persistent link: https://www.econbiz.de/10013034522
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The 'Greatest' Carry Trade Ever? Understanding Eurozone Bank Risks
Acharya, Viral V. - 2015
We show that eurozone bank risks during 2007-2013 can be understood as carry trade behavior. Bank equity returns load …
Persistent link: https://www.econbiz.de/10013035668
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Lender of last resort versus buyer of last resort : the impact of the European Central Bank actions on the bank-sovereign nexus
Acharya, Viral V.; Pierret, Diane; Steffen, Sascha - 2016 - This version: February 29, 2016
In summer 2011, elevated sovereign risk in Eurozone peripheral countries increased the solvency risk of Eurozone banks … public funds to increase their exposure to risky domestic debt, so that when solvency risk in the Eurozone worsened the run … of private short-term investors from Eurozone banks intensified. (ii) In contrast, ECB’s announcement of being a …
Persistent link: https://www.econbiz.de/10011436391
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Kicking the can down the road : government interventions in the European banking sector
Acharya, Viral V.; Borchert, Lea; Jager, Maximilian; … - In: The review of financial studies 34 (2021) 9, pp. 4090-4131
Persistent link: https://www.econbiz.de/10012621453