|
|
|
|
|
|
|
|
1. |
Record Nr. |
UNINA9910462257903321 |
|
|
Autore |
Adler Gustavo <1974-> |
|
|
Titolo |
Intertwined sovereign and bank solvencies in a model of self-fulfilling crisis [[electronic resource] /] / Gustavo Adler |
|
|
|
|
|
|
|
Pubbl/distr/stampa |
|
|
Washington, D.C., : International Monetary Fund, c2012 |
|
|
|
|
|
|
|
ISBN |
|
1-4755-2939-2 |
1-4755-4841-9 |
|
|
|
|
|
|
|
|
Descrizione fisica |
|
1 online resource (30 p.) |
|
|
|
|
|
|
Collana |
|
IMF working paper ; ; WP/12/178 |
|
|
|
|
|
|
Soggetti |
|
Financial crises |
Banks and banking |
Electronic books. |
|
|
|
|
|
|
|
|
Lingua di pubblicazione |
|
|
|
|
|
|
Formato |
Materiale a stampa |
|
|
|
|
|
Livello bibliografico |
Monografia |
|
|
|
|
|
Note generali |
|
Description based upon print version of record. |
|
|
|
|
|
|
Nota di bibliografia |
|
Includes bibliographical references. |
|
|
|
|
|
|
Nota di contenuto |
|
Cover; Contents; 1. Introduction; 2. Model; 2.1 Households; 2.2 Domestic Financial Intermediaries; 2.3 Firms; 2.4 Government; 2.5 A Competitive Equilibrium; 2.6 A Sustainable Debt Equilibrium; 2.7 A Self-Fulfilling Crisis; 3. Discussion; 3.1 Senior Debt Structure; 3.2 Capital Requirements; 3.3 Public Recapitalization; 4. Conclussions; Figures; 1. Equilibria at Time t; 2. Equilibria with Different Levels of Domestic Debt; 3. Probability of Crisis and Effect on Prices, Private Credit and Output; Appendix; References |
|
|
|
|
|
|
|
|
Sommario/riassunto |
|
Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence between fiscal and bank solvency. This paper presents a simple model of twin (sovereign and banking) crisis that stresses how this interdependence creates conditions conducive to a self-fulfilling crisis. |
|
|
|
|
|
|
|