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Record Nr. |
UNINA9910786484403321 |
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Autore |
Adler Gustavo |
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Titolo |
Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis / / Gustavo Adler |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2012 |
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ISBN |
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1-4755-2939-2 |
1-4755-4841-9 |
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Descrizione fisica |
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1 online resource (30 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/12/178 |
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Soggetti |
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Financial crises |
Banks and banking |
Banks and Banking |
Financial Risk Management |
Money and Monetary Policy |
Public Finance |
Industries: Financial Services |
Financial Markets and the Macroeconomy |
Money Supply |
Credit |
Money Multipliers |
Comparative or Joint Analysis of Fiscal and Monetary Policy |
Stabilization |
Treasury Policy |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Financial Crises |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Pension Funds |
Non-bank Financial Institutions |
Financial Instruments |
Institutional Investors |
Debt |
Debt Management |
Sovereign Debt |
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Banking |
Economic & financial crises & disasters |
Monetary economics |
Finance |
Public finance & taxation |
Nonbank financial institutions |
Domestic debt |
Money |
Financial institutions |
Public debt |
Financial services industry |
Debts, Public |
Argentina |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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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 |
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Sommario/riassunto |
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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. |
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