LEADER 02773nam 2200577Ia 450 001 9910462257903321 005 20200520144314.0 010 $a1-4755-2939-2 010 $a1-4755-4841-9 035 $a(CKB)2670000000278910 035 $a(EBL)1606839 035 $a(SSID)ssj0000941830 035 $a(PQKBManifestationID)11967091 035 $a(PQKBTitleCode)TC0000941830 035 $a(PQKBWorkID)10964213 035 $a(PQKB)10291529 035 $a(MiAaPQ)EBC1606839 035 $a(Au-PeEL)EBL1606839 035 $a(CaPaEBR)ebr10627131 035 $a(OCoLC)800131332 035 $a(EXLCZ)992670000000278910 100 $a20121206d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIntertwined sovereign and bank solvencies in a model of self-fulfilling crisis$b[electronic resource] /$fGustavo Adler 210 $aWashington, D.C. $cInternational Monetary Fund$dc2012 215 $a1 online resource (30 p.) 225 0$aIMF working paper ;$vWP/12/178 300 $aDescription based upon print version of record. 311 $a1-4755-5825-2 311 $a1-4755-0526-4 320 $aIncludes bibliographical references. 327 $aCover; 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 330 $aLarge fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence between fiscal and bank solvency. This paper presents a simple model of twin (sovereign and banking) crisis that stresses how this interdependence creates conditions conducive to a self-fulfilling crisis. 410 0$aIMF Working Papers 606 $aFinancial crises 606 $aBanks and banking 608 $aElectronic books. 615 0$aFinancial crises. 615 0$aBanks and banking. 700 $aAdler$b Gustavo$f1974-$0866245 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910462257903321 996 $aIntertwined sovereign and bank solvencies in a model of self-fulfilling crisis$91933303 997 $aUNINA