LEADER 05949oam 22015254 450 001 9910786484403321 005 20230801225401.0 010 $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(IMF)WPIEE2012178 035 $a(IMF)WPIEA2012178 035 $a(EXLCZ)992670000000278910 100 $a20020129d2012 uf 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 /$fGustavo Adler 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (30 p.) 225 1 $aIMF Working Papers 225 0$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 3 $aLarge fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence between fiscal and bank solvency. This paper presents a simple model of twin (sovereign and banking) crisis that stresses how this interdependence creates conditions conducive to a self-fulfilling crisis. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/178 606 $aFinancial crises 606 $aBanks and banking 606 $aBanks and Banking$2imf 606 $aFinancial Risk Management$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aIndustries: Financial Services$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aMoney Supply$2imf 606 $aCredit$2imf 606 $aMoney Multipliers$2imf 606 $aComparative or Joint Analysis of Fiscal and Monetary Policy$2imf 606 $aStabilization$2imf 606 $aTreasury Policy$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancial Crises$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aBanking$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aMonetary economics$2imf 606 $aFinance$2imf 606 $aPublic finance & taxation$2imf 606 $aFinancial crises$2imf 606 $aNonbank financial institutions$2imf 606 $aDomestic debt$2imf 606 $aMoney$2imf 606 $aFinancial institutions$2imf 606 $aPublic debt$2imf 606 $aBanks and banking$2imf 606 $aFinancial services industry$2imf 606 $aDebts, Public$2imf 607 $aArgentina$2imf 615 0$aFinancial crises. 615 0$aBanks and banking. 615 7$aBanks and Banking 615 7$aFinancial Risk Management 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aIndustries: Financial Services 615 7$aFinancial Markets and the Macroeconomy 615 7$aMoney Supply 615 7$aCredit 615 7$aMoney Multipliers 615 7$aComparative or Joint Analysis of Fiscal and Monetary Policy 615 7$aStabilization 615 7$aTreasury Policy 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancial Crises 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aBanking 615 7$aEconomic & financial crises & disasters 615 7$aMonetary economics 615 7$aFinance 615 7$aPublic finance & taxation 615 7$aFinancial crises 615 7$aNonbank financial institutions 615 7$aDomestic debt 615 7$aMoney 615 7$aFinancial institutions 615 7$aPublic debt 615 7$aBanks and banking 615 7$aFinancial services industry 615 7$aDebts, Public 700 $aAdler$b Gustavo$01474661 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786484403321 996 $aIntertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis$93858231 997 $aUNINA