Bank Bailouts : Moral Hazard vs. Value Effect /

This paper shows that a central bank, by announcing and committing ex-ante to a bailout policy that is contingent on the realization of certain states of nature (for example on the occurrence of an adverse macroeconomic shock), creates a risk-reducing 'value effect' that more than outweigh...

Πλήρης περιγραφή

Λεπτομέρειες βιβλιογραφικής εγγραφής
Κύριος συγγραφέας: Levy Yeyati, Eduardo
Άλλοι συγγραφείς: Cordella, Tito
Μορφή: Επιστημονικό περιοδικό
Γλώσσα:English
Έκδοση: Washington, D.C. : International Monetary Fund, 1999.
Σειρά:IMF Working Papers; Working Paper ; No. 1999/106
Διαθέσιμο Online:Full text available on IMF
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520 3 |a This paper shows that a central bank, by announcing and committing ex-ante to a bailout policy that is contingent on the realization of certain states of nature (for example on the occurrence of an adverse macroeconomic shock), creates a risk-reducing 'value effect' that more than outweighs the moral hazard component of such a policy. 
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700 1 |a Cordella, Tito. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 1999/106 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/1999/106/001.1999.issue-106-en.xml  |z IMF e-Library