| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Crises and Bail-outs of Banks and Countries: Interconnections, Analogies, Differences | |
| Giorgio Gomel; Riccardo De Bonis; Alessandro Giustiniani | |
| 发表日期 | 1998 |
| 出处 | Economy and Society |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | During the last decade or so a number of banking crises has occurred in both industrial and developing countries. Bank unsoundness is the focus of deep concerns for its possible interactions with macroeconomic instability. The potential size and severity of sovereign debt crises in integrated financial markets were highlighted by the outbreak of the Mexican crisis at the end of 1994. Subsequently, in a number of international bodies policy makers have undertaken to consider various avenues and arrangements to prevent, anticipate and resolve sovereign debt crises. In the second half of 1997, East Asia's turmoil testified to the interdependence between currency devaluations, stockmarket crashes, and banks' insolvencies. After a general discussion of financial crises and bank runs, the paper discusses the prototype case of banks for which both established economic doctrine and the practical experience of policy makers and regulators offer clearer indications. Then it turns to countries exploring interactions, analogies and differences with the case of banks. Fundamental differences remain between the cases of financial intermediaries and nations. Ultimately the decision of a sovereign state to default or suspend its debt-service payments is largely a voluntary one and the safeguards against moral hazard built into domestic bankruptcy codes cannot be applied to it. Important consequences follow in terms of international co-ordination and the function of the "lender of last resort". |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/crises-and-bail-outs-of-banks-and-countries-interconnections-analogies-differences/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116335 |
| 推荐引用方式 GB/T 7714 | Giorgio Gomel,Riccardo De Bonis,Alessandro Giustiniani. Crises and Bail-outs of Banks and Countries: Interconnections, Analogies, Differences. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL1998-040.pdf（768KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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