全球智库信息集成服务系统(G2TT): A New Capital Regulation For Large Financial Institutions

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	A New Capital Regulation For Large Financial Institutions
	Oliver Hart; Luigi Zingales
发表日期	2009
出处	Economy and Society
出版年	2009
语种	英语
摘要	We design a new, implementable capital requirement for large financial institutions (LFIs) that are too big to fail. Our mechanism mimics the operation of margin accounts. To ensure that LFIs do not default on either their deposits or their derivative contracts, we require that they maintain an equity cushion sufficiently great that their own credit default swap price stays below a threshold level, and a cushion of long term bonds sufficiently large that, even if the equity is wiped out, the systemically relevant obligations are safe. If the CDS price goes above the threshold, the LFI regulator forces the LFI to issue equity until the CDS price moves back down. If this does not happen within a predetermined period of time, the regulator intervenes. We show that this mechanism ensures that LFIs are always solvent, while preserving some of the disciplinary effects of debt.
特色分类	G21;G28
关键词	Banks Capital Requirement Too Big to Fail
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/a-new-capital-regulation-for-large-financial-institutions/
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/117673
推荐引用方式 GB/T 7714	Oliver Hart,Luigi Zingales. A New Capital Regulation For Large Financial Institutions. 2009.

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
200912111646301Nota_（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
200912111646414124-0（521KB）	智库出版物		限制开放	CC BY-NC-SA	浏览