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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 |
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