| 来源类型 | Article |
| 规范类型 | 其他 |
| DOI | 10.1016/j.jedc.2014.08.020 |
| To bail-out or to bail-in? Answers from an agent-based model. | |
| Klimek P; Poledna S; Farmer JD; Thurner S | |
| 发表日期 | 2015 |
| 出处 | Journal of Economic Dynamics and Control 50: 144-154 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Since the beginning of the 2008 financial crisis almost half a trillion euros have been spent to financially assist EU member states in taxpayer-funded bail-outs. These crisis resolutions are often accompanied by austerity programs causing political and social friction on both domestic and international levels. The question of how to resolve failing financial institutions, and how this depends on economic preconditions, is therefore a pressing and controversial issue of vast political importance. In this work we employ an agent-based model to study the economic and financial ramifications of three highly relevant crisis resolution mechanisms. To establish the validity of the model we show that it reproduces a series of key stylized facts of the financial and real economy. The distressed institution can either be closed via a purchase & assumption transaction, it can be bailed-out using taxpayer money, or it may be bailed-in in a debt-to-equity conversion. We find that for an economy characterized by low unemployment and high productivity the optimal crisis resolution with respect to financial stability and economic productivity is to close the distressed institution. For economies in recession with high unemployment the bail-in tool provides the most efficient crisis resolution mechanism. Under no circumstances do taxpayer-funded bail-out schemes outperform bail-ins with private sector involvement. |
| 主题 | Advanced Systems Analysis (ASA) |
| 关键词 | Agent-based model Bail-in Bail-out Crisis resolution |
| URL | http://pure.iiasa.ac.at/id/eprint/11531/ |
| 来源智库 | International Institute for Applied Systems Analysis (Austria) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/130247 |
| 推荐引用方式 GB/T 7714 | Klimek P,Poledna S,Farmer JD,et al. To bail-out or to bail-in? Answers from an agent-based model.. 2015. |
| 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 | ||
| To%20bail-out%20or%2（1309KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
