G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2313
DP2313 Are Austrian Returns to Education Falling Over Time?
Rudolf Winter-Ebmer; Josef Fersterer
发表日期1999-12-17
出版年1999
语种英语
摘要We model systemic risk in an interbank market. Banks face liquidity needs as consumers are uncertain about where they need to consume. Interbank credit lines allow banks to cope with these liquidity shocks while reducing the cost of maintaining reserves. However, the interbank market exposes the system to a coordination failure (gridlock equilibrium) even if all banks are solvent. When one bank is insolvent, the stability of the banking system is affected in various ways depending on the patterns of payments across locations. We investigate the ability of the banking industry to withstand the insolvency of one bank and whether the closure of one bank generates a chain reaction on the rest of the system. We analyze the coordinating role of the Central Bank in preventing payments' systemic repercussions and we examine the justification of the 'too-big-to-fail-policy'.
主题Financial Economics
关键词Coordination Interbank market Liquidity Payment system
URLhttps://cepr.org/publications/dp2313
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531404
推荐引用方式
GB/T 7714
Rudolf Winter-Ebmer,Josef Fersterer. DP2313 Are Austrian Returns to Education Falling Over Time?. 1999.
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