| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2313 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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