G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7334
DP7334 Business Cycle Dependent Unemployment Insurance
Torben M Andersen; Michael Svarer
发表日期2009-06-23
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 a capital cushion sufficiently great that their own credit default swap price stays below a threshold level. If this level is violated the LFI regulator forces the LFI to issue equity until the CDS price moves back below the threshold. If this does not happen within a predetermined period of time, the regulator intervenes. We show that this mechanism ensures that LFIs are solvent with probability one, while preserving the disciplinary effects of debt.
主题Financial Economics
关键词Banks Capital requirement Too big to fail
URLhttps://cepr.org/publications/dp7334
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/536171
推荐引用方式
GB/T 7714
Torben M Andersen,Michael Svarer. DP7334 Business Cycle Dependent Unemployment Insurance. 2009.
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