| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7334 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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