| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7356 |
| DP7356 The Evolution of Aggregate Stock Ownership---A Unified Explanation | |
| Kristian Rydqvist; Ilya Strebulaev; Joshua Spizman | |
| 发表日期 | 2009-07-05 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Insurance contracts contingent on macroeconomic shocks or on average bank capital could be a way of insuring against systemic crises. With insurance, banks are recapitalized when negative events would otherwise cause a write down of capital or even bank insolvency. In a simple model we illustrate the working of these contracts and how insurance could be achieved. We identify the main pitfalls of this approach: the insurance capacity of an economy may be too limited, insurance must be mandatory, insurance does not curb excessive risk taking (unobservable or observable), the insurers may go bankrupt in crises, and managerial restrictions on a rising bank equity capital limit insurance. Finally we discuss some complementary regulatory measures to foster the effectiveness of crisis insurance. In particular, we suggest mandatory purchase of insurance contracts against systemic crises by managers of large banks. |
| 主题 | Financial Economics |
| 关键词 | Automatic recapitalization Banking crises Banking regulation Financial intermediation Insurance contracts |
| URL | https://cepr.org/publications/dp7356 |
| 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/536191 |
| 推荐引用方式 GB/T 7714 | Kristian Rydqvist,Ilya Strebulaev,Joshua Spizman. DP7356 The Evolution of Aggregate Stock Ownership---A Unified Explanation. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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