| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7903 |
| DP7903 Are banks too big to fail or too big to save? International evidence from equity prices and CDS spreads | |
| Harry Huizinga; Asli Demirgüç-Kunt | |
| 发表日期 | 2010-06-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Deteriorating public finances around the world raise doubts about countries? abilities to bail out their largest banks. For an international sample of banks, this paper investigates the impact of government indebtedness and deficits on bank stock prices and CDS spreads. Overall, bank stock prices reflect a negative capitalization of government debt and they respond negatively to deficits. We present evidence that in 2008 systemically large banks saw a reduction in their market valuation in countries running large fiscal deficits. Furthermore, the change in bank CDS spreads in 2008 relative to 2007 reflects countries? deterioration of public deficits. Our results suggest that some systemically important banks can increase their value by downsizing or splitting up, as they have become too big to save, potentially reversing the trend to ever larger banks. We also document that a smaller proportion of banks are systemically important - relative to GDP - in 2008 than in the two previous years, which could reflect these private incentives to downsize. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Banking Credit default swap Financial crisis Too big to fail Too big to save |
| URL | https://cepr.org/publications/dp7903 |
| 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/536739 |
| 推荐引用方式 GB/T 7714 | Harry Huizinga,Asli Demirgüç-Kunt. DP7903 Are banks too big to fail or too big to save? International evidence from equity prices and CDS spreads. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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