| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8248 |
| DP8248 Financial Black-Holes: The Interaction of Financial Regulation and Bailout Guarantees | |
| Aaron Tornell; Romain Rancière | |
| 发表日期 | 2011-02-14 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper argues that the U.S. financial crisis is a new type of crisis: a "financial black hole." Financial black holes are characterized by the breaking-up of credit market discipline and the large-scale financing of negative NPV projects. In a theoretical model, we explain how the combination of perceived government guarantees and the ability to issues catastrophe-bond-like liabilities generate financial black holes. We then show that the stylized facts of the U.S. economy are consistent with a financial black hole equilbrium. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Bailout guarantees Derivatives Financial crisis Financial regulation |
| URL | https://cepr.org/publications/dp8248 |
| 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/537086 |
| 推荐引用方式 GB/T 7714 | Aaron Tornell,Romain Rancière. DP8248 Financial Black-Holes: The Interaction of Financial Regulation and Bailout Guarantees. 2011. |
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