| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8661 |
| DP8661 Does the European Financial Stability Facility bail out sovereigns or banks? An event study | |
| Harry Huizinga; Bálint Horváth | |
| 发表日期 | 2011-11-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | On May 9, 2010 euro zone countries announced the creation of the European Financial Stability Facility as a response to the sovereign debt crisis. This paper investigates the impact of this announcement on bank share prices, bank CDS spreads and sovereign CDS spreads. The main private beneficiaries were bank creditors, especially of banks heavily exposed to southern Europe and Ireland and located in countries characterized by weak public finances. Furthermore, countries with weak public finances and banking systems heavily exposed to southern Europe and Ireland benefited, as evidenced by lower sovereign CDS spreads. The combined gains of bank debt holders and shareholders exceed the increase in the value of their sovereign debt exposures, suggesting that banks saw their contingent claim on the financial safety net increase in value. |
| 主题 | International Macroeconomics |
| 关键词 | Bailout Banking Cds spreads Sovereign debt |
| URL | https://cepr.org/publications/dp8661 |
| 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/537498 |
| 推荐引用方式 GB/T 7714 | Harry Huizinga,Bálint Horváth. DP8661 Does the European Financial Stability Facility bail out sovereigns or banks? An event study. 2011. |
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