| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9606 |
| DP9606 Sovereign Default Risk and Banks in a Monetary Union | |
| Harald Uhlig | |
| 发表日期 | 2013-08-18 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any losses, should the banks not be able to repurchase the bonds. I argue that regulators in risky countries have an incentive to allow their banks to hold home risky bonds and risk defaults, while regulators in other ?safe? countries will impose tighter regulation. As a result, governments in risky countries get to borrow more cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank. |
| 主题 | International Macroeconomics |
| 关键词 | Euro zone crisis Sovereign default risk Bank regulation Risk shifting Common central bank European central bank Ecb Repurchase operations Haircuts |
| URL | https://cepr.org/publications/dp9606 |
| 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/538441 |
| 推荐引用方式 GB/T 7714 | Harald Uhlig. DP9606 Sovereign Default Risk and Banks in a Monetary Union. 2013. |
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