| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10213 |
| DP10213 Equity Recourse Notes: Creating Counter-cyclical Bank Capital | |
| Jeremy Bulow; Paul Klemperer | |
| 发表日期 | 2014-10-19 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We propose a new form of hybrid capital for banks, Equity Recourse Notes (ERNs), which ameliorate booms and busts by creating counter-cyclical incentives for banks to raise capital, and so encourage bank lending in bad times. They avoid the flaws of existing contingent convertible bonds (cocos)--in particular, they convert more credibly--so ERNs also help solve the too-big-to-fail problem: rather than forcing banks to increase equity, we should require the same or larger capital increase but permit it to be in the form of either equity or ERNs--this also gives some choice to those who claim (rightly or wrongly) that equity is more costly than debt. ERNs can be introduced within the current regulatory system, but also provide a way to reduce the existing system?s heavy reliance on measures of regulatory-capital. |
| 主题 | Financial Economics |
| 关键词 | Bank Bank capital Capital requirements Coco Contingent capital Contingent convertible bond Bail-in Sifi |
| URL | https://cepr.org/publications/dp10213 |
| 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/539046 |
| 推荐引用方式 GB/T 7714 | Jeremy Bulow,Paul Klemperer. DP10213 Equity Recourse Notes: Creating Counter-cyclical Bank Capital. 2014. |
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