| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10485 |
| DP10485 Bank and Sovereign Risk Interdependence in the Euro Area | |
| Tryphon Kollintzas | |
| 发表日期 | 2015-03-15 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We develop a dynamic stochastic general equilibrium model to study bank risk and sovereign risk interdependence in the Euro Area. We find that an increase in capital investment risk shock, results in a considerably deeper recession when sovereign risk is also present. This result has three policy implications. First, Euro Area policies dealing with failing banks aggravated the recession. Second, although there has been a supranational effort with the creation of the EFSF/ESM to provide loans to sovereigns, as long as there is no direct mechanism for financial sector rescues, Euro Area policies continue to exacerbate the recession. Third, in favor of austerity measures used in the EA, we find that government spending multipliers are smaller in the presence of sovereign risk. |
| 主题 | International Macroeconomics ; Public Economics |
| 关键词 | Bank rescues Cyclicality Dsge model Government spending multiplier Investment risk Sovereign risk |
| URL | https://cepr.org/publications/dp10485 |
| 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/539317 |
| 推荐引用方式 GB/T 7714 | Tryphon Kollintzas. DP10485 Bank and Sovereign Risk Interdependence in the Euro Area. 2015. |
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