| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11024 |
| DP11024 Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops | |
| Jean Tirole; Emmanuel Farhi | |
| 发表日期 | 2015-12-27 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The recent unravelling of the Eurozone?s financial integration raised concerns about feedback loops between sovereign and banking insolvency, and provided an impetus for the European banking union. This paper provides a ?double-decker bailout? theory of the feedback loop that allows for both domestic bailouts of the banking system by the domestic government and sovereign debt forgiveness by international creditors or solidarity by other countries. Our theory has important implications for the re-nationalization of sovereign debt, macroprudential regulation, and the rationale for banking unions. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Bailouts Feedback loop Shared supervision Sovereign and corporate spreads Sovereign default |
| URL | https://cepr.org/publications/dp11024 |
| 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/539853 |
| 推荐引用方式 GB/T 7714 | Jean Tirole,Emmanuel Farhi. DP11024 Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops. 2015. |
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