| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11061 |
| DP11061 Bail-in Expectations for European Banks: Actions Speak Louder than Words | |
| Isabel Schnabel; Beatrice Weder di Mauro; Alexander Schäfer | |
| 发表日期 | 2016-01-24 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | The declared intention of policy makers is that future bank restructuring should be conducted through bail-in rather than bail-out. Over the past years there have been a few cases of European banks being restructured where creditors were bailed in. This paper exploits these cases to investigate the market reactions of stock prices and credit default swap (CDS) spreads of European banks in order to gauge the extent to which it is expected that bail-in will indeed become the new regime. We find evidence of increased CDS spreads and falling stock prices most notably after the bail-in in Cyprus. However, bail-in expectations appear to depend on the sovereign?s fiscal strength, i.e., reactions are stronger for banks in countries with limited fiscal space for bail-out. Moreover, actual bail-ins lead to stronger market reactions than the legal implementation of bank resolution regimes, supporting the saying that actions speak louder than words. |
| 主题 | Financial Economics |
| 关键词 | Bail-in Bank restructuring Single resolution mechanism Creditor participation Event study |
| URL | https://cepr.org/publications/dp11061 |
| 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/539890 |
| 推荐引用方式 GB/T 7714 | Isabel Schnabel,Beatrice Weder di Mauro,Alexander Schäfer. DP11061 Bail-in Expectations for European Banks: Actions Speak Louder than Words. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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