| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12359 |
| DP12359 Contingent Convertibles: Can the Market handle them? | |
| Sweder van Wijnbergen; Iman Paul Pieter van Lelyveld | |
| 发表日期 | 2017-10-09 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The recent financial crisis has led to the introduction of contingent convertible instruments (CoCos) in the capital framework for banks. Although CoCos can provide benefits, such as automatic recapitalization of troubled banks, their inherent risks raise questions about whether they increase the safety of the banking system. We show that concerns about CoCos in just a single bank can result in the decline of an entire market, with investors apparently unable to distinguish safe from risky bonds. In times of market-panic, investors tend to rely on credit ratings instead of estimating the real risks of missing coupon payments. We provide several recommendations to improve the capital requirements regime for banks. |
| 主题 | Financial Economics |
| 关键词 | Contagion Contingent convertible capital Systemic risk |
| URL | https://cepr.org/publications/dp12359 |
| 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/541169 |
| 推荐引用方式 GB/T 7714 | Sweder van Wijnbergen,Iman Paul Pieter van Lelyveld. DP12359 Contingent Convertibles: Can the Market handle them?. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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