| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15009 |
| DP15009 Kicking the can down the road: government interventions in the European banking sector | |
| Viral Acharya; Sascha Steffen; Lea Steinruecke; Maximilian Jager | |
| 发表日期 | 2020-07-07 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector during the 2008/09 financial crisis. Using a novel and comprehensive dataset, we document that fiscally constrained governments “kicked the can down the road” by providing banks with guarantees instead of full-fledged recapitalizations. We adopt an econometric approach that addresses the endogeneity associated with governmental bailout decisions in identifying their consequences. We find that forbearance caused undercapitalized banks to shift their assets from loans to risky sovereign debt and engage in zombie lending, resulting in weaker credit supply, elevated risk in the banking sector, and, eventually, greater reliance on liquidity support from the European Central Bank. |
| 主题 | Financial Economics |
| 关键词 | Forbearance Evergreening Zombie lending Sovereign debt crisis Bank recapitalization Fiscal constraints Political economy |
| URL | https://cepr.org/publications/dp15009 |
| 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/543957 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Sascha Steffen,Lea Steinruecke,et al. DP15009 Kicking the can down the road: government interventions in the European banking sector. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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