G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15009
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
URLhttps://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.
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