| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3754 |
| 来源ID | Working Paper 3754 |
| Real Interest Rates and the Savings and Loan Crisis: The Moral Hazard Premium | |
| John B. Shoven; Scott B. Smart; Joel Waldfogel | |
| 发表日期 | 1991-06-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | Real interest rates rose to historically high levels in 1980 and remained high throughout the decade. Macroeconomists attribute this phenomenon to a combination of tight monetary policy, fiscal deficits, and variable inflation rates. This paper presents preliminary evidence for an additional explanation of high real rates that is related to the decade-long crisis in the savings and loan industry. Deposit insurance, moral hazard, and regulatory forbearance provide the incentives and the means for insolvent thrifts to issue liabilities that compete with Treasury securities in the market for funds. Thus, as the magnitude of the thrift crisis grew during the 1990s, so did pressure on Treasury yields. Even if the effect of the S&L crisis on interest rates is small, the increased cost of financing the public debt adds significantly to the total costs associated with the savings and loan fiasco. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w3754 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561071 |
| 推荐引用方式 GB/T 7714 | John B. Shoven,Scott B. Smart,Joel Waldfogel. Real Interest Rates and the Savings and Loan Crisis: The Moral Hazard Premium. 1991. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3754.pdf（224KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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