G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w13782
来源IDWorking Paper 13782
Evidence of Differences in the Effectiveness of Safety-Net Management in European Union Countries
Santiago Carbo-Valverde; Edward J. Kane; Francisco Rodriguez-Fernandez
发表日期2008-02-07
出版年2008
语种英语
摘要EU financial safety nets are social contracts that assign uncertain benefits and burdens to taxpayers in different member countries. To help national officials to assess their taxpayers' exposures to loss from partner countries, this paper develops a way to estimate how well markets and regulators in 14 of the EU-15 countries have controlled deposit-institution risk-shifting in recent years. Our method traverses two steps. The first step estimates leverage, return volatility, and safety-net benefits for individual EU financial institutions. For stockholder-owned banks, input data feature 1993-2004 data on stock-market capitalization. Parallel accounting values are used to calculate enterprise value (albeit less precisely) for mutual savings institutions. The second step uses the output from the first step as input into regression models of safety-net benefits and interprets the results. Parameters of the second-step models express differences in the magnitude of safety-net subsidies and in the ability of financial markets and regulators in member countries to restrain the flow of safety-net subsidies to commercial banks and savings institutions. We conclude by showing that banks from high-subsidy and low-restraint countries have initiated and received the lion's share of cross-border M&A activity. The efficiency, stabilization, and distributional effects of allowing banks to and from differently subsidized environments to expand their operations in partner countries pose policy issues that the EU ought to address.
主题International Economics
URLhttps://www.nber.org/papers/w13782
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/571457
推荐引用方式
GB/T 7714
Santiago Carbo-Valverde,Edward J. Kane,Francisco Rodriguez-Fernandez. Evidence of Differences in the Effectiveness of Safety-Net Management in European Union Countries. 2008.
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
w13782.pdf(989KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Santiago Carbo-Valverde]的文章
[Edward J. Kane]的文章
[Francisco Rodriguez-Fernandez]的文章
百度学术
百度学术中相似的文章
[Santiago Carbo-Valverde]的文章
[Edward J. Kane]的文章
[Francisco Rodriguez-Fernandez]的文章
必应学术
必应学术中相似的文章
[Santiago Carbo-Valverde]的文章
[Edward J. Kane]的文章
[Francisco Rodriguez-Fernandez]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w13782.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。