| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21993 |
| 来源ID | Working Paper 21993 |
| The Sovereign-Bank Diabolic Loop and ESBies | |
| Markus K. Brunnermeier; Luis Garicano; Philip Lane; Marco Pagano; Ricardo Reis; Tano Santos; David Thesmar; Stijn Van Nieuwerburgh; Dimitri Vayanos | |
| 发表日期 | 2016-02-15 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We propose a simple model of the sovereign-bank diabolic loop, and establish four results. First, the diabolic loop can be avoided by restricting banks domestic sovereign exposures relative to their equity. Second, equity requirements can be lowered if banks only hold senior domestic sovereign debt. Third, such requirements shrink even further if banks only hold the senior tranche of an internationally diversified sovereign portfolio known as ESBies in the euro-area context. Finally, ESBies generate more safe assets than domestic debt tranching alone; and, insofar as the diabolic loop is defused, the junior tranche generated by the securitization is itself risk-free. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w21993 |
| 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/579667 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Luis Garicano,Philip Lane,et al. The Sovereign-Bank Diabolic Loop and ESBies. 2016. |
| 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 | ||
| w21993.pdf（445KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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