| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27537 |
| 来源ID | Working Paper 27537 |
| Kicking the Can Down the Road: Government Interventions in the European Banking Sector | |
| Viral V. Acharya; Lea Borchert; Maximilian Jager; Sascha Steffen | |
| 发表日期 | 2020-07-20 |
| 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 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w27537 |
| 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/585210 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Lea Borchert,Maximilian Jager,et al. Kicking the Can Down the Road: Government Interventions in the European Banking Sector. 2020. |
| 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 | ||
| w27537.pdf（1559KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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