کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
964761 | 930603 | 2007 | 27 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Informational contagion of bank runs in a third-generation crisis model
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper highlights the international spread of bank runs in a third-generation model of financial crises through an informational channel. Banks' short-term liabilities include loans granted by foreign creditors who have imperfect information about the liquidation costs of banks' assets. A bank panic in a country induces lenders to downgrade early-liquidation yields in other countries, and thus to require higher interest rates to enable their banks to roll over their maturing debt. Those banks become therefore more prone to self-fulfilling depositors' runs. The paper then studies the effect on contagion of increased transparency and bailouts.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 26, Issue 3, April 2007, Pages 403–429
Journal: Journal of International Money and Finance - Volume 26, Issue 3, April 2007, Pages 403–429
نویسندگان
Victor Vaugirard,