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Autor
Korte Josef (Goethe University Frankfurt, Germany, Ph.D. student)
Tytuł
Why Closing Failed Banks Helps the Real Economy
Źródło
Bezpieczny Bank, 2014, nr 2 (55), s. 85-90, rys., bibliogr. 27 poz.
Słowa kluczowe
Banki, Niewypłacalność, Upadłość banku, Materiały konferencyjne
Banks, Insolvency, Bank bankruptcy, Conference materials
Uwagi
summ.
Abstrakt
It is widely agreed that banks play a growth-enhancing role for the real economy. However, distorted incentives around bank insolvency may corrupt banks' credit allocation and monitoring - ultimately leading to suboptimal real economic performance. The outcomes of such distorted incentives are suboptimal credit allocation and monitoring - which is felt in the real economy: Not the projects and firms that need (and deserve) credit most on grounds of economic viability and profitability, but those that have particular risk- or asset-profiles are now favored by incentive-corrupted financial intermediaries. The results strongly advocate putting bank insolvency and resolution regimes center stage in discussions towards reforming bank regulation. In the European context, this calls for particular emphasis on the common resolution framework and the Single Resolution Mechanism as a vital part of the European Banking Union. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka SGH im. Profesora Andrzeja Grodka
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
  1. Acharya, V.V. (2009): "A theory of systemic risk and design of prudential bank regulation." Journal of Financial Stability, 5(3), 224-255.
  2. Acharya, V.V. and Yorulmazer, T. (2007): "Too many to fail-an analysis of time-inconsistency in bank closure policies." Journal of Financial Intermediation, 16(1), 1-31.
  3. Acharya, V.V. and Yorulmazer, T. (2008): "Cash-in-the-market pricing and optimal resolution of bank failures." Review of Financial Studies, 21(6), 2705-2742.
  4. Beltratti, A. and Stulz, R.M. (2009): "Why did some banks perform better during the credit crisis? a cross-country study of the impact of governance and regulation." NBER Working Papers 15180, National Bureau of Economic Research, Inc.
  5. Black, L.K. and Hazelwood, L.N. (2012): "The effect of tarp on bank risk-taking." Journal of Financial Stability, (forthcoming).
  6. Brown, C.O. and Dinç, I.S. (2005): "The politics of bank failures: Evidence from emerging markets." The Quarterly Journal of Economics, 120(4), 1413-1444.
  7. Brown, C.O. and Dinç, I.S. (2011): "Too many to fail? evidence of regulatory forbearance when the banking sector is weak." Review of Financial Studies, 24(4), 1378-1405.
  8. Caballero, R.J., Hoshi, T. and Kashyap, A.K. (2008): "Zombie lending and depressed restructuring in japan." American Economic Review, 98(5), 1943-77.
  9. Dam, L. and Koetter, M. (2012): "Bank bailouts and moral hazard: Evidence from germany." Review of Financial Studies.
  10. Dell'Ariccia, G., Detragiache, E. and Rajan, R. (2008): "The real effect of banking crises." Journal of Financial Intermediation, 17(1), 89-112.
  11. Dell'Ariccia, G. and Marquez, R. (2006): "Lending booms and lending standards." Journal of Finance, 61(5), 2511-2546.
  12. DeYoung, R., Kowalik, M. and Reidhill, J. (2013): "A theory of failed bank resolution: Technological change and political economics." Journal of Financial Stability, forthcoming.
  13. Fortin, R., Goldberg, G.M. and Roth, G. (2010): "Bank risk taking at the onset of the current banking crisis." The Financial Review, 45(4), 891-913.
  14. Giannetti, M. and Simonov, A. (2011): "On the real effects of bank bailouts: Micro-evidence from japan." CEPR Discussion Papers 7441, C.E.P.R. Discussion Papers.
  15. Honohan, P. and Klingebiel, D. (2003): "The fiscal cost implications of an accommodating approach to banking crises." Journal of Banking & Finance, 27(8), 1539-1560.
  16. Igan, D.O. and Tamirisa, N.T. (2008): "Are weak banks leading credit booms? evidence from emerging europe." Comparative Economic Studies, 50(4), 599-619.
  17. Imai, M. (2009): "Political influence and declarations of bank insolvency in japan." Journal of Money, Credit and Banking, 41(1), 131-158.
  18. Kane, E.J. (1990): "Principal-agent problems in s&l salvage." Journal of Finance, 45(3), 755-764.
  19. Kane, E.J. (2002): "Resolving systemic financial crises efficiently." Pacific-Basin Finance Journal, 10(3), 217-226.
  20. Kasa, K. and Spiegel, M.M. (2008): "The role of relative performance in bank closure decisions." Federal Reserve Bank of San Francisco Economic Review, 17-29.
  21. Korte, J. (2013): "Catharsis - the real effects of bank insolvency and resolution." June 2013, Deutsche Bundesbank Discussion Paper No 21/2013.
  22. La Porta, R., López-de Silanes, F. and Zamarripa, G. (2003): "Related lending." The Quarterly Journal of Economics, 118(1), 231-268.
  23. Mailath, G.J. and Mester, L.J. (1994): "A positive analysis of bank closure." Journal of Financial Intermediation, 3(3), 272-299.
  24. Peek, J. and Rosengren, E.S. (2005): "Unnatural selection: Perverse incentives and the misallocation of credit in japan." American Economic Review, 95(4), 1144-1166.
  25. Rajan, R.G. (1994): "Why bank credit policies fluctuate: A theory and some evidence." The Quarterly Journal of Economics, 109(2), 399-441.
  26. Rajan, R.G. and Zingales, L. (1998): "Financial dependence and growth." American Economic Review, 88(3), 559-586.
  27. Stever, R. and Wilcox, J.A. (2007): "Regulatory discretion and banks' pursuit of "safety in similarity"." BIS Working Papers 235, Bank for International Settlements.
Cytowane przez
Pokaż
ISSN
1429-2939
Język
eng
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