Transparency in the Financial System: Rollover Risk and Crises
نویسندگان
چکیده
منابع مشابه
Bubbles, Financial Crises, and Systemic Risk∗
This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first part of the chapter provides a brief historical account of bubbles and financial crisis. The second part of the chapter gives a structured overview of the literature on financial bubbles. The third part of the chapter discusses the literatures on financial crises and systemic risk, with particular emp...
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The simultaneous determination of financial default and political crises is studied in an open economy model. Political crises accompany default in equilibrium because of an information transmission conflict between the government and the public. Multiple equilibria are possible: if foreign lenders are pessimistic about the country’s stability, they demand a high interest on the debt, exacerbat...
متن کاملAppendix to "Financial Crises and Political Crises"
PBE Type i: Neither default nor political crisis If V ≤ χL, the costs of default are always larger than the costs of servicing the debt even for the benevolent government. Then in equilibrium, the government proposes to service the debt, which is accepted by the representative agent. Hence the debt is repaid and political crisis is avoided. Neither the benevolent government nor the self interes...
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In this paper, we study the implications for business activity of a lack of balance sheet transparency in intermediaries. To do so, we adopt a model of intermediated entrepreneurial investment in which the assets held by intermediaries can be monitored only imperfectly. In our model, these assets matter, because intermediaries insure Þrms against the possibility of a liquidity shock. We show th...
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It is understandable that people ask how the current financial crisis could happen. As the market actors appear irrational, it is also understandable that people—lay people and experts alike—believe that psychological factors play a decisive role. Is there evidence for such a role, and what is the evidence? This monograph reviews, evaluates, and discusses research—primarily psychological resear...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2015
ISSN: 0022-1082
DOI: 10.1111/jofi.12270