| Titre : | Banking and sovereign debt crises in a monetary union without central bank intervention (2017) |
| Auteurs : | Jin Cheng, Auteur ; Meixing Dai, Auteur ; Frédéric Dufourt, Auteur |
| Type de document : | Article : Revues - Articles |
| Dans : | Journal of Mathematical Economics (Vol. 68, January 2017) |
| Article en page(s) : | pp. 142-151 |
| Langues: | Anglais |
| Catégories : |
[Eurovoc] FINANCES > économie monétaire > politique monétaire > banque centrale [Eurovoc] FINANCES > finances publiques et politique budgétaire > finances publiques [Eurovoc] FINANCES > institutions financières et crédit > activité bancaire > système bancaire [Eurovoc] FINANCES > relations monétaires > finances internationales > crise monétaire [Eurovoc] FINANCES > relations monétaires > finances internationales > dette extérieure [Eurovoc] FINANCES > relations monétaires > relation monétaire > zone monétaire > zone euro |
| Tags : | financial safety net ; government deposit guarantee ; govern ; bank runs ; liquidity regulation ; sovereign debt crisis ; banking crisis |
| Résumé : | We analyze the conditions of emergence of a twin banking and sovereign debt crisis within a monetary union in which: (i) the central bank is not allowed to provide direct financial support to stressed member states or to play the role of lender of last resort in sovereign bond markets, and (ii) the responsibility of fighting against large scale bank runs, ascribed to domestic governments, is ensured through the implementation of a financial safety net (banking regulation and government deposit guarantee). We show that this broad institutional architecture, typical of the Eurozone at the onset of the financial crisis, is not always able to prevent the occurrence of a twin banking and sovereign debt crisis triggered by pessimistic investors’ expectations. Without significant backstop by the central bank, the financial safety net may actually aggravate, instead of improve, the financial situation of banks and of the government. |
| Doi : |
DOI : 10.1016/j.jmateco.2016.01.005 
|
| Axe de recherche : | Financement du développement |
| En ligne : | https://hal-amu.archives-ouvertes.fr/hal-01505768 |
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