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Bank bailouts : moral hazard vs. value effect

Author: Tito Cordella; Eduardo Levy Yeyati; International Monetary Fund. Monetary and Exchange Affairs Department.
Publisher: [Washington, D.C.] : International Monetary Fund, Monetary and Exchange Affairs Department, ©1999.
Series: IMF working paper, WP/99/106.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper shows that a central bank, by announcing and committing ex-ante to a bailout policy that is contingent on the realization of certain states of nature (for example on the occurrence of an adverse macroeconomic shock), creates a risk-reducing "value effect" that more than outweighs the moral hazard component of such a policy.
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Genre/Form: Electronic books
Econometric models
Additional Physical Format: Print version:
Cordella, Tito.
Bank bailouts.
[Washington, D.C.] : International Monetary Fund, Monetary and Exchange Affairs Department, ©1999
(OCoLC)42680199
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Tito Cordella; Eduardo Levy Yeyati; International Monetary Fund. Monetary and Exchange Affairs Department.
ISBN: 1451898533 9781451898538 128134575X 9781281345752
OCLC Number: 647587776
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (30 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/99/106.
Responsibility: prepared by Tito Cordella and Eduardo Levy Yeyati.

Abstract:

This paper shows that a central bank, by announcing and committing ex-ante to a bailout policy that is contingent on the realization of certain states of nature (for example on the occurrence of an adverse macroeconomic shock), creates a risk-reducing "value effect" that more than outweighs the moral hazard component of such a policy.

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