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致命拥抱:主权与金融资产负债表的恶性循环

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops
Review of Economic Studies · 2017 · Emmanuel Farhi、Jean Tirole

中文摘要

近期欧元区金融一体化的瓦解引发了对主权与银行破产之间反馈循环的担忧。本文提供了一个关于反馈循环的理论,该理论允许对银行体系的国内救助,以及国际债权人的主权债务减免或其他国家的团结援助。我们的理论对主权债务的再国有化、宏观审慎监管以及银行业联盟的理据具有重要启示。

Abstract

The recent unravelling of the Eurozone’s financial integration raised concerns about feedback loops between sovereign and banking insolvency. This article provides a theory of the feedback loop that allows for both domestic bailouts of the banking system and sovereign debt forgiveness by international creditors or solidarity by other countries. Our theory has important implications for the re-nationalization of sovereign debt, macroprudential regulation, and the rationale for banking unions.
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