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Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops / Emmanuel Farhi, Jean Tirole.
- Format:
- Book
- Author/Creator:
- Farhi, Emmanuel.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w21843.
- NBER working paper series no. w21843
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Deadly Embrace
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2016.
- Summary:
- The recent unravelling of the Eurozone's financial integration raised concerns about feedback loops between sovereign and banking insolvency. This paper 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.
- Notes:
- Print version record
- January 2016.
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