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- W2891514295 abstract "This paper provides a theory of endogenous implicit guarantees and how this leads to the existence of systemic assets, i.e. assets that are too important to default. In the presence of imperfectly observable private liquidity needs, direct transfers to agents are imperfect so that, when more constrained agents are also more exposed to a given asset, asset purchases are optimal. When anticipated, this form of bailouts leads to an endogenous implicit guarantee premium. This possibility of implicit guarantee is amplified by other financial frictions such as risk-shifting. Finally, we show how this form of bailouts can shed light on the buildup of the euro area sovereign debt crisis." @default.
- W2891514295 created "2018-09-27" @default.
- W2891514295 creator A5025730205 @default.
- W2891514295 date "2017-01-01" @default.
- W2891514295 modified "2023-09-24" @default.
- W2891514295 title "Asset Purchase Bailouts and Endogenous Implicit Guarantees" @default.
- W2891514295 doi "https://doi.org/10.2139/ssrn.3105470" @default.
- W2891514295 hasPublicationYear "2017" @default.
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