Monitoring, Liquidation, and Security Design
AbstractBy identifying the possibility of imposing a credible threat of liquidation as the key role of informed (bank) finance in a moral hazard context, and showing how credibility fails when liquidity values are low, this paper identifies the circumstances under which a mixture of informed and uninformed finance is optimal and explains why bank debt is typically secured, senior, and tightly held.
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Bibliographic InfoPaper provided by Banca Italia - Servizio di Studi in its series Papers with number 273.
Length: 44 pages
Date of creation: 1996
Date of revision:
Contact details of provider:
Postal: Banca d'Italia-Servizio Studi-Divisione Biblioteca e Pubblicazioni - Via N azionale, 91 -00184 Rome, Italy.
Web page: http://www.bancaditalia.it/
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BANKS; FINANCIAL MARKET; MORAL HAZARD;
Other versions of this item:
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
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