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Bank Bailouts

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Author Info

  • Eduardo Levy Yeyati
  • Tito Cordella

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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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/106.

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Length: 30
Date of creation: 01 Aug 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/106

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