Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Emmanuel Farhi & Jean Tirole, 2012. "Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts," American Economic Review, American Economic Association, vol. 102(1), pages 60-93, February.
- Farhi, Emmanuel & Tirole, Jean, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," IDEI Working Papers 571, Institut d'Économie Industrielle (IDEI), Toulouse, revised Oct 2010.
- Farhi, Emmanuel & Tirole, Jean, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," Institutions and Markets Papers 52545, Fondazione Eni Enrico Mattei (FEEM).
- Jean Tirole & Emmanuel Farhi, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," Working Papers 2009.57, Fondazione Eni Enrico Mattei.
- Jean Tirole & Emmanuel Farhi, 2010. "Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts," 2010 Meeting Papers 822, Society for Economic Dynamics.
- Emmanuel Farhi & Jean Tirole, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," NBER Working Papers 15138, National Bureau of Economic Research, Inc.
References listed on IDEAS
- Thomas Philippon & Philipp Schnabl, 2013.
"Efficient Recapitalization,"
Journal of Finance, American Finance Association, vol. 68(1), pages 1-42, February.
- Thomas Philippon & Philipp Schnabl, 2009. "Efficient Recapitalization," NBER Working Papers 14929, National Bureau of Economic Research, Inc.
- Philippon, Thomas & Schnabl, Philipp, 2009. "Efficient Recapitalization," CEPR Discussion Papers 7516, C.E.P.R. Discussion Papers.
- Morris, Stephen & Shin, Hyun Song, 1998.
"Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks,"
American Economic Review, American Economic Association, vol. 88(3), pages 587-597, June.
- Morris, S & Song Shin, H, 1996. "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks," Economics Papers 126, Economics Group, Nuffield College, University of Oxford.
- Morris, Stephen & Shin, Hyun Song, 1997. "Unique Equilibrium in a Model of Self-fulfilling Currency Attacks," CEPR Discussion Papers 1687, C.E.P.R. Discussion Papers.
- Acharya, Viral V. & Yorulmazer, Tanju, 2007.
"Too many to fail--An analysis of time-inconsistency in bank closure policies,"
Journal of Financial Intermediation, Elsevier, vol. 16(1), pages 1-31, January.
- Acharya, Viral & Yorulmazer, Tanju, 2004. "Too Many to Fail - An Analysis of Time Inconsistency in Bank Closure Policies," CEPR Discussion Papers 4778, C.E.P.R. Discussion Papers.
- Viral Acharya & Tanju Yorulmazer, 2007. "Too many to fail - an analysis of time-inconsistency in bank closure policies," Bank of England working papers 319, Bank of England.
- Barro, Robert J. & Gordon, David B., 1983.
"Rules, discretion and reputation in a model of monetary policy,"
Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
- Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
- Cooper,Russell, 1999. "Coordination Games," Cambridge Books, Cambridge University Press, number 9780521570176.
- Viral V. Acharya & Tanju Yorulmazer, 2008.
"Cash-in-the-Market Pricing and Optimal Resolution of Bank Failures,"
The Review of Financial Studies, Society for Financial Studies, vol. 21(6), pages 2705-2742, November.
- Viral Acharya & Tanju Yorulmazer, 2007. "Cash-in-the-market pricing and optimal resolution of bank failures," Bank of England working papers 328, Bank of England.
- Ernesto Pastén, 2011. "Time - Consistent Bailout Plans," Working Papers Central Bank of Chile 635, Central Bank of Chile.
- Bengt Holmstrom & Jean Tirole, 1997.
"Financial Intermediation, Loanable Funds, and The Real Sector,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(3), pages 663-691.
- Bengt Holmstrom & Jean Tirole, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," Working papers 95-1, Massachusetts Institute of Technology (MIT), Department of Economics.
- Holmström, Bengt & Tirole, Jean, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," IDEI Working Papers 40, Institut d'Économie Industrielle (IDEI), Toulouse.
- Martin Schneider & Aaron Tornell, 2004.
"Balance Sheet Effects, Bailout Guarantees and Financial Crises,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 71(3), pages 883-913.
- Martin Schneider & Aaron Tornell, 2000. "Balance SHeet Effects, Bailout Guarantees and Financial Crises," NBER Working Papers 8060, National Bureau of Economic Research, Inc.
- Bengt Holmstrom & Jean Tirole, 1998.
"Private and Public Supply of Liquidity,"
Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 1-40, February.
- Holmstrom, B & Tirole, J, 1996. "Private and Public Supply of Liquidity," Working papers 96-21, Massachusetts Institute of Technology (MIT), Department of Economics.
- Bengt Holmstrom & Jean Tirole, 1996. "Private and Public Supply of Liquidity," NBER Working Papers 5817, National Bureau of Economic Research, Inc.
- Patrick Kehoe & V.V. Chari, 2010.
"Bailouts, Time Inconsistency, and Optimal Regulation,"
2010 Meeting Papers
527, Society for Economic Dynamics.
- V.V. Chari & Patrick J. Kehoe, 2013. "Bailouts, Time Inconsistency, and Optimal Regulation," NBER Working Papers 19192, National Bureau of Economic Research, Inc.
- V. V. Chari & Patrick J. Kehoe, 2013. "Bailouts, time inconsistency, and optimal regulation," Staff Report 481, Federal Reserve Bank of Minneapolis.
- Huberto M. Ennis & Todd Keister, 2009.
"Bank Runs and Institutions: The Perils of Intervention,"
American Economic Review, American Economic Association, vol. 99(4), pages 1588-1607, September.
- Huberto M. Ennis & Todd Keister, 2007. "Bank runs and institutions : the perils of intervention," Working Paper 07-02, Federal Reserve Bank of Richmond.
- Ben S. Bernanke & Mark Gertler, 1995.
"Inside the Black Box: The Credit Channel of Monetary Policy Transmission,"
Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
- Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
- Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers 95-15, C.V. Starr Center for Applied Economics, New York University.
- Douglas W. Diamond & Philip H. Dybvig, 2000.
"Bank runs, deposit insurance, and liquidity,"
Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 24(Win), pages 14-23.
- Diamond, Douglas W & Dybvig, Philip H, 1983. "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 401-419, June.
- Emmanuel Farhi & Jean Tirole, 2012.
"Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts,"
American Economic Review, American Economic Association, vol. 102(1), pages 60-93, February.
- Emmanuel Farhi & Jean Tirole, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," NBER Working Papers 15138, National Bureau of Economic Research, Inc.
- Farhi, Emmanuel & Tirole, Jean, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," TSE Working Papers 09-052, Toulouse School of Economics (TSE), revised Oct 2010.
- Farhi, Emmanuel & Tirole, Jean, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," IDEI Working Papers 571, Institut d'Économie Industrielle (IDEI), Toulouse, revised Oct 2010.
- Farhi, Emmanuel & Tirole, Jean, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," Institutions and Markets Papers 52545, Fondazione Eni Enrico Mattei (FEEM).
- Jean Tirole & Emmanuel Farhi, 2010. "Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts," 2010 Meeting Papers 822, Society for Economic Dynamics.
- Jean Tirole & Emmanuel Farhi, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," Working Papers 2009.57, Fondazione Eni Enrico Mattei.
- Russell Cooper & Andrew John, 1988.
"Coordinating Coordination Failures in Keynesian Models,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 103(3), pages 441-463.
- Russell Cooper & John Andrew, 1985. "Coordinating Coordination Failures in Keynesian Models," Cowles Foundation Discussion Papers 745R, Cowles Foundation for Research in Economics, Yale University, revised Jul 1985.
- Tobias Adrian & Hyun Song Shin, 2008.
"Financial intermediaries, financial stability and monetary policy,"
Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 287-334.
- Tobias Adrian & Hyun Song Shin, 2008. "Financial intermediaries, financial stability, and monetary policy," Staff Reports 346, Federal Reserve Bank of New York.
- Mailath George J. & Mester Loretta J., 1994.
"A Positive Analysis of Bank Closure,"
Journal of Financial Intermediation, Elsevier, vol. 3(3), pages 272-299, June.
- George J. Mailath & Loretta J. Mester, 1993. "A positive analysis of bank closure," Working Papers 94-2, Federal Reserve Bank of Philadelphia.
- George J. Mailath & Loretta J. Mester, 1993. "A positive analysis of bank closure," Working Papers 93-10/R, Federal Reserve Bank of Philadelphia.
- Mathias Dewatripont & Jean Tirole, 1994. "The prudential regulation of banks," ULB Institutional Repository 2013/9539, ULB -- Universite Libre de Bruxelles.
- Douglas W. Diamond & Raghuram G. Rajan, 2009. "Illiquidity and Interest Rate Policy," NBER Working Papers 15197, National Bureau of Economic Research, Inc.
- Romain Rancière & Aaron Tornell & Frank Westermann, 2008.
"Systemic Crises and Growth,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 123(1), pages 359-406.
- Romain Rancière & Aaron Tornell & Frank Westermann, 2002. "Systemic crises and growth," Economics Working Papers 854, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2004.
- Romain Rancière & Aaron Tornell & Frank Westermann, 2008. "Systemic Crises and Growth," Post-Print halshs-00754308, HAL.
- Romain Ranciere & Aaron Tornell & Frank Westermann, 2005. "Systemic Crises and Growth," CESifo Working Paper Series 1451, CESifo.
- Romain Ranciere & Aaron Tornell & Frank Westermann, 2005. "Systemic Crises and Growth," NBER Working Papers 11076, National Bureau of Economic Research, Inc.
- Romain Rancière & Aaron Tornell & Frank Westermann, 2008. "Systemic Crises and Growth," PSE-Ecole d'économie de Paris (Postprint) halshs-00754308, HAL.
- Romain Rancière & Aaron Tornell & Frank Westermann, 2003. "Systemic Crises and Growth," Working Papers 190, Barcelona School of Economics.
- Holmström, Bengt, 2013.
"Inside and Outside Liquidity,"
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 0262518536, December.
- Bengt Holmström & Jean Tirole, 2011. "Inside and Outside Liquidity," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262015781, December.
- Holmström, Bengt, 2011. "Inside and Outside Liquidity," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262015783, December.
- Diamond, Peter A, 1982.
"Aggregate Demand Management in Search Equilibrium,"
Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-894, October.
- P. Diamond, 1980. "Aggregate Demand Management in Search Equilibrium," Working papers 268, Massachusetts Institute of Technology (MIT), Department of Economics.
- Woodford, Michael, 1990. "Public Debt as Private Liquidity," American Economic Review, American Economic Association, vol. 80(2), pages 382-388, May.
- Cooper,Russell, 1999. "Coordination Games," Cambridge Books, Cambridge University Press, number 9780521578967.
- Ennis, Huberto M. & Keister, Todd, 2010. "Banking panics and policy responses," Journal of Monetary Economics, Elsevier, vol. 57(4), pages 404-419, May.
- Anil K. Kashyap & Raghuram G. Rajan & Jeremy C. Stein, 2008. "Rethinking capital regulation," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 431-471.
- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Ernesto Pasten, 2020.
"Prudential Policies and Bailouts: A Delicate Interaction,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 38, pages 181-197, October.
- Ernesto Pasten, 2019. "Prudential Policies and Bailouts - A Delicate Interaction," Working Papers Central Bank of Chile 853, Central Bank of Chile.
- Emmanuel Farhi & Jean Tirole, 2018.
"Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(3), pages 1781-1823.
- Tirole, Jean & Farhi, Emmanuel, 2015. "Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops," CEPR Discussion Papers 11024, C.E.P.R. Discussion Papers.
- Emmanuel Farhi & Jean Tirole, 2018. "Deadly embrace: sovereign and financial balance sheets doom loops," Post-Print hal-03270310, HAL.
- Emmanuel Farhi & Jean Tirole, 2016. "Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops," Working Paper 164191, Harvard University OpenScholar.
- Emmanuel Farhi & Jean Tirole, 2016. "Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops," NBER Working Papers 21843, National Bureau of Economic Research, Inc.
- Emmanuel Farhi & Jean Tirole, 2017. "Deadly Embrace - Sovereign and Financial Balance Sheets Doom Loops," EconPol Working Paper 1, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
- Goldstein, Itay & Razin, Assaf, 2015.
"Three Branches of Theories of Financial Crises,"
Foundations and Trends(R) in Finance, now publishers, vol. 10(2), pages 113-180, 30.
- Itay Goldstein & Assaf Razin, 2013. "Three Branches of Theories of Financial Crises," NBER Working Papers 18670, National Bureau of Economic Research, Inc.
- Ernesto Pastén, 2011. "Time - Consistent Bailout Plans," Working Papers Central Bank of Chile 635, Central Bank of Chile.
- Ernesto Pastén, 2014. "Bailouts and Prudential Policies - A Delicate Interaction," Working Papers Central Bank of Chile 743, Central Bank of Chile.
- Ennis, Huberto M. & Keister, Todd, 2010. "Banking panics and policy responses," Journal of Monetary Economics, Elsevier, vol. 57(4), pages 404-419, May.
- Jean Tirole, 2011.
"Illiquidity and All Its Friends,"
Journal of Economic Literature, American Economic Association, vol. 49(2), pages 287-325, June.
- Tirole, Jean, 2009. "Illiquidity and All Its Friends," TSE Working Papers 09-083, Toulouse School of Economics (TSE), revised Feb 2010.
- Tirole, Jean, 2010. "Illiquidity and all its Friends," Institutions and Markets Papers 91011, Fondazione Eni Enrico Mattei (FEEM).
- Jean Tirole, 2010. "Illiquidity and all its Friends," Working Papers 2010.78, Fondazione Eni Enrico Mattei.
- Jean Tirole, 2010. "Illiquidity and all its friends," BIS Working Papers 303, Bank for International Settlements.
- Oliver D. Hart & Luigi Zingales, 2011.
"Inefficient Provision of Liquidity,"
NBER Working Papers
17299, National Bureau of Economic Research, Inc.
- Hart, Oliver & Zingales, Luigi, 2011. "Inefficient Provision of Liquidity," CEPR Discussion Papers 8525, C.E.P.R. Discussion Papers.
- Santos, João A.C. & Suarez, Javier, 2019. "Liquidity standards and the value of an informed lender of last resort," Journal of Financial Economics, Elsevier, vol. 132(2), pages 351-368.
- Giese, Julia & Nelson, Benjamin & Tanaka, Misa & Tarashev, Nikola, 2013. "Financial Stability Paper No 21: How could macroprudential policy affect financial system resilience and credit? Lessons from the literature," Bank of England Financial Stability Papers 21, Bank of England.
- Javier Bianchi, 2016.
"Efficient Bailouts?,"
American Economic Review, American Economic Association, vol. 106(12), pages 3607-3659, December.
- Javier Bianchi, 2012. "Efficient Bailouts?," NBER Working Papers 18587, National Bureau of Economic Research, Inc.
- Javier Bianchi, 2012. "Efficient Bailouts?," Documentos de Trabajo (working papers) 2012, Department of Economics - dECON.
- Javier Bianchi, 2012. "Efficient Bailouts?," 2012 Meeting Papers 162, Society for Economic Dynamics.
- Javier Bianchi, 2012. "Efficient bailouts?," Globalization Institute Working Papers 133, Federal Reserve Bank of Dallas.
- Javier Bianchi, 2016. "Efficient Bailouts?," Working Papers 730, Federal Reserve Bank of Minneapolis.
- Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
- Philippe Aghion & Emmanuel Farhi & Enisse Kharroubi, 2019.
"Monetary Policy, Product Market Competition and Growth,"
Economica, London School of Economics and Political Science, vol. 86(343), pages 431-470, July.
- Aghion, Philippe & Farhi, Emmanuel & Kharroubi, Enisse, 2018. "Monetary Policy, Product Market Competition, and Growth," CEPR Discussion Papers 13214, C.E.P.R. Discussion Papers.
- Aghion, Philippe & Farhi, Emmanuel & Kharroubi, Enisse, 2018. "Monetary policy, product market competition and growth," LSE Research Online Documents on Economics 91713, London School of Economics and Political Science, LSE Library.
- Phillipe Aghion & Emmanuel Farhi & Enisse Kharroubi, 2018. "Monetary policy, product market competition and growth," CEP Discussion Papers dp1590, Centre for Economic Performance, LSE.
- Todd Keister, 2016.
"Bailouts and Financial Fragility,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 83(2), pages 704-736.
- Todd Keister, 2010. "Bailouts and financial fragility," Staff Reports 473, Federal Reserve Bank of New York.
- Todd Keister, 2014. "Bailouts and Financial Fragility," Departmental Working Papers 201401, Rutgers University, Department of Economics.
- Athreya, Kartik B., 2014. "Big Ideas in Macroeconomics: A Nontechnical View," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262019736, December.
- Beteto, Danilo Lopomo, 2012. "Government Intervention and Financial Fragility," Risk and Sustainable Management Group Working Papers 156477, University of Queensland, School of Economics.
- Angeletos, G.-M. & Lian, C., 2016. "Incomplete Information in Macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1065-1240, Elsevier.
- Marius A. Zoican & Lucyna A. Górnicka, 2013. "Banking Unions: Distorted Incentives and Efficient Bank Resolution," Tinbergen Institute Discussion Papers 13-184/VI, Tinbergen Institute, revised 16 May 2014.
- Xavier Vives, 2011.
"Competition and Stability in Banking,"
Central Banking, Analysis, and Economic Policies Book Series, in: Luis Felipe Céspedes & Roberto Chang & Diego Saravia (ed.),Monetary Policy under Financial Turbulence, edition 1, volume 16, chapter 12, pages 455-502,
Central Bank of Chile.
- Xavier Vives T., 2010. "Competition and Stability in Banking," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 13(2), pages 85-112, August.
- Vives, Xavier, 2010. "Competition and stability in banking," IESE Research Papers D/852, IESE Business School.
- Xavier Vives, 2010. "Competition and Stability in Banking," Working Papers Central Bank of Chile 576, Central Bank of Chile.
- Xavier Vives, 2010. "Competition and Stability in Banking," CESifo Working Paper Series 3050, CESifo.
- Philippe Aghion & Emmanuel Farhi & Enisse Kharroubi, 2015. "Liquidity and growth: the role of counter-cyclical interest rates," BIS Working Papers 489, Bank for International Settlements.
More about this item
JEL classification:
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
NEP fields
This paper has been announced in the following NEP Reports:- NEP-BAN-2010-05-22 (Banking)
- NEP-CBA-2010-05-22 (Central Banking)
- NEP-CTA-2010-05-22 (Contract Theory and Applications)
- NEP-MAC-2010-05-22 (Macroeconomics)
- NEP-MON-2010-05-22 (Monetary Economics)
- NEP-REG-2010-05-22 (Regulation)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tse:wpaper:21951. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/tsetofr.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.