Moral Hazard And Bail Out In Fiscal Federations
DOWNLOAD
Download Moral Hazard And Bail Out In Fiscal Federations PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Moral Hazard And Bail Out In Fiscal Federations book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Moral Hazard And Bail Out In Fiscal Federations
DOWNLOAD
Author : Kirsten Heppke-Falk
language : de
Publisher:
Release Date : 2007
Moral Hazard And Bail Out In Fiscal Federations written by Kirsten Heppke-Falk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Moral Hazard And Bail Out In Fiscal Federations
DOWNLOAD
Author : Kirsten Heppke-Falk
language : en
Publisher:
Release Date : 2016
Moral Hazard And Bail Out In Fiscal Federations written by Kirsten Heppke-Falk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We identify investor moral hazard in the German fiscal federation. Our identification strategy is based on a variable, which was used by the German Federal Constitutional Court as an indicator to determine eligibility of two German states (Länder) to a bail-out, the interest payments-to-revenue ratio. While risk premia measured in the German sub-national bond market react significantly to the relative debt level of a state (Land), we also find that a larger interest payments-to-revenue ratio counter-intuitively lowers risk premia significantly. Furthermore, with increasing values the risk premia decrease more strongly. This is evidence of investor moral hazard, because a larger indicator value increases the likelihood of receiving a bail-out payment. Quantitatively, the effects are, however, quite small. Our findings are robust to a variety of sample changes. In addition, we provide a case study of the recent Federal Constitutional Court ruling on the Land Berlin, which had filed for additional federal funds. The negative response of the court did not lead to a change in financial markets' bail-out expectations. In sum, our results indicate significant investor moral hazard in the sub-national German bond market.
Bank Bailouts
DOWNLOAD
Author : Mr. Eduardo Levy Yeyati
language : en
Publisher: International Monetary Fund
Release Date : 1999-08-01
Bank Bailouts written by Mr. Eduardo Levy Yeyati and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-08-01 with Business & Economics categories.
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.
Bailout Nation
DOWNLOAD
Author : Barry Ritholtz
language : en
Publisher: John Wiley & Sons
Release Date : 2009-06-15
Bailout Nation written by Barry Ritholtz and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-15 with Business & Economics categories.
An engaging look at what led to the financial turmoil we now find ourselves in Bailout Nation offers one of the clearest looks at the financial lenders, regulators, and politicians responsible for the financial crisis of 2008. Written by Barry Ritholtz, one of today's most popular economic bloggers and a well-established industry pundit, this book skillfully explores how the United States evolved from a rugged independent nation to a soft Bailout Nation-where financial firms are allowed to self-regulate in good times, but are bailed out by taxpayers in bad times. Entertaining and informative, this book clearly shows you how years of trying to control the economy with easy money has finally caught up with the federal government and how its practice of repeatedly rescuing Wall Street has come back to bite them. The definitive book on the financial crisis of 2008 Names the culprits responsible for this tragedy-from financial regulators to politicians Shows how each bailout throughout modern history has impacted what happened in the future Examines why the consumer/taxpayer is left suffering in an economy of bubbles, bailouts, and possible inflation Ritholtz operates a hugely popular blog, www.ritholtz.com/blog Scathing, but fair, Bailout Nation is a voice of reason in these uncertain economic times.
Moral Hazard
DOWNLOAD
Author : Juan Flores Zendejas
language : en
Publisher: Routledge
Release Date : 2021-12-30
Moral Hazard written by Juan Flores Zendejas and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-30 with Business & Economics categories.
Moral Hazard is a core concept in economics. In a nutshell, moral hazard reflects the reduced incentive to protect against risk where an entity is (or believes it will be) protected from its consequences, whether through an insurance arrangement or an implicit or explicit guarantee system. It is fundamentally driven by information asymmetry, arises in all sectors of the economy, including banking, medical insurance, financial insurance, and governmental support, undermines the stability of our economic systems and has burdened taxpayers in all developed countries, resulting in significant costs to the community. Despite the seriousness and pervasiveness of moral hazard, policymakers and scholars have failed to address this issue. This book fills this gap. It covers 200 years of moral hazard: from its origins in the 19th century to the bailouts announced in the aftermath of the COVID-19 outbreak. The book is divided into three parts. Part I deals with the ethics and other fundamental issues connected to moral hazard. Part II provides historical and empirical evidence on moral hazard in international finance. It examines in turn the role of the export credit industry, the international lender of last resort, and the IMF. Finally, Part III examines specific sectors such as automobile, banking, and the US industry at large. This is the first book to provide an interdisciplinary analysis of moral hazard and explain why addressing this issue has become crucial today. As such, it will attract interest from scholars across different fields, including economists, political scientists and lawyers.
Sub National Credit Risk And Sovereign Bailouts
DOWNLOAD
Author : Ms.Eva Jenkner
language : en
Publisher: International Monetary Fund
Release Date : 2014-01-30
Sub National Credit Risk And Sovereign Bailouts written by Ms.Eva Jenkner and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-30 with Business & Economics categories.
Studies have shown that markets may underprice sub-national governments’ risk on the implicit assumption that these entities would be bailed out by their central government in case of financial difficulties. However, the question of whether sovereigns pay a premium on their own borrowing as a result of (implicitly or explicitly) guaranteeing sub-entities’ debt has been explored only little. We use an event study approach with separate equations for two levels of government to test for a simultaneous increase in sovereign risk premia and decrease in sub-national risk premia—or a de facto transfer of risk from the latter to the former—on the day a sovereign bailout is announced. Using daily financial market data for Spain and its autonomous regions from January 2010 to June 2013, we find support for our risk transfer hypothesis. We estimate that the Spanish sovereign’s spread may have increased by around 70 basis points as a result of the central government’s support for fiscally distressed comunidades autónomas.
The Constitutional Boundaries Of European Fiscal Federalism
DOWNLOAD
Author : Brady Gordon
language : en
Publisher: Cambridge University Press
Release Date : 2022-04-14
The Constitutional Boundaries Of European Fiscal Federalism written by Brady Gordon and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-14 with Law categories.
This book provides an authoritative source for which models of fiscal federalism are compatible with the constitutional boundaries of the European legal order. It offers an encompassing guide to the leading constitutional case law in all EU Member States.
Central And Local Government Relations In Asia
DOWNLOAD
Author : Naoyuki Yoshino
language : en
Publisher: Edward Elgar Publishing
Release Date :
Central And Local Government Relations In Asia written by Naoyuki Yoshino and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Sustainable and inclusive growth in emerging Asian economies requires high levels of public investment in areas such as infrastructure, education, health, and social services. The increasing complexity and regional diversity of these investment needs, together with the trend of democratization, has led to fiscal decentralization being implemented in many Asian economies. This book takes stock of some major issues regarding fiscal decentralization, including expenditure and revenue assignments, transfer programs, and sustainability of local government finances, and develops important findings and policy recommendations.
The Global Debt Crisis
DOWNLOAD
Author : Paul E. Peterson
language : en
Publisher: Brookings Institution Press
Release Date : 2014
The Global Debt Crisis written by Paul E. Peterson and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
" Debt crises have placed strains not only on the European Union's nascent federal system but also on the federal system in the United States. Old confrontations over fiscal responsibility are being renewed, often in a more virulent form, in places as far flung as Detroit, Michigan, and Valencia, Spain, to say nothing of Greece and Cyprus. Increasing the complexity of the issue has been public sector collective bargaining, now a component of most federal systems. The attendant political controversies have become the debate of a generation. Paul Peterson and Daniel Nadler have assembled experts from both sides of the Atlantic to break down the structural flaws in federal systems of government that have led to economic and political turmoil. Proposed solutions offer ways to preserve and restore vibrant federal systems that meet the needs of communities struggling for survival in an increasingly unified global economy. Contributors: Andrew G. Biggs (American Enterprise Institute); César Colino (National Distance Education University, Madrid); Eloísa del Pino (Instituto de Políticas y Bienes Públicos, Madrid); Henrik Enderlein (Hertie School of Governance, Berlin); Cory Koedel (University of Missouri); Carlos Xabel Lastra-Anadón (Harvard University); Daniel Nadler (Harvard University); Shawn Ni (University of Missouri); Amy Nugent (Government of Ontario, Canada); James Pearce (Mowat Centre, University of Toronto, Canada); Paul E. Peterson (Harvard University); Michael Podgursky (University of Missouri); Jason Richwine (Washington, D.C.); Jonathan Rodden (Stanford Uni versity); Daniel Shoag (Harvard University); Richard Simeon (University of Toronto, Canada); Camillo von Müller (University of St. Gallen, Switzerland, and Leuphana University, Germany); Daniel Ziblatt (Harvard University) "
Handbook Of Multilevel Finance
DOWNLOAD
Author : Ehtisham Ahmad
language : en
Publisher: Edward Elgar Publishing
Release Date : 2015-02-27
Handbook Of Multilevel Finance written by Ehtisham Ahmad and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-27 with Business & Economics categories.
This Handbook explores and explains new developments in the _second generation‘ theory of public finance, in which benevolent rulers and governments have been replaced by personally motivated politicians and the associated institutions. Following a com