TARP and other Bank Bailouts and Bail-Ins around the World: Connecting Wall Street, Main Street, and

Allen N. Berger , Raluca A. Roman 지음

elsevier 2020년 06월 17일 출간

작품소개

책소개

Financial crises are recurring phenomena that result in the financial distress of systemically important banks, making it imperative to understand how to best respond to such crises and their consequences. Two policy responses became prominent for dealing with these distressed institutions since the last Global Financial Crisis: bailouts and bail-ins. The main questions surrounding these responses touch everyone: Are bailouts or bail-ins good for the financial system and the real economy? Is it essential to save distressed financial institutions by putting taxpayer money at risk in bailouts, or is it better to use private money in bail-ins instead? Are there better options, such as first lines of defense that help prevent such distress in the first place? Can countercyclical prudential and monetary policies lessen the likelihood and severity of the financial crises that often bring about this distress? Through careful analysis, authors Berger and Roman review and critically assess the extant theoretical and empirical research on many resolution approaches and tools. Placing special emphasis on lessons learned from one of the biggest bailouts of all time, the Troubled Asset Relief Program (TARP), while also reviewing other programs and tools, TARP and Other Bank Bailouts and Bail-Ins around the World sheds light on how best to protect the financial system on Wall Street and the real economy on Main Street.Presents a well-informed and rich account of bailouts, bail-ins, and other resolution approaches to resolve financially distressed banks.Uses TARP as a key case study of bailouts that has been thoroughly researched.Provides valuable research and policy guidance for dealing with future financial crises.

목차

I Introductory materials 1. Introduction to bank bailouts, bail-ins and the related topics covered in the book 2. Conditions that generally bring about bank bailouts, bail-ins, and other resolution methods 3. Descriptions of the TARP program, other bank bailouts and bail-ins, and other resolution approaches in the United States and around the world 4. Theoretical background on bank bailouts, bail-ins, and other resolution approaches II Empirical research on TARP 5. Methodologies used in most of the TARP empirical studies 6. Determinants of applying for and receiving TARP funds and exiting early from the program 7. Effects of TARP on recipient banks?? valuations 8. Effects of TARP on market discipline 9. Effects of TARP on bank leverage risk 10. Effects of TARP on bank competition 11. Effects of TARP on bank credit supply 12. Effects of TARP on bank portfolio risk 13. Effects of TARP on recipient banks?? credit customers 14. Effects of TARP on the real economy 15. Effects of TARP on systemic risk III Empirical evidence bank bailouts other than TARP, bail-ins, and other resolution approaches 16. Empirical research on bailouts other than TARP 17. Empirical research on bail-ins 18. Empirical research on other resolution approaches IV First lines of defense to help avoid bailouts, bail-ins, and other resolutions 19. Mechanisms for the first lines of defense 20. Capital requirements 21. Liquidity requirements 22. Stress tests 23. Prudential regulatory activity restrictions 24. Prudential supervision 25. Deposit insurance 26. Direct government ownership of banks V Looking toward the future 27. Social costs and benefits 28. Implications for bank policymakers and bank managers 29. Open research questions to be addressed by future research

출판사 서평

It is now over twelve years since the global financial crisis and a rich panoply of financial sector rescue measures being unleashed to arrest the Great Recession. Several parts of the global economy have not yet fully recovered or found the right policy mix to restore growth on a sustainable basis while maintaining financial stability. This book by Allen Berger and Raluca Roman provides a timely taxonomy and assessment of these rescue measures, organizing them around a conceptual framework as well as parsing systematically through the growing body of empirical evidence on their efficacy. I recommend it highly to all academics, policy makers and practitioners. Viral V. Acharya, C.V.Starr Professor of Economics, Department of Finance, New York University Stern School of Business ? The financial distress of systemically important banks that typically accompany financial crises often results in recessions and other significant damages to the real economy, making policy responses of first-order importance. This book provides a comprehensive, research-based analysis and review of bank bailouts, bail-ins, and other resolution approaches to deal with the financial distress and avoid the economic damages. The authors of the book, Allen Berger and Raluca Roman, have written a significant body of relevant research, and are ideally positioned to provide this analysis and review. The authors provide an enlightening discussion of the benefits and costs of a number of resolution approaches for systemically important banks in financial distress, including bailouts and bail-ins. They also cover first lines of defense and countercyclical policies to prevent such distress in the first place. The book is an indispensable guide for researchers, policymakers, bank managers, analysts, and students. Manju Puri, J.B. Fuqua Professor of Finance, Department of Finance, Duke University Fuqua School of Business ? The

인물정보

저자(글) Allen N. Berger

저자(글) Raluca A. Roman