Bail-ins and Bail-outs: Incentives, Connectivity, and Systemic Stability
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This paper endogenizes intervention in financial crises as the strategic negotiation between a regulator and creditors of distressed banks. Incentives for banks to contribute to a voluntary bail-in arise from their exposure to financial contagion. In equilibrium, a bail-in is possible only if the
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美国国家经济研究局创建时间：
2017-09-01
