دانلود مقاله ISI انگلیسی شماره 42354
عنوان فارسی مقاله

پالایش-اثرات واقعی ورشکستگی های بانکی و وضوح

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
42354 2015 19 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Catharsis—The real effects of bank insolvency and resolution
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Stability, Volume 16, February 2015, Pages 213–231

کلمات کلیدی
ورشکستگی بانک - وضوح بانک - بسته شدن بانک - مقررات بانک - امور مالی و رشد
پیش نمایش مقاله
پیش نمایش مقاله پالایش-اثرات واقعی ورشکستگی های بانکی و وضوح

چکیده انگلیسی

This paper analyzes the impact of rules-based bank insolvency resolution on real economic growth. Resolving insolvent banks can positively affect the real economy by overcoming moral hazard problems and improving banks’ credit allocation and monitoring. We propose a new indicator to measure the strength of ‘catharsis’, i.e., how strictly banks are resolved, and use a large firm-level dataset to test its effect. We find that a relatively stronger implementation of bank resolution rules has a statistically and economically significant positive effect on firm growth – particularly with respect to firms that are structurally more dependent on bank financing. Our findings are robust to various specifications. Investigating the transmission channels of this ‘catharsis effect’ reveals that it essentially works by means of benefiting higher quality firms (quality channel) and reallocating credit to firms that need it most (quantity channel). Additional analysis suggests that the ‘catharsis effect’ works best in banking systems that offer access to international financing because such access mitigates the potentially negative credit supply effects of liquidating insolvent banks. Taken together, our findings indicate that more attention should be focused on developing incentive-compatible bank resolution regimes.

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