دانلود مقاله ISI انگلیسی شماره 135127
ترجمه فارسی عنوان مقاله

آیا مداخلات نظارتی در کاهش خطر سیستماتیک در طی بحران مالی در ژاپن موثر بود؟

عنوان انگلیسی
Were regulatory interventions effective in lowering systemic risk during the financial crisis in Japan?
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
135127 2017 34 صفحه PDF
منبع

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

Journal : Journal of Multinational Financial Management, Volume 41, September 2017, Pages 80-91

پیش نمایش مقاله
پیش نمایش مقاله  آیا مداخلات نظارتی در کاهش خطر سیستماتیک در طی بحران مالی در ژاپن موثر بود؟

چکیده انگلیسی

This study empirically examines the effectiveness of various regulatory interventions on systemic risk during the financial crisis in Japan. Our findings generally show that the regulatory interventions worked effectively through the liquidity provision. That is, the public fund injection programs, the prompt corrective actions, and the blanket guarantee reduced systemic risk. The simple government intervention package to bail out distressed “too-big-to-fail” banks stabilized the banking system via the external channel whereas the massive bailout scheme suffered the “too-many-to-fail” problem in the sense that it increased systemic risk through both direct spillover and external channels. This study suggests that the effective government intervention should be restricted to a limited number of bailouts to reduce systemic risk.