Sehr geehrte Damen und Herren,
wir laden Sie herzlich zum VOSTA Freitagsseminar mit Herrn David Pothier,
Universität Wien, mit dem Titel "Safe but fragile: information acquisition, sponsor support and shadow bank runs" ein.
Termin:
Freitag, 12. April 2019 um 11.00 Uhr
Ort:
Oesterreichische Nationalbank
Veranstaltungssaal, Erdgeschoss
Otto-Wagner-Platz 3
1090 Wien
Abstract:
This paper proposes a theory of (shadow) bank runs based on banks' ability to acquire private information about their assets. We show that private liquidity lines designed to mitigate roll-over risk can be destabilizing by incentivizing banks to acquire private
information about their assets. This can lead to market liquidity dry-ups spurred by self-fulfilling fears of adverse selection. By lowering asset prices, information acquisition also decreases banks' equity value, amplifying funding withdrawals. We compare
different policies that can be used to boost market and funding liquidity. While debt purchases prevent inefficient dry-ups, liquidity injections may backfire by exacerbating adverse selection.
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An- bzw. Abmeldung ersuchen wir bis
Dienstag, 09. April 2019, unter
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Mit freundlichen Grüßen
Event-Management
