haku: @author Aizenman, J. / yhteensä: 19
viite: 5 / 19
| Tekijä: | Aizenman, J. Turnovsky, S. J. |
| Otsikko: | Reserve requirements on sovereign debt in the presence of moral hazard - on debtors or creditors? |
| Lehti: | Economic Journal
2002 : JAN, VOL. 112:476, p. 107-132 |
| Asiasana: | Economic theory Loans Financial risk |
| Kieli: | eng |
| Tiivistelmä: | The paper characterises the effects of reserve requirements on financial loans in the presence of moral hazard on the lender side and sovereign risk on the borrower side. The impacts of such reserve requirements on the equilibrium default risk and borrowing are analysed and their welfare implications discussed. The optimal reserve requirements for both lender and borrower are characterised. The introduction of a reserve requirement in either country reduces the default risk and raises the welfare of both the high-income and the emergenging-market economies. |
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