Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/112875
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2015: Ökonomische Entwicklung - Theorie und Politik - Session: Finance and Banks II No. F09-V3
Verlag: 
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
Zusammenfassung: 
We explore the relationship between asset encumbrance and bank funding in the context of covered bonds a form of collateralized debt. Covered bond issuance influences the incidence of bank runs by unsecured creditors and, in turn, conditions in the unsecured funding market influence the bank s choice of asset encumbrance. The more reliant is the bank on secured finance and the more it encumbers assets on its balance sheet, the more concentrated are losses on unsecured creditors and the more fragile the bank. But as more stable long-term debt is added to the funding mix, the greater is the expected value of bank equity. We solve for the optimal choice of asset encumbrance and wholesale funding. Our model sheds light on how losses of confidence in funding markets, macroeconomic shocks, and improved crisis resolution frameworks affect the extent of balance sheet collateralization.
JEL: 
G01
G21
D82
Dokumentart: 
Conference Paper

Datei(en):
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