bailouts;
debt guarantees;
financial crises;
national emergencies;
too big to fail;
POLITICAL CONNECTIONS;
DEPOSIT INSURANCE;
RISK;
VALUATION;
OPTIONS;
D O I:
10.1111/coep.12657
中图分类号:
F [经济];
学科分类号:
02 ;
摘要:
Estimated marked-to-market values of guaranteeing debt ex ante for all available publicly traded US corporations from Q4 1971 to Q4 2022 reveal that the largest estimates periodically arise with a handful of large financial corporations, but significant estimates can arise for nonfinancial corporations. In real Q1 2010 US dollars, the aggregate cost of guaranteeing debt reached $983 billion in Q1 2009 and $284.78 billion in Q1 2020 during the COVID-19 pandemic. Large observed guarantee estimates may reflect moral hazard, but also concerns about avoiding substantial increases in unemployment or maintaining the provision of essential services during national emergencies.
机构:
Iowa State Univ, Ames, IA 50011 USAIowa State Univ, Ames, IA 50011 USA
Borisova, Ginka
Fotak, Veljko
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h-index: 0
机构:
SUNY Buffalo, Sch Management, Buffalo, NY 14260 USA
Bocconi Univ, Baffi CAREFIN Ctr, Sovereign Investment Lab, I-20136 Milan, ItalyIowa State Univ, Ames, IA 50011 USA
Fotak, Veljko
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h-index:
机构:
Holland, Kateryna
Megginson, William L.
论文数: 0引用数: 0
h-index: 0
机构:
Univ Oklahoma, Price Coll Business, Norman, OK 73019 USAIowa State Univ, Ames, IA 50011 USA