Equity Recourse Notes: Creating Counter-cyclical Bank Capital
成果类型：
Article
署名作者：
Bulow, Jeremy; Klemperer, Paul
署名单位：
Stanford University; University of Oxford
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1111/ecoj.12301
发表日期：
2015
页码：
F131-F157
关键词：
摘要：
We propose a new form of hybrid capital for banks, Equity Recourse Notes (ERNs), which (i) ameliorate booms and busts by creating counter-cyclical incentives for banks to raise capital, and so encourage bank lending in bad times; (ii) help solve the too-big-to-fail problem; and (iii) reduce the regulatory system's reliance on accounting measures of capital. ERNs avoid the flaws of existing contingent convertible bonds (cocos) - in particular, they convert more credibly. Future required increases in bank-capital should be permitted to be in the form of either equity or ERNs.
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