The ‘Celtic Crisis’: Guarantees, Transparency and Systemic Liquidity Risk

Name: The ‘Celtic Crisis’: Guarantees, Transparency and Systemic Liquidity Risk
Uploaded: 2013-05-01
Description: Bank liability guarantee schemes have traditionally been viewed as costless measures to shore up investor confidence and prevent bank runs. However, as the experiences of some European countries, most notably Ireland, have demonstrated, the credibility and effectiveness of these guarantees are crucially intertwined with the sovereign’s funding risks.
Philipp König; Kartik Anand; Frank W. Heinemann
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