期刊名称：CEMFI Working Papers / Centro de Estudios Monetarios y Financieros, Madrid
出版年度：2019
卷号：2019
页码：1-58
出版社：Centro de Estudios Monetarios y Financieros, Madrid
摘要：We characterize policy interventions directed to minimize the cost to the deposit guarantee scheme
and the taxpayers of banks with legacy problems. Non-performing loans (NPLs) with low and risky
returns create a debt overhang that induces bank owners to forego profitable lending opportunities.
NPL disposal requirements can restore the incentives to undertake new lending but, as they force
bank owners to absorb losses, can also make them prefer the bank being resolved. For severe
legacy problems, combining NPL disposal requirements with positive transfers is optimal and
involves no conflict between minimizing the cost to the authority and maximizing overall surplus.
