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BEGIN:VEVENT
UID:b3a0f43a42f31d49503a5c2c5e66cc04
CATEGORIES:Seminars
CREATED:20181127T131208
SUMMARY:Lunch Seminar: Marco Casiraghi - Banca d'Italia
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p>Bailouts, Sovereign Risk and Bank Portfolio Choices</p><p style="text-al
 ign: justify;"><span style="font-size: 11pt; font-family: 'Calibri','sans-s
 erif';">Abstract:</span></p><p style="text-align: justify;"><span style="fo
 nt-size: 11pt; font-family: 'Calibri','sans-serif';">I study the role of so
 vereign risk in determining the effects of expected bailouts on banks' port
 folio decisions. Empirically, data on Italian banks show that they decrease
  lending to firms and increase purchases of government bonds following an i
 ncrease in the probability of a bailout, if the risk of sovereign default i
 s sufficiently low. The portfolio adjustment goes in the opposite direction
  when the government default risk is high. To interpret these results, I de
 velop a model in which the relation between the bailout probability and the
  corresponding payoff to bank owners (“bailout rents”) depends on sovereign
  risk. The model's predictions are consistent with the key features of the 
 data.</span></p><p><span style="font-size: 12pt; font-family: 'Calibri','sa
 ns-serif';"></span></p>
DTSTAMP:20260405T221600Z
DTSTART:20181205T010000Z
DTEND:20181205T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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