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BEGIN:VEVENT
UID:b3a0f43a42f31d49503a5c2c5e66cc04
CATEGORIES:Seminars
CREATED:20181127T131208
SUMMARY:Lunch Seminar: Marco Casiraghi - Banca d'Italia
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nBailouts, Sovereign Risk and Bank Portfolio Choices\nAbstract:\nI study
  the role of sovereign risk in determining the effects of expected bailouts
  on banks' portfolio decisions. Empirically, data on Italian banks show tha
 t they decrease lending to firms and increase purchases of government bonds
  following an increase in the probability of a bailout, if the risk of sove
 reign default is sufficiently low. The portfolio adjustment goes in the opp
 osite direction when the government default risk is high. To interpret thes
 e results, I develop a model in which the relation between the bailout prob
 ability and the corresponding payoff to bank owners (“bailout rents”) depen
 ds on sovereign risk. The model's predictions are consistent with the key f
 eatures of the data.\n\n\n\n
DTSTAMP:20260405T221915Z
DTSTART:20181205T010000Z
DTEND:20181205T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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