Imperial College London
Portrait Picture

ProfessorPatrickBolton

Business School

Professor of Finance and Economics
 
 
 
//

Contact

 

p.bolton

 
 
//

Location

 

Business School BuildingSouth Kensington Campus

//

Summary

 

Publications

Citation

BibTex format

@article{Bolton:2019:rfs/hhy123,
author = {Bolton, P and Oehmke, M},
doi = {rfs/hhy123},
journal = {The Review of Financial Studies},
pages = {2383--2421},
title = {Bank resolution and the structure of global banks},
url = {http://dx.doi.org/10.1093/rfs/hhy123},
volume = {32},
year = {2019}
}
Download

RIS format (EndNote, RefMan)

TY  - JOUR
AB  - We study the resolution of global banks by national regulators. Single-point-of-entry (SPOE) resolution, where loss-absorbing capital is shared across jurisdictions, is efficient but faces implementation constraints. First, when expected transfers across jurisdictions are too asymmetric, national regulators fail to set up SPOE resolution ex ante. Second, when required ex post transfers are too large, national regulators ring-fence assets instead of cooperating in SPOE resolution. In this case, a multiple-point-of-entry (MPOE) resolution, where loss-absorbing capital is preassigned, is more robust. Our analysis highlights a fundamental link between efficient bank resolution, the operational structures, risks, and incentives of global banks.
AU  - Bolton,P
AU  - Oehmke,M
DO  - rfs/hhy123
EP  - 2421
PY  - 2019///
SN  - 0893-9454
SP  - 2383
TI  - Bank resolution and the structure of global banks
T2  - The Review of Financial Studies
UR  - http://dx.doi.org/10.1093/rfs/hhy123
UR  - http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000482406700007&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=1ba7043ffcc86c417c072aa74d649202
UR  - https://academic.oup.com/rfs/article/32/6/2384/5215153
UR  - http://hdl.handle.net/10044/1/106929
VL  - 32
ER  -
Download