The Research on Policy Options for Resolving Troubled Banks in Financial Crisis
构建了一个信息不对称模型，分析金融危机中处置问题银行的政策选项，比较了资本购买与不良资产投资在道德风险和财政成本上的差异，为TARP实施中资本购买更有效提供了理论支持。
Selecting the most efficient resolution for troubled financial institutions and their non-performing assets is a key concern for policymakers faced with a financial crisis.These policy options may have effects on the fiscal cost of resolving the crisis and the risk taking behaviors of financial institutions.This paper develops a model under asymmetric information to analyze the policy options for resolving bank failures.The moral hazard and fiscal cost of the policy options are compared in this paper.The results give a theoretical support for why the capital purchase is more efficient than NPL investment in the implementation of TARP.