Equity Recourse Notes: Creating Counter‐cyclical Bank Capital
提出一种新型银行混合资本工具：股权追索票据（ERNs），能在经济繁荣时激励银行增资、萧条时鼓励放贷，缓解大而不倒问题，并减少对会计资本指标的依赖，比现有或有可转债更可信地转换。
We propose a new form of hybrid capital for banks, Equity Recourse Notes (ERNs), which (i) ameliorate booms and busts by creating counter‐cyclical incentives for banks to raise capital, and so encourage bank lending in bad times; (ii) help solve the too‐big‐to‐fail problem; and (iii) reduce the regulatory system's reliance on accounting measures of capital. ERNs avoid the flaws of existing contingent convertible bonds (cocos) – in particular, they convert more credibly. Future required increases in bank‐capital should be permitted to be in the form of either equity or ERNs.