Bail-Ins, Optimal Regulation, and Crisis Resolution
构建了一个动态契约框架研究银行内部纾困机制，发现最优资本结构结合标准债务和内部纾困债务，并需要联合监管来应对抛售问题。
Abstract We develop a tractable dynamic contracting framework to study bank bail-in regimes. In the presence of a repeated monitoring problem, the optimal bank capital structure combines standard debt, which induces liquidation and provides strong incentives, and bail-in debt, which restores solvency but provides weaker incentives. Given fire sales, an optimal policy response entails joint regulation: a bail-in regime reduces standard debt while leverage regulation reduces total debt. Bail-ins replace bailouts as a recapitalization tool.