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Wind-Down Plans As an Alternative to Bailouts: The Cross-Border Challenges

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  • Herring, Richard J.

Abstract

Bailouts of systemically important financial institutions (SIFIs) have required interventions in the United Kingdom, United States, and euro area totaling over $14 trillion, equivalent to about a quarter of the global GDP. SIFIs are deemed too big or too complex or too interrelated to be permitted to cause loss to creditors or counterparties, although generally these institutions are referred to as simply "too big to fail," which ignores some of the most important dimensions of the problem.

Suggested Citation

  • Herring, Richard J., 2010. "Wind-Down Plans As an Alternative to Bailouts: The Cross-Border Challenges," Working Papers 10-08, University of Pennsylvania, Wharton School, Weiss Center.
    • Handle: RePEc:ecl:upafin:10-08
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    File URL: http://fic.wharton.upenn.edu/fic/papers/10/10-08.pdf
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    1. Brierley, Peter, 2009. "Financial Stability Paper No 5: The UK Special Resolution Regime for Failing Banks in an International Context," Bank of England Financial Stability Papers 5, Bank of England.
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    Cited by:

    1. Edward Kane, 2010. "Redefining and Containing Systemic Risk," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 38(3), pages 251-264, September.
    2. Richard Herring, 2010. "How Financial Oversight Failed & What it May Portend for the Future of Regulation," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 38(3), pages 265-282, September.
    3. Avgouleas, Emilios & Goodhart, Charles & Schoenmaker, Dirk, 2013. "Bank Resolution Plans as a catalyst for global financial reform," Journal of Financial Stability, Elsevier, vol. 9(2), pages 210-218.
    4. Richard J. Herring, 2012. "Incentives to Improve the Corporate Governance of Risk in Financial Institutions," Chapters, in: James R. Barth & Chen Lin & Clas Wihlborg (ed.), Research Handbook on International Banking and Governance, chapter 16, Edward Elgar Publishing.

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