Systemic risk and the optimal seniority structure of banking liabilities

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Systemic risk and the optimal seniority structure of banking liabilities

The paper argues that systemic risk must be taken into account when designing optimal bankruptcy procedures in general, and priority rules in particular. Allowing for endogenous formation of links in the interbank market we show that the optimal policy depends on the distribution of shocks and the s...

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Bibliographic Details
Main Authors:	Bougheas, Spiros, Kirman, Alan
Format:	Article
Published:	Wiley 2018
Subjects:	Banks; Priority rules; Systemic Risk
Online Access:	https://eprints.nottingham.ac.uk/48726/

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