While the lingering economic crisis has drawn much attention to individual products and private sector villains thought to have caused the market meltdown, a pointed study of the full range of government causes (and their attendant depth) has to date proven less attractive to authors and...

This paper analyses the bail-in tool under the BRRD and predicts that it will not reach its policy objective. To make this argument, this paper first describes the policy rationale that calls for mandatory private sector involvement (PSI). From this analysis the key features for an effective...

The bail-in tool as implemented in the European bank resolution framework suffers from severe shortcomings. To some extent, the regulatory framework can remedy the impediments to the desirable incentive effect of private sector involvement (PSI) that emanate from a lack of predictability of...

This paper analyzes the bail-in tool under the Bank Recovery and Resolution Directive (BRRD) and predicts that it will not reach its policy objective. To make this argument, this paper first describes the policy rationale that calls for mandatory private sector involvement (PSI). From this...

The bail-in tool as implemented in the European bank resolution framework suffers from severe shortcomings. To some extent, the regulatory framework can remedy the impediments to the desirable incentive effect of private sector involvement (PSI) that emanate from a lack of predictability of...

Bailouts: Public Money, Private Profit EDITED BY ROBERT E. WRIGHT COLUMBIA UNIVERSITY PRESS | NEW YORK A COLUMBIA/SSRC BOOK CONTENTS INTRODUCTION To Bail or Not to Bail? 1 ROBERT E. WRIGHT CHAPTER ONE Hybrid Failures and Bailouts: Social...