NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk

Viral V. Acharya, Itamar Drechsler, Philipp Schnabl

NBER Working Paper No. 17136
Issued in June 2011

---- Acknowledgements -----

We are grateful to Ilan Kremer, Mitchell Petersen, Isabel Schnabel and Luigi Zingales (discussants), Dave Backus, Mike Chernov, Amir Yaron, Stan Zin, and seminar participants at the American Economics Association Meetings (2011), Austrian Central Bank, Bundesbank-ECB-CFS Joint Luncheon workshop, Douglas Gale's Financial Economics workshop at NYU, Federal Reserve Bank of Minneapolis, HEC Paris and BNP Paribas Hedge Fund Center conference, Indian School of Business, Indian Institute of Management (Ahmedabad), London Business School and Moody's Credit Risk Conference, Oxford Said Business School, Rothschild Caesarea Center 8th Annual Conference (Israel), Stockholm School of Economics and SIFR, Universitat van Amsterdam and de Nederlandsche Bank, and University of Minnesota for helpful comments. Farhang Farazmand and Nirupama Kulkarni provided valuable research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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