Quantifying Structural Subsidy Values for Systemically Important Financial Institutions

Quantifying Structural Subsidy Values for Systemically Important Financial Institutions

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Claimants to SIFIs receive transfers when governments are forced into bailouts. Ex ante, the bailout expectation lowers daily funding costs. This funding cost differential reflects both the structural level of the government support and the time-varying market valuation for such a support. With large worldwide sample of banks, we estimate the structural subsidy values by exploiting expectations of state support embedded in credit ratings and by using long-run average… (more)

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Book Details  


Publisher: INTERNATIONAL MONETARY FUND (May 01, 2012)

Format: EPUB

Page count: 27 pages

File size: 1.9 MB

Protection: DRM

Language: English


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