Quantifying Structural Subsidy Values for Systemically Important Financial Institutions /
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 larg...
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| Другие авторы: | |
| Формат: | Журнал |
| Язык: | English |
| Опубликовано: |
Washington, D.C. :
International Monetary Fund,
2012.
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| Серии: | IMF Working Papers; Working Paper ;
No. 2012/128 |
| Предметы: | |
| Online-ссылка: | Full text available on IMF |
| Итог: | 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 value of rating bonus. It was already sizable, 60 basis points, as of the end-2007, before the crisis. It increased to 80 basis points by the end-2009. |
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| Примечание: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Объем: | 1 online resource (28 pages) |
| Формат: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Доступ: | Electronic access restricted to authorized BRAC University faculty, staff and students |