01787cas a2200265 a 4500 AALejournalIMF011869 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475503654 1018-5941 BD-DhAAL BD-DhAAL Ueda, Kenichi. Quantifying Structural Subsidy Values for Systemically Important Financial Institutions / Kenichi Ueda, Beatrice Weder di Mauro. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet United States imf Weder di Mauro, Beatrice. IMF Working Papers; Working Paper ; No. 2012/128 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/128/001.2012.issue-128-en.xml IMF e-Library