05488oam 22014654 450 991015501350332120250426110554.0978147555472414755547299781475554809147555480X(CKB)3710000000973030(MiAaPQ)EBC4867566(Au-PeEL)EBL4867566(CaPaEBR)ebr11391090(CaONFJC)MIL974489(OCoLC)965710827(IMF)WPIEA2016224WPIEA2016224(EXLCZ)99371000000097303020020129d2016 uf 0engurcnu||||||||rdacontentrdamediardacarrierWhose Credit Line is it Anyway : An Update on Banks' Implicit Subsidies /Tryggvi GudmundssonWashington, D.C. :International Monetary Fund,2016.1 online resource (26 pages) illustrations, tablesIMF Working Papers9781475554700 1475554702 Includes bibliographical references.The post-crisis financial sector framework reform remains incomplete. While capital and liquidity requirements have been strengthened, doubts remain over other aspects, including the fact that expectations of government support for systemically-important banks (SIBs) remain intact. In this paper, we use a jump diffusion option-pricing approach to provide estimates of implicit subsidies gained by these banks due to the expectation of protection to creditors provided by governments. While these subsidies have declined in the post-crisis era as volatility has declined and capital levels have increased, they remain non-trivial. Even conservative parameterizations of default and loss probabilities lead to macroeconomically significant figures.IMF Working Papers; Working Paper ;No. 2016/224Loans, ForeignBanks and BankingimfFinancial Risk ManagementimfInvestments: StocksimfMacroeconomicsimfIndustries: Financial ServicesimfContingent PricingimfFutures Pricingimfoption pricingimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFinancial Institutions and Services: Government Policy and RegulationimfTaxation, Subsidies, and Revenue: GeneralimfFinancial CrisesimfPrice LevelimfInflationimfDeflationimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfInternational Financial MarketsimfFinancial Institutions and Services: GeneralimfEconomic & financial crises & disastersimfBankingimfInvestment & securitiesimfFinanceimfFinancial crisesimfAsset pricesimfStocksimfAsset valuationimfPricesimfFinancial institutionsimfAsset and liability managementimfGlobal systemically important banksimfBanks and bankingimfAsset-liability managementimfFinancial services industryimfOption pricingimfUnited StatesimfLoans, Foreign.Banks and BankingFinancial Risk ManagementInvestments: StocksMacroeconomicsIndustries: Financial ServicesContingent PricingFutures Pricingoption pricingBanksDepository InstitutionsMicro Finance InstitutionsMortgagesFinancial Institutions and Services: Government Policy and RegulationTaxation, Subsidies, and Revenue: GeneralFinancial CrisesPrice LevelInflationDeflationPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsInternational Financial MarketsFinancial Institutions and Services: GeneralEconomic & financial crises & disastersBankingInvestment & securitiesFinanceFinancial crisesAsset pricesStocksAsset valuationPricesFinancial institutionsAsset and liability managementGlobal systemically important banksBanks and bankingAsset-liability managementFinancial services industryOption pricing332.15Gudmundsson Tryggvi1378901DcWaIMFBOOK9910155013503321Whose credit line is it anyway3418019UNINA