LEADER 05488oam 22014654 450 001 9910155013503321 005 20250426110554.0 010 $a9781475554724 010 $a1475554729 010 $a9781475554809 010 $a147555480X 035 $a(CKB)3710000000973030 035 $a(MiAaPQ)EBC4867566 035 $a(Au-PeEL)EBL4867566 035 $a(CaPaEBR)ebr11391090 035 $a(CaONFJC)MIL974489 035 $a(OCoLC)965710827 035 $a(IMF)WPIEA2016224 035 $aWPIEA2016224 035 $a(EXLCZ)993710000000973030 100 $a20020129d2016 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aWhose Credit Line is it Anyway : $eAn Update on Banks' Implicit Subsidies /$fTryggvi Gudmundsson 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2016. 215 $a1 online resource (26 pages) $cillustrations, tables 225 1 $aIMF Working Papers 311 08$a9781475554700 311 08$a1475554702 320 $aIncludes bibliographical references. 330 3 $aThe post-crisis financial sector framework reform remains incomplete. While capital and liquidity requirements have been strengthened, doubts remain over other aspects, including the fact that expectations of government support for systemically-important banks (SIBs) remain intact. In this paper, we use a jump diffusion option-pricing approach to provide estimates of implicit subsidies gained by these banks due to the expectation of protection to creditors provided by governments. While these subsidies have declined in the post-crisis era as volatility has declined and capital levels have increased, they remain non-trivial. Even conservative parameterizations of default and loss probabilities lead to macroeconomically significant figures. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2016/224 606 $aLoans, Foreign 606 $aBanks and Banking$2imf 606 $aFinancial Risk Management$2imf 606 $aInvestments: Stocks$2imf 606 $aMacroeconomics$2imf 606 $aIndustries: Financial Services$2imf 606 $aContingent Pricing$2imf 606 $aFutures Pricing$2imf 606 $aoption pricing$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aFinancial Crises$2imf 606 $aPrice Level$2imf 606 $aInflation$2imf 606 $aDeflation$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aInternational Financial Markets$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aBanking$2imf 606 $aInvestment & securities$2imf 606 $aFinance$2imf 606 $aFinancial crises$2imf 606 $aAsset prices$2imf 606 $aStocks$2imf 606 $aAsset valuation$2imf 606 $aPrices$2imf 606 $aFinancial institutions$2imf 606 $aAsset and liability management$2imf 606 $aGlobal systemically important banks$2imf 606 $aBanks and banking$2imf 606 $aAsset-liability management$2imf 606 $aFinancial services industry$2imf 606 $aOption pricing$2imf 607 $aUnited States$2imf 615 0$aLoans, Foreign. 615 7$aBanks and Banking 615 7$aFinancial Risk Management 615 7$aInvestments: Stocks 615 7$aMacroeconomics 615 7$aIndustries: Financial Services 615 7$aContingent Pricing 615 7$aFutures Pricing 615 7$aoption pricing 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aFinancial Crises 615 7$aPrice Level 615 7$aInflation 615 7$aDeflation 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aInternational Financial Markets 615 7$aFinancial Institutions and Services: General 615 7$aEconomic & financial crises & disasters 615 7$aBanking 615 7$aInvestment & securities 615 7$aFinance 615 7$aFinancial crises 615 7$aAsset prices 615 7$aStocks 615 7$aAsset valuation 615 7$aPrices 615 7$aFinancial institutions 615 7$aAsset and liability management 615 7$aGlobal systemically important banks 615 7$aBanks and banking 615 7$aAsset-liability management 615 7$aFinancial services industry 615 7$aOption pricing 676 $a332.15 700 $aGudmundsson$b Tryggvi$01378901 801 0$bDcWaIMF 906 $aBOOK 912 $a9910155013503321 996 $aWhose credit line is it anyway$93418019 997 $aUNINA