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Discussion Paper
Evidence from the Bond Market on Banks’ “Too-Big-to-Fail” Subsidy
Yesterday’s post presented evidence on a possible upside of very large banks, namely, lower costs. In today’s post, we focus on a possible downside, that is, whether investors in the primary bond market “discount” risk when they invest in bonds of the too-big-to-fail banks.
Speech
A perspective on supervisory objectives and trade-offs: keynote remarks at Conference on “Optimal Bank Capital Regulation”
Keynote Remarks at Columbia University?s School of International and Public Affairs and the Clearing House Association Conference on ?Optimal Bank Capital Regulation,? Columbia University, New York.