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Measuring the TBTF effect on bond pricing.pdf
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Table of Contents
Introduction: An empirical review of “too big to fail” 3􀀃
The bond funding edge: Size has some benefits 4􀀃
A brief review of the current TBTF literature 4􀀃
The biggest banks’ bond funding advantage: the numbers 5􀀃
Liquidity lies behind much of the biggest banks’ funding advantage 7􀀃
Banks aren’t unique 9􀀃
Bank failure data support the big bank funding edge 10􀀃
Putting loss figures into context 11􀀃
The biggest banks generate fewer realized losses 11􀀃
Moving closer to an end to TBTF 14􀀃
Appendix A: A brief review of recent TBTF research 15􀀃
Appendix B: Bond spreads, liquidity and issuance data 18􀀃
Appendix C: Bank failures and FDIC loss statistics 20
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