Opportunity cost of capital forbearance during the final years of the FSLIC mess

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题名:	Opportunity cost of capital forbearance during the final years of the FSLIC mess
作者:	Kane,EJ;Yu,MT
贡献者:	財務金融所
关键词:	DEPOSIT INSURANCE;SAVINGS
日期:	1996
上传时间:	2010-06-29 20:30:45 (UTC+8)
出版者:	中央大學
摘要:	This paper uses a robust valuation model and data available in 1985-1989 to conduct a synthetic market-value accounting of the year-to-year opportunity cost of FSLIC forbearance. Although opportunity cost did not increase in every single year, it did increase on average over the period. Had robust mark-to-model standards for S&L capital adequacy been routinely enforced, FSLIC guarantees would not have displaced private capital on a mammoth scale and surviving members of the industry would have proved more profitable. Lessening hidden tax liabilities for households and hidden subsidies to risky lending would have shortened the disinflation process and allowed the U.S. to hold a more valuable capital stock today.
關聯:	QUARTERLY REVIEW OF ECONOMICS AND FINANCE
显示于类别:	[財務金融研究所] 期刊論文

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