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Evidence from the Bond Market on Banks’ “Too-Big-to-Fail” Subsidy

Joao A. C. Santos

No 201404326b, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: 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.

JEL-codes: G2 (search for similar items in EconPapers)
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