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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/29549


    Title: Opportunity cost of capital forbearance during the final years of the FSLIC mess
    Authors: Kane,EJ;Yu,MT
    Contributors: 財務金融所
    Keywords: DEPOSIT INSURANCE;SAVINGS
    Date: 1996
    Issue Date: 2010-06-29 20:30:45 (UTC+8)
    Publisher: 中央大學
    Abstract: 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.
    Relation: QUARTERLY REVIEW OF ECONOMICS AND FINANCE
    Appears in Collections:[財務金融研究所] 期刊論文

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