MEASURING THE TRUE PROFILE OF TAXPAYER LOSSES IN THE SAVINGS-AND-LOAN INSURANCE MESS

NCU Institutional Repository > 管理學院 > 財務金融研究所 > 期刊論文 > Item 987654321/29552

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题名:	MEASURING THE TRUE PROFILE OF TAXPAYER LOSSES IN THE SAVINGS-AND-LOAN INSURANCE MESS
作者:	KANE,EJ;YU,MT
贡献者:	財務金融所
日期:	1995
上传时间:	2010-06-29 20:30:51 (UTC+8)
出版者:	中央大學
摘要:	This research shows that conservative methods of projecting and discounting cash flows, if applied to information already collected in the FHLBB's reporting system, would have reflected the size of the S&L deposit-insurance losses long before taxpayers were aware of the extent of the mess. Official data show FSLIC reserves of $4.6 billion in 1986. In sharp contrast, our conservative estimate puts imbedded losses for that year at $45.3 billion. These methods prove insensitive to arbitrariness in the assumptions needed to operationalize the discounting process and measure the extent of 'guilty knowledge' it is fair to presume officials possessed - supporting an incentive-breakdown theory of the problem over presumptions of innocent ignorance. The policy implication is that taxpayers need to impose on government regulatory agents a better information system and better enforcement of those agents' obligations to the public.
關聯:	JOURNAL OF BANKING & FINANCE
显示于类别:	[財務金融研究所] 期刊論文

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