MARC Record from Library of Congress

LEADER: 01974cam a22003257a 4500
001 2005618592
003 DLC
005 20070301082404.0
007 cr |||||||||||
008 051027s2005 nyu sb f000 0 eng
010 $a 2005618592
040 $aDLC$cDLC$dDLC
050 00 $aHB1
100 1 $aMorgan, Donald P.$q(Donald Patrick)
245 10 $aToo big to fail after all these years$h[electronic resource] /$cDonald P. Morgan, Kevin J. Stiroh.
260 $a[New York, N.Y.] :$bFederal Reserve Bank of New York,$c[2005]
490 1 $aStaff reports ;$vno. 220
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 10/27/2005.
504 $aIncludes bibliographical references.
520 3 $a"The naming of eleven banks as too big to fail (TBTF) in 1984 led bond raters to raise their ratings on new bond issues of TBTF banks about a notch relative to those of other, unnamed banks. The relationship between bond spreads and ratings for the TBTF banks tended to flatten after that event, suggesting that investors were even more optimistic than raters about the probability of support for those banks. The spread-rating relationship in the 1990s remained flatter for TBTF banks (or their descendants) even after the passage of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), suggesting that investors still see those banks as TBTF. Until investors are disabused of such beliefs, investor discipline of big banks will be less than complete."--Federal Reserve Bank of New York web site.
650 0 $aBank stocks.
650 0 $aBonds.
650 0 $aStockholders.
653 $aMarket discipline;$atoo big to fail
700 1 $aStiroh, Kevin J.
710 2 $aFederal Reserve Bank of New York.
830 0 $aStaff reports (Federal Reserve Bank of New York : Online) ;$vno. 220.
856 40 $uhttp://www.ny.frb.org/research/staff_reports/sr220.html