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2015年11月9日TLAC评估成本与收益分析Assessing-the-economic-costs-and-benefits-of-TLAC-implementation.pdf

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Assessing the economic costs and benefits of TLAC implementation Report submitted to the Financial Stability Board by an Experts Group chaired by Kostas Tsatsaronis (Bank for International Settlements) November 2015 JEL classification: E37, E47, E60, F41, G01, G28, G32 Keywords: Creditor bail-in, bank resolution, cost of funds, macroeconomic costs and benefits. The views expressed are those of the authors and not necessarily the views of the BIS. This publication is available on the BIS website (). © Bank for International Settlements 2015. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 978-92-9197-297-5 (print) ISBN 978-92-9197-298-2 (online) Table of contents Introduction and Summary 1 1. Maintained assumptions 2 2. Bank-specific shortfalls 3 3. Micro-economic costs of compliance with TLAC 7 Robustness analysis: supply surge may increase spreads 11 4. Macroeconomic costs of TLAC implementation 14 Estimated impact on lending rates 14 Macroeconomic costs: impact on GDP 15 Robustness analysis: GDP cost estimates with higher TLAC spreads 17 5. Spillovers 19 6. Assessing the benefits from TLAC 20 The microeconomic benefits of TLAC 21 Macroeconomic benefits from TLAC and pre-funded resolution 23 Impact of TLAC on the cost of a crisis 25 Summary of macro benefits 28 Further robustness checks and effect of G-SIBs being unconstrained 30 Annex 1: Assessment of the cost of the final calibration 32 Annex 2: TLAC and G-SIBs’ probability of failure 35 References 37 Members of the Economic Impact Assessment Group 39 Assessing the economic costs and benefits of TLAC implementation iii Introduction and Summary This report presents the results of the Economic Impa
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