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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