How much would it cost to guarantee debt for all publicly traded US corporations?

被引:0
|
作者
Miller, Stephen Matteo [1 ]
机构
[1] George Mason Univ, Mercatus Ctr, Arlington, VA 22201 USA
关键词
bailouts; debt guarantees; financial crises; national emergencies; too big to fail; POLITICAL CONNECTIONS; DEPOSIT INSURANCE; RISK; VALUATION; OPTIONS;
D O I
10.1111/coep.12657
中图分类号
F [经济];
学科分类号
02 ;
摘要
Estimated marked-to-market values of guaranteeing debt ex ante for all available publicly traded US corporations from Q4 1971 to Q4 2022 reveal that the largest estimates periodically arise with a handful of large financial corporations, but significant estimates can arise for nonfinancial corporations. In real Q1 2010 US dollars, the aggregate cost of guaranteeing debt reached $983 billion in Q1 2009 and $284.78 billion in Q1 2020 during the COVID-19 pandemic. Large observed guarantee estimates may reflect moral hazard, but also concerns about avoiding substantial increases in unemployment or maintaining the provision of essential services during national emergencies.
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页数:19
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