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Developments in the Value of Implicit Guarantees …
1 Developments in the Value of Implicit Guarantees for bank debt : The Role of resolution regimes and practices by Sebastian Schich and Byoung-Hwan Kim* High values of Implicit Guarantees for bank debt can be taken as signalling the market s expectation that public authorities will rescue the institution in question in times of severe financial distress. By the same token, declines in the measure would suggest a drop in the perceived likelihood of such a bailout, perhaps reflecting the availability of more effective failure resolution tools (although they could also reflect other factors such an improvement in the asset quality of banks).
1 Developments in the Value of Implicit Guarantees for Bank Debt: The Role of Resolution Regimes and Practices by Sebastian Schich and Byoung-Hwan Kim*
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