Too Big to Fail by Gary H. Stern
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Too Big to Fail
By Gary H. Stern

Too Big to Fail

The Hazards of Bank Bailouts

By (author) See other recent books by Gary H. Stern See other recent books by Ron J. Feldman
Foreword by Paul A. Volcker See other recent books by Paul A. Volcker
Format: Hardback

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Too Big to Fail by Gary H. Stern

Book Description

The potential failure of a large bank presents vexing questions for policymakers. It poses significant risks to other financial institutions, to the financial system as a whole, and possibly to the economic and social order. Because of such fears, policymakers in many countries --developed and less developed, democratic and autocratic --respond by protecting bank creditors from all or some of the losses they otherwise would face. Failing banks are labeled "too big to fail" (or TBTF). This important new book examines the issues surrounding TBTF, explaining why it is a problem and discussing ways of dealing with it more effectively. Gary Stern and Ron Feldman, officers with the Federal Reserve, warn that not enough has been done to reduce creditors' expectations of TBTF protection. Many of the existing pledges and policies meant to convince creditors that they will bear market losses when large banks fail are not credible, resulting in significant net costs to the economy. The authors recommend that policymakers enact a series of reforms to reduce expectations of bailouts when large banks fail.

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Book Details

ISBN: 9780815781523
ISBN-10: 0815781520
Format: Hardback
(229mm x 152mm x 23mm)
Pages: 230
Imprint: Brookings Institution
Publisher: Brookings Institution
Publish Date: 1-Nov-2003
Country of Publication: United States

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Books By Author Gary H. Stern

Too Big to Fail by Gary H. Stern Too Big to Fail, Paperback (March 2009)

The potential failure of a large bank presents vexing questions for policymakers. It poses significant risks to other financial institutions, to the financial system as a whole, and possibly to the economic and social order.

» View all books by Gary H. Stern

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Author Biography - Gary H. Stern

Gary H. Stern is president and chief executive officer of the Federal Reserve Bank of Minneapolis, Minnesota, USA. Ron Feldman is senior vice president at the Federal Reserve Bank of Minneapolis, USA. Paul A. Volcker was chairman of the Federal Reserve from 1979 to 1987.

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