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dc.contributor.authorMiles, Daviden
dc.contributor.authorYang, Jingen
dc.contributor.authorMarcheggiano, Gilbertoen
dc.date.accessioned2011-04-19-
dc.date.accessioned2011-10-24T07:51:01Z-
dc.date.available2011-10-24T07:51:01Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/50643-
dc.description.abstractThis paper reports estimates of the long-run costs and benefits of banks funding more of their assets with loss-absorbing capital, or equity. Measuring those costs requires careful consideration of a wide range of issues about how shifts in funding affect required rates of return and on how costs are influenced by the tax system; it also requires a clear distinction to be drawn between costs to individual institutions (private costs) and overall economic (or social) costs. Without a calculation of the benefits from having banks use more equity no estimate of costs - however accurate - can tell us what the optimal level of bank capital is. We use empirical evidence on UK banks to assess costs; we use data from shocks to incomes from a wide range of countries over a long period to assess risks to banks and how equity funding (or capital) protects against those risks. We find that the amount of equity capital that is likely to be desirable for banks to use is very much larger than banks have used in recent years and also higher than targets agreed under the Basel III framework.en
dc.language.isoengen
dc.publisher|aBank of England, External Monetary Policy Committee Unit |cLondonen
dc.relation.ispartofseries|aExternal MPC Unit Discussion Paper |x31 [rev.]en
dc.subject.jelG21en
dc.subject.jelG28en
dc.subject.ddc330en
dc.subject.keywordbanksen
dc.subject.keywordcapital regulationen
dc.subject.keywordcapital structureen
dc.subject.keywordcost of equityen
dc.subject.keywordleverageen
dc.subject.keywordModigliani-Milleren
dc.subject.stwBanken
dc.subject.stwEigenkapitalen
dc.subject.stwFremdkapitalen
dc.subject.stwBankenliquiditäten
dc.subject.stwKapitalstrukturtheorieen
dc.subject.stwGroßbritannienen
dc.titleOptimal bank capital-
dc.typeWorking Paperen
dc.identifier.ppn656641770en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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