Investment Bank Welfare? The Implicit Bank Subsidies in the Primary Dealer Credit Facility (PDCF) and the Term Securities Lending Facility (TSLF) Created by the Federal Reserve Board

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Investment Bank Welfare? The Implicit Bank Subsidies in the Primary Dealer Credit Facility (PDCF) and the Term Securities Lending Facility (TSLF) Created by the Federal Reserve Board

Author Info

Dean Baker
Matthew Sherman

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Abstract

This study produces calculations of the amount of money being dispersed by the government to the 16 primary dealers and investment banks who qualify to borrow through the special lending facilities created in the last year by the Federal Reserve Board under the assumption that each borrows in proportion to its assets. The study then uses Fed data on the interest rate charged for loans from these lending facilities to calculate the potential subsidy in this lending. The report calls attention to the fact that few details have been given about the specific loan amounts, recipients, or collateral posted.

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Paper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2009-09.

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Length: 16 pages
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:epo:papers:2009-09

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Find related papers by JEL classification:
G - Financial Economics
G2 - Financial Economics - - Financial Institutions and Services
G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
H - Public Economics
H2 - Public Economics - - Taxation, Subsidies, and Revenue
H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
E - Macroeconomics and Monetary Economics
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-03-28 (All new papers)
NEP-URE-2009-03-28 (Urban & Real Estate Economics)

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This page was last updated on 2009-11-14.

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