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The Myth of Too Big to Fail

Part of the Palgrave Macmillan Studies in Banking and Financial Institutions Book Series

DOI: 10.1057/9780230295056

ISBN: 978-1-349-32567-2

Publisher: Palgrave Macmillan UK - Springer Journals

Nov 10, 2015

1 - 10 of 10 Chapters

LitStream

Chapter 1The Too Big to Fail Doctrine

Moosa, Imad A.

Pages: 1 –18

[Too big to fail (TBTF) is a doctrine postulating that the government cannot allow very big firms (particularly major banks and financial institutions) to fail, for the very reason that they are big. Dabos (2004) argues that TBTF policy is adopted by the authorities in many countries, but it is...
LitStream

Chapter 2The History of TBTF

Moosa, Imad A.

Pages: 19 –32

[Looking at the historical record, we can see that regulation has worked in the past by reducing risk and boosting consumer confidence. The historical record is depicted in Figure 2.1, which shows the number of bank failures in the U.S. over the period 1864–2000. Until 1933, the U.S. experienced...
LitStream

Chapter 3Some Notorious TBTF Cases

Moosa, Imad A.

Pages: 33 –53

[In May 1984 the eighth largest bank in the U.S. at that time, Continental Illinois, found itself deep in trouble as a result of a faulty funding model (similar to the messy funding model that led to the collapse of the British bank, Northern Rock, in 2007). Beyond using funds from FDIC-insured...
LitStream

Chapter 4Far Too Big and Politically Connected

Moosa, Imad A.

Pages: 54 –80

[Financial institutions are no longer, as they are supposed to be, humble intermediaries that channel funds from lenders to borrowers and from savers to investors. This is what students are taught in Financial Markets and Institutions 101, where they are told at the very beginning that financial...
LitStream

Chapter 5The Jewel in the Crown

Moosa, Imad A.

Pages: 81 –108

[Since the beginning of the 1980s, the financial sectors of most (actually, all) advanced countries have grown at a much faster pace than other sectors of the economy to grab an ever increasing share of GDP and total corporate profit. Indeed, the financial sector has become a world of its own, an...
LitStream

Chapter 6Worthy of Bailout: To be or Not to be?

Moosa, Imad A.

Pages: 109 –123

[Sprague (1986) argues that “bailout is a bad word”, that “to many it carries connotations of preference and privilege and violation of the free market principles”, and that “it sounds almost un-American”. “Preference” and “privilege” are the key words in Sprague’s statements, hence the title of...
LitStream

Chapter 7Why Too Big to Fail is Too Outrageous to Accept

Moosa, Imad A.

Pages: 124 –138

[It is interesting that those who support and oppose regulation argue against TBTF—that is, against the taxpayers’ money-supported bailout of faltering financial institutions. Those advocating regulation say that financial institutions should be regulated in such a way as to avoid having to pay...
LitStream

Chapter 8Dealing with the Menace of TBTF

Moosa, Imad A.

Pages: 139 –170

[In April 2009 the chairperson of the FDIC, Sheila Bair, gave a speech at the Economic Club of New York, in which she suggested that the notion of too big to fail “should be tossed in the dustbin”. I could not agree more. To curtail the influence of financiers and the disproportionate size of the...
LitStream

Chapter 9Forget about Basel II

Moosa, Imad A.

Pages: 171 –194

[In Chapter 5 it was argued that deregulation has been one reason why the financial sector has a super size and an undeserved status. In Chapter 8 it was suggested that effective and appropriate regulation is needed as part of the solution to the TBTF problem. While some regulatory measures were...
LitStream

Chapter 10TBTF: Where Do We Stand?

Moosa, Imad A.

Pages: 195 –200

[There is only one (society-wide or economy-wide) perceived (or alleged) benefit that can be gained from bailing out financial institutions deemed too big to fail: avoiding a systemic collapse. However, the claim that the failure of one financial institution can cause systemic failure and...

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