The "too-big-to-fail" policy in Japan

RESEARCH - Mark Spiegel and Nobuyoshi Yamori of the Federal Reserve Bank of San Francisco analyse evidence from market equity values of the too-big-to-fail" policy in Japan in a working paper for the economic research department of the Federal Reserve Bank of San Francisco.

ABSTRACT - This paper examines the evidence in bank equity markets concerning bank regulatory policies in Japan over the turbulent 1995-1998 period. We find that investors grouped banks according to regulatory status in

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