BIS paper finds higher US bank taxes may have only moved stability risk

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A working paper published today by the Bank for International Settlements (BIS) examines the attempt by the US Federal Deposit Insurance Corporation (FDIC) to impose a Pigovian tax on the wholesale funding on US banks, finding the impact on financial stability to be mixed.

The 2011 FDIC assessment on banks' managed liabilities: interest rate and balance-sheet responses by Lawrence Kreicher, Robert McCauley and Patrick McGuire, finds that the change in the assessment of the tax from deposits to

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