raghu wrote:
Do you have numbers for what portion of a bank's liabilities are in
the form of debt? My understanding is this is extremely hard to
measure because most of these debt-like liabilities are in the form of
derivatives and swaps.
one limited source I have on this is from a paper at the AEA convention
by Veronise and Zingales, available at:
http://www.aeaweb.org/annual_mtg_papers/2009/retrieve.php?pdfid=520
On p. 36, there is a table of balance sheet data for 10 of the largest
banks. Citi is the largest and has the highest debt/deposit ratio: .93
BoA is next with a ratio of .79. Then JPMChase with .75. etc.
There is also an "other liabilities" catgories which might be where the
derivatives and swaps are.
The title of the paper by the way is "Paulson's Gift" [to the debtholders].
Fred
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