"This paper models and estimates ex ante safety-net benefits at a sample of large banks in US and Europe during 2003-2008. Our results suggest that difficult-to-fail and unwind (DFU) banks enjoyed substantially higher ex ante benefits than other institutions. Safety-net benefits prove...

The world is becoming increasingly global. This raises important challenges for regulatory processes which still largely emanate from domestic jurisdictions. In order to eliminate unnecessary regulatory divergences and to address the global challenges pertaining to systemic risks, the...