. Policies that subsidize debt and indirectly penalize equity through taxes and implicit guarantees are distortive. And while … debtś informational insensitivity may provide valuable liquidity, increased capital (and reduced leverage) can enhance this … benefit. Finally, suggestions that high leverage serves a necessary disciplining role are based on inadequate theory lacking …

also incorrect to translate higher taxes paid by banks to a social cost. Policies that subsidize debt and indirectly … should be given directly and not in ways that encourage leverage. Finally, suggestions that high leverage serves a necessary …, and that high leverage is not necessary for banks to perform all their socially valuable functions, including lending …

debt's informational insensitivity may provide valuable liquidity, increased capital (and reduced leverage) can enhance …. Policies that subsidize debt and indirectly penalize equity through taxes and implicit guarantees are distortive. And while … this benefit. Finally, suggestions that high leverage serves a necessary disciplining role are based on inadequate theory …

the cost of credit. Public subsidies of debt financing through tax shields and implicit guarantees may make equity … “expensive” but do not make sense given the negative externalities associated with leverage. Some have suggested that debt serves …While it is recognized that the high degree of leverage used by financial institutions creates systemic risks and other …

development (the recent expansion of domestic equity and debt capital markets). Accordingly, the paper provides the first insights … recent years of equity and (to a lesser extent) corporate debt capital markets, the capital structure of Vietnamese … enterprises continue to have preferential access to finance and that high growth firms still rely principally on external debt …

the European sovereign debt crisis and how it is reflected in network statistics and systemic risk measures. Illustrating …