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Mr Stein does not cite the recent work of Markus Brunnermeier, Gary Gorton, Arvind Krishnamurthy, or Hyun Song Shin, who all think that the sizes of balance sheets and liquidity mismatches are more helpful for understanding what is going on than credit spreads.
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The sheer size of balance sheets is intimidating investors who don't know where the losses will land.
In his summer budget, George Osborne scaled back the bank levy which, calculated on the size of balance sheets, hit HSBC hardest.
One source at a large bank said further rises to the levy were expected: "It's based on the size of balance sheet, and they are shrinking.
"We're not focused on the size of the balance sheet, what we're focused on is getting the balance sheet that's best for our customers and best for us," he said.
While the Bank of Japan is increasing the size of its balance sheet and Europe is under pressure to follow, the combined impact is unlikely to balance the US reduction.
"But this risk-taking is just excessive compared to the size of the balance sheet".
And that is after a deliberate plan to reduce the total size of its balance sheet.
Those tools would not change the overall size of the balance sheet.
"People are worried about the size of the balance sheet," Ms. Dynan said.
The bank is also reducing its need for funding by reducing the size of its balance sheet by a third.
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