In the longer term the bonus mess underlines the importance of getting the state out of finance: setting a time limit for the explicit guarantees and finding ways to lessen the implicit promise of support through living wills and the like.
The government is now making explicit its implicit (and oft denied) support for the mortgage giants.
But champions of the emerging markets note that some issuers have explicit or implicit government support and that the biggest private-sector borrowers, including multinationals such as Mexico's Cemex, a cement company, have geographically diverse revenues.
No market risk and the implicit (or even explicit) state guarantee: Pay a fixed amount now, and when Junior goes to a state college, his tuition is covered.
And taxpayers, whether explicit owners or implicit guarantors, will peer at the industry and its leaders with hostility, not admiration.
There was none of the pressure, implicit from teachers and explicit from classmates, to leap, climb or hurl projectiles.
Set aside a little time each day to question all the assumptions both explicit and, more importantly, implicit that underlie your business model.
Tihnk about how the e-commerce experience leverages clickstreams, cookies, implicit and explicit personalization and collaborative filtering to drive a personalized experience for the visitor.
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One is to level the retail banks' playing-field by eliminating both explicit and implicit subsidies to state-owned competitors.
Kokubun in effect has called for rewriting this past implicit and explicit understanding by invoking the departure of "those individuals" involved.
And, in taking on Fannie and Freddie, they were belatedly making explicit the implicit government guarantee that the twins had long enjoyed in the eyes of investors.
Beijing provided seed money for projects, and municipal officials would extend explicit or implicit guarantees to raise the funds to complete them.
The argument that taxpayer money is needed to save or create jobs in America was the implicit purpose of TARP (Troubled Asset Relief Program) and the explicit purpose of the auto company bailouts.
In America, Britain and Germany ten-year bond yields under 2% are now lower than the explicit (or implicit) inflation targets of their central banks.
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Lastly, a panoply of new tax credits and deductions has added to implicit fiscal subsidy with one hand as the government has tried to curb explicit help with the other.
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