These institutions have an implicit, or explicit, federal guarantee on their debt that lowers their cost of capital, giving them a permanent competitive advantage.

这些机构的债务拥有隐性和显性联邦担保，这降低了其资金成本，从而赋予了它们永久性的竞争优势。

youdao

Now let's think about the implicit purpose of educational institutions.

下面再来探究,教育体系的深层目标。

麻省理工公开课 - 媒体、教育、市场课程节选

As long as there are implicit government guarantees for financial institutions that are considered too big, too complex or too interconnected to fail, the value of those institutions' stocks increases with risk-taking.

CNN: Dimon's $23 million payday isn't the problem

On reflection, perhaps you should think through your call to have more mortgage debt held by institutions with direct government guarantees and exposures, not to mention the efficacy of the implicit call for higher mortgage costs to American consumers.

ECONOMIST: Letters