Currency over-valuation also created an additional "implicit" subsidy for imported fertilizer.

The subsidy implicit in official guarantees has received very little attention.

In 2010, the implicit subsidy was worth nearly $100 billion to the largest banks.

"So there's an implicit subsidy going south in that sense and you can think of lots of other examples ..."

He said the commission's action was an effort to accelerate competition by ending several implicit subsidies.

In this way, the implicit subsidies of Ma Bell became explicit post-divestiture.

And in many cases, Mr. Sagers said, the implicit subsidy from Russia was very large.

Indeed, the implicit subsidy is perhaps the least of their objections.

This, however, does not encompass all the implicit subsidies.

The "implicit subsidy does not appear to have substantially increased home ownership or homebuilding," wrote the study's author, Wayne Passmore.