Imf Lending And Banking Crises

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IMF Lending and Banking Crises

Luca Papi,Andrea Presbitero,Alberto Zazzaro
IMF Lending and Banking Crises Book PDF

Author : Luca Papi,Andrea Presbitero,Alberto Zazzaro
Publisher : International Monetary Fund
Page : 56 pages
File Size : 49,8 Mb
Release : 2015-01-26
Category : Business & Economics
ISBN : 9781484308691

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IMF Lending and Banking Crises by Luca Papi,Andrea Presbitero,Alberto Zazzaro Pdf

This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score matching estimator. Controlling for the standard determinants of banking crises, our results indicate that countries participating in IMF-supported lending programs are significantly less likely to experience a future banking crisis than nonborrowing countries. We also provide evidence suggesting that compliance with conditionality and loan size matter.

Systemic Banking Crises Database

Mr.Luc Laeven,Mr.Fabian Valencia
Systemic Banking Crises Database Book PDF

Author : Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 33 pages
File Size : 53,7 Mb
Release : 2012-06-01
Category : Business & Economics
ISBN : 9781475505054

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Systemic Banking Crises Database by Mr.Luc Laeven,Mr.Fabian Valencia Pdf

We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. fiscal costs, output losses, and increases in public debt). We also update our dating of sovereign debt and currency crises. The database includes all systemic banking, currency, and sovereign debt crises during the period 1970-2011. The data show some striking differences in policy responses between advanced and emerging economies as well as many similarities between past and ongoing crises.

Financial Crises

Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Financial Crises Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 670 pages
File Size : 43,5 Mb
Release : 2014-02-19
Category : Business & Economics
ISBN : 9781475543407

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Financial Crises by Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia Pdf

The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

Financial Crises Explanations, Types, and Implications

Mr.Stijn Claessens,Mr.Ayhan Kose
Financial Crises Explanations Types and Implications Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose
Publisher : International Monetary Fund
Page : 66 pages
File Size : 52,6 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475561005

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Financial Crises Explanations, Types, and Implications by Mr.Stijn Claessens,Mr.Ayhan Kose Pdf

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Banking Crises

International Monetary Fund
Banking Crises Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 387 pages
File Size : 50,6 Mb
Release : 1991-03-15
Category : Business & Economics
ISBN : 9781557751874

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Banking Crises by International Monetary Fund Pdf

The condition of banking systems in developing countries strongly influences the design and effectiveness of economic adjustment policies. Bank portfolio weakness can limit the flexibility of interest rate policy, the scope of financial reforms, and the conduct of monetary and fiscal policy. This volume, edited by V. Sundararajan and Tomás J.T. Baliño, is a collection of papers by IMF economists. It examines the link between financial problems and macroeconomic policy and highlights the need for prudential regulations and the appropriate institutional framework to deal with problem banks and borrowers.

The Dynamics of Non-Performing Loans during Banking Crises: A New Database

Mr.Anil Ari,Sophia Chen,Mr.Lev Ratnovski
The Dynamics of Non Performing Loans during Banking Crises A New Database Book PDF

Author : Mr.Anil Ari,Sophia Chen,Mr.Lev Ratnovski
Publisher : International Monetary Fund
Page : 40 pages
File Size : 40,8 Mb
Release : 2019-12-06
Category : Business & Economics
ISBN : 9781513521152

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The Dynamics of Non-Performing Loans during Banking Crises: A New Database by Mr.Anil Ari,Sophia Chen,Mr.Lev Ratnovski Pdf

This paper presents a new dataset on the dynamics of non-performing loans (NPLs) during 88 banking crises since 1990. The data show similarities across crises during NPL build-ups but less so during NPL resolutions. We find a close relationship between NPL problems—elevated and unresolved NPLs—and the severity of post-crisis recessions. A machine learning approach identifies a set of pre-crisis predictors of NPL problems related to weak macroeconomic, institutional, corporate, and banking sector conditions. Our findings suggest that reducing pre-crisis vulnerabilities and promptly addressing NPL problems during a crisis are important for post-crisis output recovery.

From Banking to Sovereign Stress - Implications For Public Debt

International Monetary Fund
From Banking to Sovereign Stress Implications For Public Debt Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 88 pages
File Size : 54,7 Mb
Release : 2014-12-22
Category : Business & Economics
ISBN : 9781498342438

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From Banking to Sovereign Stress - Implications For Public Debt by International Monetary Fund Pdf

This paper explores how banking sector developments and characteristics influence the propagation of risks from the banking sector to sovereign debt, including how they affect the extent of fiscal costs of banking crises when those occur. It then proposes practices and policies for the fiscal authorities to help manage the risks and enhance crisis preparedness.

Financial Crises and the Composition of Cross-Border Lending

Mr.Eugenio Cerutti,Galina Hale,Ms.Camelia Minoiu
Financial Crises and the Composition of Cross Border Lending Book PDF

Author : Mr.Eugenio Cerutti,Galina Hale,Ms.Camelia Minoiu
Publisher : International Monetary Fund
Page : 59 pages
File Size : 45,8 Mb
Release : 2014-10-16
Category : Business & Economics
ISBN : 9781484361443

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Financial Crises and the Composition of Cross-Border Lending by Mr.Eugenio Cerutti,Galina Hale,Ms.Camelia Minoiu Pdf

We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures account for almost one third of total cross-border loan exposures during this period. Furthermore, syndicated loan exposures increased during the global financial crisis due to large drawdowns on credit lines extended before the crisis. Our empirical analysis of the drivers of cross-border loan exposures in a large bilateral dataset shows three main results. First, banks with lower levels of capital favor syndicated over other kinds of cross-border loans. Second, borrower country characteristics such as level of development, economic size, and capital account openness, are less important in driving syndicated than non-syndicated loan activity, suggesting a diversification motive for syndication. Third, information asymmetries between lender and borrower countries, which are important both in normal and crisis times, became more binding for both types of cross-border lending activity during the recent crisis.

Managing Systemic Banking Crises

Ms.Marina Moretti,Mr.Marc C Dobler,Mr.Alvaro Piris Chavarri
Managing Systemic Banking Crises Book PDF

Author : Ms.Marina Moretti,Mr.Marc C Dobler,Mr.Alvaro Piris Chavarri
Publisher : International Monetary Fund
Page : 88 pages
File Size : 55,5 Mb
Release : 2020-02-11
Category : Business & Economics
ISBN : 9781513512273

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Managing Systemic Banking Crises by Ms.Marina Moretti,Mr.Marc C Dobler,Mr.Alvaro Piris Chavarri Pdf

This paper updates the IMF’s work on general principles, strategies, and techniques from an operational perspective in preparing for and managing systemic banking crises in light of the experiences and challenges faced during and since the global financial crisis. It summarizes IMF advice concerning these areas from staff of the IMF Monetary and Capital Markets Department (MCM), drawing on Executive Board Papers, IMF staff publications, and country documents (including program documents and technical assistance reports). Unless stated otherwise, the guidance is generally applicable across the IMF membership.

Systemic Banking Crises Revisited

Mr.Luc Laeven,Mr.Fabian Valencia
Systemic Banking Crises Revisited Book PDF

Author : Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 48 pages
File Size : 41,5 Mb
Release : 2018-09-14
Category : Business & Economics
ISBN : 9781484377048

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Systemic Banking Crises Revisited by Mr.Luc Laeven,Mr.Fabian Valencia Pdf

This paper updates the database on systemic banking crises presented in Laeven and Valencia (2008, 2013). Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. We provide new evidence that crises in high-income countries tend to last longer and be associated with higher output losses, lower fiscal costs, and more extensive use of bank guarantees and expansionary macro policies than crises in low- and middle-income countries. We complement the banking crises dates with sovereign debt and currency crises dates to find that sovereign debt and currency crises tend to coincide or follow banking crises.

Systemic Banking Crises

Luc Laeven,Fabian Valencia
Systemic Banking Crises Book PDF

Author : Luc Laeven,Fabian Valencia
Publisher : International Monetary Fund
Page : 80 pages
File Size : 45,7 Mb
Release : 2008-09
Category : Business & Economics
ISBN : IND:30000111371310

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Systemic Banking Crises by Luc Laeven,Fabian Valencia Pdf

We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt, especially for firms without foreign currency revenues. As an identification strategy, we exploit, via a difference-in-difference approach, within-country variation in firms' access to foreign currency, measured by whether or not a firm belongs to the nontradables sector. Nontradables firms benefit substantially more from capital account liberalization than others, a finding that is robust to a broad range of alternative specifications.

Global Financial Stability Report, April 2015

International Monetary Fund. Monetary and Capital Markets Department
Global Financial Stability Report April 2015 Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 50,9 Mb
Release : 2015-04-15
Category : Business & Economics
ISBN : 1498372937

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Global Financial Stability Report, April 2015 by International Monetary Fund. Monetary and Capital Markets Department Pdf

The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen. The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies. Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar, while long term bond yields in many advanced economies have decreased—and have turned negative for almost a third of euro area sovereign bonds—on disinflation concerns and the prospect of continued monetary accommodation. Emerging markets are caught in these global cross currents, with some oil exporters and other facing new stability challenges, while others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures. The report also examines changes in international banking since the global financial crisis and finds that these changes are likely to promote more stable bank lending in host countries. Finally, the report finds that the asset management industry needs to strengthen its oversight framework to address financial stability risks from incentive problems between end-investors and portfolio managers and the risk of runs due to liquidity mismatches.

Financial Crises Explanations, Types, and Implications

Mr.Stijn Claessens,Mr.Ayhan Kose
Financial Crises Explanations Types and Implications Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose
Publisher : International Monetary Fund
Page : 66 pages
File Size : 42,8 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475579086

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Financial Crises Explanations, Types, and Implications by Mr.Stijn Claessens,Mr.Ayhan Kose Pdf

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Resolution of Banking Crises

Mr.Luc Laeven,Mr.Fabian Valencia
Resolution of Banking Crises Book PDF

Author : Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 37 pages
File Size : 49,9 Mb
Release : 2010-06-01
Category : Business & Economics
ISBN : 9781455201297

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Resolution of Banking Crises by Mr.Luc Laeven,Mr.Fabian Valencia Pdf

This paper presents a new database of systemic banking crises for the period 1970-2009. While there are many commonalities between recent and past crises, both in terms of underlying causes and policy responses, there are some important differences in terms of the scale and scope of interventions. Direct fiscal costs to support the financial sector were smaller this time as a consequence of swift policy action and significant indirect support from expansionary monetary and fiscal policy, the widespread use of guarantees on liabilities, and direct purchases of assets. While these policies have reduced the real impact of the current crisis, they have increased the burden of public debt and the size of government contingent liabilities, raising concerns about fiscal sustainability in some countries.

The Riskiness of Credit Allocation and Financial Stability

Mr.Luis Brandao-Marques,Qianying Chen,Claudio Raddatz,Jérôme Vandenbussche,Peichu Xie
The Riskiness of Credit Allocation and Financial Stability Book PDF

Author : Mr.Luis Brandao-Marques,Qianying Chen,Claudio Raddatz,Jérôme Vandenbussche,Peichu Xie
Publisher : International Monetary Fund
Page : 39 pages
File Size : 43,6 Mb
Release : 2019-09-27
Category : Business & Economics
ISBN : 9781513513775

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The Riskiness of Credit Allocation and Financial Stability by Mr.Luis Brandao-Marques,Qianying Chen,Claudio Raddatz,Jérôme Vandenbussche,Peichu Xie Pdf

We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we show that the riskiness of credit allocation, captured by Greenwood and Hanson (2013)’s ISS indicator, helps predict downside risks to GDP growth and systemic banking crises, two to three years ahead. Our analysis indicates that the riskiness of credit allocation is both a measure of corporate vulnerability and of investor sentiment. Economic forecasters wrongly predict a positive association between the riskiness of credit allocation and future growth, suggesting a flawed expectations process.