Systemic Financial Crises

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Systemic Financial Crises

Douglas Darrell Evanoff,George G. Kaufman
Systemic Financial Crises Book PDF

Author : Douglas Darrell Evanoff,George G. Kaufman
Publisher : World Scientific
Page : 474 pages
File Size : 40,5 Mb
Release : 2005
Category : Business & Economics
ISBN : 9789812563484

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Systemic Financial Crises by Douglas Darrell Evanoff,George G. Kaufman Pdf

Bank failures, like illness and taxes, are almost a certainty at some time in the future. What is less certain is their cost to and adverse implications for macroeconomies. Past failures have frequently been resolved at very high cost to society. However, the cost could be reduced through having a well-developed, credible and widely publicized plan ready to put into action by policymakers. If no such plan is ready when a large bank approaches insolvency, political pressures are likely to influence the response of regulators.Minimizing immediate, short-run costs are likely to outweigh minimizing further out, longer-run and longer-lasting costs, even if these delayed costs promise to be substantially greater. Stated differently, today will win out over tomorrow and politics will trump economics. How best to prevent such unfavorable outcomes is the major theme of this volume. The articles presented review past insolvency resolutions, draw lessons from these resolutions, discuss impediments to efficient resolutions ? including cross-country, cross-regulator, and institutional challenges ? and recommend how to move forward.

Resolving Systemic Financial Crises

Daniela Klingebiel
Resolving Systemic Financial Crises Book PDF

Author : Daniela Klingebiel
Publisher : World Bank Publications
Page : 38 pages
File Size : 44,9 Mb
Release : 2004
Category : Banks and banking
ISBN : 9782004090713

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Resolving Systemic Financial Crises by Daniela Klingebiel Pdf

"Claessens, Klingebiel, and Laeven analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking crises are fiscally costly, especially when policies like substantial liquidity support, explicit government guarantees on financial institutions' liabilities, and forbearance from prudential regulations are used. Higher fiscal outlays do not, however, accelerate the recovery from a crisis. Better institutions--less corruption, improved law and order, legal system, and bureaucracy--do. The authors find these results to be relatively robust to estimation techniques, including controlling for the effects of a poor institutional environment on the likelihood of financial crisis and the size of fiscal costs. Their results suggest that countries should use strict policies to resolve a crisis and use the crisis as an opportunity to implement medium-term structural reforms, which will also help avoid future systemic crises. This paper--a product of the Financial Sector Operations and Policy Department--is part of a larger effort in the department to study financial crisis resolution"--World Bank web site.

Systemic Financial Crises

Patrick Honohan,Luc Laeven
Systemic Financial Crises Book PDF

Author : Patrick Honohan,Luc Laeven
Publisher : Cambridge University Press
Page : 412 pages
File Size : 54,7 Mb
Release : 2005-09-26
Category : Business & Economics
ISBN : 0521851858

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Systemic Financial Crises by Patrick Honohan,Luc Laeven Pdf

This book analyzes government policies to contain and resolve systemic financial crises.

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 : 41,8 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.

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 : 49,6 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 Financial Crises

Patrick Honohan,Luc Laeven
Systemic Financial Crises Book PDF

Author : Patrick Honohan,Luc Laeven
Publisher : Cambridge University Press
Page : 128 pages
File Size : 53,8 Mb
Release : 2005-09-26
Category : Business & Economics
ISBN : 9781107320826

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Systemic Financial Crises by Patrick Honohan,Luc Laeven Pdf

This book was first published in 2005. Faced with a systemic financial sector crisis, policymakers need to make difficult choices under pressure. Based on the experience of many countries in recent years, few have been able to achieve a speedy, lasting and low-cost resolution. This volume considers the strengths and weaknesses of the various policy options, covering both microeconomic (including recapitalization of banks, bank closures, subsidies for distressed borrowers, capital adequacy rules and corporate governance and bankruptcy law requirements) and macroeconomic (including monetary and fiscal policy) dimensions. The contributors explore the important but little understood trade-offs that are involved, such as between policies which take effect quickly, those which minimize long-term fiscal and economic costs, and those which create favorable incentives for future stability. Successfully implementing crisis management and crisis resolution policy required attention to detail and a good flow of information.

Interconnectedness, Systemic Crises and Recessions

Marco A Espinosa-Vega,Mr. Steven Russell
Interconnectedness Systemic Crises and Recessions Book PDF

Author : Marco A Espinosa-Vega,Mr. Steven Russell
Publisher : International Monetary Fund
Page : 48 pages
File Size : 43,9 Mb
Release : 2015-02-27
Category : Business & Economics
ISBN : 9781498344531

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Interconnectedness, Systemic Crises and Recessions by Marco A Espinosa-Vega,Mr. Steven Russell Pdf

This relatively simple model attempts to capture and integrate four widely held views about financial crises. [1] Interconnectedness among financial institutions (banks) can play a major role in precipitating systemic financial crises. [2] Lack of information about the quality of bank portfolios also plays a role in precipitating systemic crises. [3] Financial crises, particularly systemic ones, are often followed by severe, lengthy recessions. [4] Loss of confidence in the financial system is partly responsible for the length and severity of these recessions. In the model, banks make decisions about initiating and liquidating risky loans. Interconnectedness among their asset portfolios can obscure information about these portfolios, causing them to make inefficient decisions about liquidation, and about retention of the managers who assess credit risk. These decisions can increase the depth of recessions, and they can produce systemic financial crises. They can also reduce the effectiveness of future bank risk assessment, increasing the probability of lengthy, severe recessions. The government, acting in the interest of current and future depositors, may wish to increase the transparency of bank portfolios by limiting interconnectedness. The optimal degree of regulation, which may depend on depositors’ degree of risk aversion, may not eliminate financial crises.

Resolving Systemic Financial Crises

Stijn Claessens
Resolving Systemic Financial Crises Book PDF

Author : Stijn Claessens
Publisher : Unknown
Page : 38 pages
File Size : 42,9 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290705074

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Resolving Systemic Financial Crises by Stijn Claessens Pdf

Claessens, Klingebiel, and Laeven analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking crises are fiscally costly, especially when policies like substantial liquidity support, explicit government guarantees on financial institutions' liabilities, and forbearance from prudential regulations are used. Higher fiscal outlays do not, however, accelerate the recovery from a crisis. Better institutions - less corruption, improved law and order, legal system, and bureaucracy - do. The authors find these results to be relatively robust to estimation techniques, including controlling for the effects of a poor institutional environment on the likelihood of financial crisis and the size of fiscal costs. Their results suggest that countries should use strict policies to resolve a crisis and use the crisis as an opportunity to implement medium-term structural reforms, which will also help avoid future systemic crises.This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to study financial crisis resolution.

Systemic Risk in the Financial Sector

Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz
Systemic Risk in the Financial Sector Book PDF

Author : Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz
Publisher : Cigi Press
Page : 0 pages
File Size : 51,8 Mb
Release : 2019
Category : Economic policy
ISBN : 1928096883

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Systemic Risk in the Financial Sector by Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz Pdf

The 2008 global financial crisis brought the world's economy closer to collapse than ever before. Has enough been done to prevent another crisis?

Managing Systemic Banking Crises

Mr.Marc Quintyn,Mr.David S. Hoelscher
Managing Systemic Banking Crises Book PDF

Author : Mr.Marc Quintyn,Mr.David S. Hoelscher
Publisher : International Monetary Fund
Page : 73 pages
File Size : 43,6 Mb
Release : 2003-08-28
Category : Business & Economics
ISBN : 9781589062245

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Managing Systemic Banking Crises by Mr.Marc Quintyn,Mr.David S. Hoelscher Pdf

Recent financial sector crises and their resolution have raised new issues and provided additional experiences to draw on in the future. Banking sector problems in Russia, Turkey, and a few Latin American countries occurred within the context of highly dollarized economies, high levels of sovereign debt, severely limited fiscal resources, or combinations thereof. These factors have challenged the effectiveness of many of the typical tools for bank resolution. This publication focuses on the issues raised in systemic crises, not on the resolution of individual bank problems. Based on the lessons learned during the Asian crisis, it updates the IMF’s work on the general principles, strategies, and techniques for managing these crises.

From Crisis to Crisis

Ross P. Buckley,Douglas W. Arner
From Crisis to Crisis Book PDF

Author : Ross P. Buckley,Douglas W. Arner
Publisher : Kluwer Law International B.V.
Page : 362 pages
File Size : 48,8 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9789041133540

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From Crisis to Crisis by Ross P. Buckley,Douglas W. Arner Pdf

The global financial system has proven increasingly unstable and crisis-prone since the early 1980s. The system has failed to serve either creditors or debtors well. This has been reinforced by the global financial crisis of 2008, where we have seen systemic weaknesses bring rich countries to the brink of bankruptcy and visit appalling suffering on the poorest citizens of poor countries. Yet the regulatory responses to this crisis have involved little thinking from outside the box in which the crisis was delivered to the world. This book presents a powerful indictment of this regulatory failure and calls for greatly increased attention to international financial law and analyses new regulatory measures with the potential to make a new recognition of the principles that ought to underlie it. Using a historical approach that compares the various financial crises of the past three decades, the authors clearly show how misconceived economic policy responses have paved the way for each next 'crash'. Among the numerous topics that arise in the course of this revealing analysis are the following: overvalued exchange rates; excess liquidity in rich countries; premature liberalisation of local financial markets; capital controls; derivatives markets; accounting standards; credit ratings and the conflicts in the role of credit rating agencies; investor protection arrangements; insurance companies; and payment, clearing and settlement activities. The authors offer detailed commentary on: the role of multilateral development banks, the IMF and the WTO in responding to crises; the role of the Basel Accords, the Financial Stability Forum and Board, and the responses of the European Commission, the US, and the G20 to the most recent crisis. The book concludes by exploring systemic game-changing reforms such as bank levies, financial activities taxes and financial transaction taxes, and a global sovereign bankruptcy regime; as well as measures to remove the currency mismatches from the balance sheets of developing countries. Apart from its great usefulness as a detailed introduction to the international financial system and its regulation, the book is enormously valuable for its clear identification of the areas of regulatory failure, and its analysis of new regulatory approaches that offer the potential for a genuinely more stable system. Banking and investment policymakers at every level, the lawyers that serve these markets and the regulators that seek to regulate them, cannot afford to neglect this book.

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 : 52,9 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.

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 : 55,7 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.

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 : 46,9 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.

Understanding Systemic Risk in Global Financial Markets

Aron Gottesman,Michael Leibrock
Understanding Systemic Risk in Global Financial Markets Book PDF

Author : Aron Gottesman,Michael Leibrock
Publisher : John Wiley & Sons
Page : 272 pages
File Size : 44,9 Mb
Release : 2017-06-07
Category : Business & Economics
ISBN : 9781119348542

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Understanding Systemic Risk in Global Financial Markets by Aron Gottesman,Michael Leibrock Pdf

An accessible and detailed overview of the risks posed by financial institutions Understanding Systemic Risk in Global Financial Markets offers an accessible yet detailed overview of the risks to financial stability posed by financial institutions designated as systemically important. The types of firms covered are primarily systemically important banks, non-banks, and financial market utilities such as central counterparties. Written by Aron Gottesman and Michael Leibrock, experts on the topic of systemic risk, this vital resource puts the spotlight on coherency, practitioner relevance, conceptual explanations, and practical exposition. Step by step, the authors explore the specific regulations enacted before and after the credit crisis of 2007-2009 to promote financial stability. The text also examines the criteria used by financial regulators to designate firms as systemically important. The quantitative and qualitative methods to measure the ongoing risks posed by systemically important financial institutions are surveyed. A review of the regulations that identify systemically important financial institutions The tools to use to detect early warning indications of default A review of historical systemic events their common causes Techniques to measure interconnectedness Approaches for ranking the order the institutions which pose the greatest degree of default risk to the industry Understanding Systemic Risk in Global Financial Markets offers a must-have guide to the fundamentals of systemic risk and the key critical policies that work to reduce systemic risk and promoting financial stability.