When You’ve Seen One Financial Crisis…
AbstractFinancial market crises may differ, but severe banking crises typically share many common features. The most recent crisis shares many features with the US Savings and Loan crisis of the 1980s and early 90s as well as some features of the LTCM crisis of 1998. More generally, banking crises are commonly associated with real estate market collapses. Effectively reducing the risk of future crisis requires some combination of reducing the potential size of real estate market collapses and the banking sector’s exposure to real estate losses. Les crises des marchés des capitaux peuvent différer, mais les crises bancaires graves partagent en général de nombreuses caractéristiques. La crise la plus récente ressemble à de nombreux égards à la crise américaine de l’épargne et du crédit (Savings and Loans) des années 80 et du début des années 90, ainsi qu’à la crise LTCM en 1998. De façon plus générale, les crises bancaires sont souvent associées aux effondrements du marché immobilier. Pour réduire efficacement le risque de crises futures, il faut réduire l’ampleur potentielle des effondrements du marché immobilier, diminuer la vulnérabilité du secteur bancaire aux pertes du marché immobilier, ou les deux.
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Bibliographic InfoPaper provided by CIRANO in its series CIRANO Working Papers with number 2009s-42.
Date of creation: 01 Sep 2009
Date of revision:
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Financial Crisis; banking crisis; bubbles; real estate; financial regulation; regulatory reform ; crises financières; crises bancaires; marché immobilier; réglementation financière;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-10-03 (All new papers)
- NEP-BAN-2009-10-03 (Banking)
- NEP-CBA-2009-10-03 (Central Banking)
- NEP-FMK-2009-10-03 (Financial Markets)
- NEP-REG-2009-10-03 (Regulation)
- NEP-RMG-2009-10-03 (Risk Management)
- NEP-URE-2009-10-03 (Urban & Real Estate Economics)
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