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The Role of the State in Managing and Forestalling Systemic Financial Crises: Some Issues and Perspectives

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  • Charles Adams

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    Abstract

    This paper reviews recent state interventions in financial crises and draws lessons for crisis management. A number of areas are identified where crisis management could be strengthened, including with regard to the tools and instruments used to involve the private sector in crisis resolution (with a view to reducing the recent enhanced role of official bailouts and the associated moral hazard), to allow for the orderly resolution of systemically important financial firms (to make these firms “safe to fail”), and with regard to achieving better integration with ex ante macroprudential surveillance. The paper proposes the establishment of high level systemic risk councils (SRCs) in each country with responsibility for overseeing systemic risk in both tranquil times and crisis periods and coordinating the activities of key government ministries, agencies, and the central bank. [ADBI Working Paper 242]

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    Bibliographic Info

    Paper provided by eSocialSciences in its series Working Papers with number id:2923.

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    Date of creation: Sep 2010
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    Handle: RePEc:ess:wpaper:id:2923

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    Related research

    Keywords: state; financial crises; crisis management; instruments; financial; government ministries; agencies; central bank;

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    1. G. Russell Kincaid & Charles Collyns, 2003. "Managing Financial Crises: Recent Experience and Lessons for Latin America," IMF Occasional Papers 217, International Monetary Fund.
    2. Reinhart, Carmen M. & Rogoff, Kenneth S., 2013. "Banking crises: An equal opportunity menace," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4557-4573.
    3. Timothy D. Lane & A. Javier Hamann & Marianne Schulze-Gattas & Ales Bulir & Steven Phillips & Atish R. Ghosh & Alex Mourmouras & Jack Boorman, 2000. "Managing Financial Crises - The Experience in East Asia," IMF Working Papers 00/107, International Monetary Fund.
    4. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises: A New Database," IMF Working Papers 08/224, International Monetary Fund.
    5. Marc Quintyn & David S. Hoelscher, 2003. "Managing Systemic Banking Crises," IMF Occasional Papers 224, International Monetary Fund.
    6. Willett, Thomas D., 2000. "Managing financial crises: the experience in East Asia A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 53(1), pages 69-79, December.
    7. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
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    Cited by:
    1. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.

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