Resolution of Banking Crises
AbstractThis 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.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 10/146.
Date of creation: 01 Jun 2010
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-17 (All new papers)
- NEP-BAN-2010-07-17 (Banking)
- NEP-CBA-2010-07-17 (Central Banking)
- NEP-FMK-2010-07-17 (Financial Markets)
- NEP-HIS-2010-07-17 (Business, Economic & Financial History)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Dell''Ariccia, Giovanni & Igan, Deniz & Laeven, Luc, 2008.
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