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Resolution of Banking Crises

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Author Info

  • Luc Laeven
  • Fabian Valencia

Abstract

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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/146.

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Length: 35
Date of creation: 01 Jun 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/146

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Related research

Keywords: Banking crisis; Debt burden; Global Financial Crisis 2008-2009; Gross domestic product; Fiscal sustainability; banking; recapitalization; banking crises; bank failures; systemic banking crisis; systemic banking crises; deposit insurance; banking system; crisis episodes; bank claims; pre-crisis; bank liabilities; contingent liabilities; crisis management; financial crisis; banking sector; crisis resolution; deposit insurance coverage; systemic crisis; financial crises; bank liquidity; banking system assets; bank runs; bank act; crisis episode; bank restructuring; bank recapitalizations; bank recapitalization; banking systems; banking institutions; bank closures; bank assets; financial distress; bank credit; banking assets; containment phase; bank failure; loan crisis; macroeconomic stabilization; bank of canada; crisis countries; systemic financial crises; central bank liquidity; small bank; banking statistics; bank bond; government finance; central banking; credit booms; global recession; resolution of banking crises; financial liberalization; credit union; bank of england; corporate sector; regulatory forbearance; crisis intervention; banking policy; recession; bank liquidations; bank debt; bank deposits; bank liability; present value; foreign exchange; bank lending; sovereign debt crisis; debt crisis; bank closure; asian financial crisis; global financial crisis; capital regulation; investment bank;

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References

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  1. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
  2. Dell''Ariccia, Giovanni & Igan, Deniz & Laeven, Luc, 2008. "Credit Booms and Lending Standards: Evidence From The Subprime Mortgage Market," CEPR Discussion Papers 6683, C.E.P.R. Discussion Papers.
  3. Benjamin J. Keys & Tanmoy Mukherjee & Amit Seru & Vikrant Vig, 2010. "Did Securitization Lead to Lax Screening? Evidence from Subprime Loans," The Quarterly Journal of Economics, MIT Press, vol. 125(1), pages 307-362, February.
  4. Stijn Claessens & Giovanni Dell'Ariccia & Deniz Igan & Luc Laeven, 2010. "Cross-country experiences and policy implications from the global financial crisis," Economic Policy, CEPR & CES & MSH, vol. 25, pages 267-293, 04.
  5. Gary B. Gorton, 2008. "The Panic of 2007," NBER Working Papers 14358, National Bureau of Economic Research, Inc.
  6. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
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