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Structuring Deposit Insurance in Europe: Some Considerations and a Regulatory Game

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Author Info
Carmine DiNoia
Abstract

The protection of savings and the creation of insurance schemes is becoming a hot topic for the European Union Regulator: incoming Directives seem to state a sort of "financial guarantee scheme model" valid not only for deposit insurance but also for investor compensation schemes in case of failure of investment firms. The author describes the ongoing process, focusing on the recently approved deposit-guarantee scheme Directive which will compel the Member States to redraw their internal regulation; then, using a very simple game, the author studies the effects on the equilibria of different kinds of institutional regulations. The normative results, especially from this last analysis, are not easy to state: however, using also some results of DiNoia (1994a and 1994b), the author ends up with some suggestions on the way of regulating the single DIAs in the EU Member States.

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Paper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number 94-31.

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Date of creation: Dec 1994
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Handle: RePEc:wop:pennin:94-31

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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.:
  1. Bryant, John, 1980. "A model of reserves, bank runs, and deposit insurance," Journal of Banking & Finance, Elsevier, vol. 4(4), pages 335-344, December. [Downloadable!] (restricted)
  2. Santomero, Anthony M, 1984. "Modeling the Banking Firm: A Survey," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 16(4), pages 576-602, November. [Downloadable!] (restricted)
  3. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-76, June. [Downloadable!] (restricted)
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  4. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April. [Downloadable!] (restricted)
  5. Lawrence J. White, 1989. "The reform of Federal Deposit Insurance," Proceedings, Federal Reserve Bank of Chicago, pages 575-604.
  6. Goodman, Laurie S. & Santomero, Anthony M., 1986. "Variable-rate deposit insurance: A re-examination," Journal of Banking & Finance, Elsevier, vol. 10(2), pages 203-218, June. [Downloadable!] (restricted)
  7. V.V. Chari, 1989. "Banking without deposit insurance or bank panics: lessons from a model of the U.S. national banking system," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 3-19. [Downloadable!]
  8. Mailath George J. & Mester Loretta J., 1994. "A Positive Analysis of Bank Closure," Journal of Financial Intermediation, Elsevier, vol. 3(3), pages 272-299, June. [Downloadable!] (restricted)
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  9. Michael D. Bordo, 1989. "The lender of last resort: some historical insights," Proceedings, Federal Reserve Bank of Chicago, pages 177-197.
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  10. Postlewaite, Andrew & Vives, Xavier, 1987. "Bank Runs as an Equilibrium Phenomenon," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 485-91, June. [Downloadable!] (restricted)
  11. White, Lawrence J, 1989. "The Reform of Federal Deposit Insurance," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 11-29, Fall. [Downloadable!] (restricted)
  12. Warren G. Heller, 1993. "New private sector deposit insurance," Proceedings, Federal Reserve Bank of Chicago, issue May, pages 534-544.
  13. Diamond, Douglas W & Dybvig, Philip H, 1983. "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 401-19, June. [Downloadable!] (restricted)
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  14. Jacklin, Charles J & Bhattacharya, Sudipto, 1988. "Distinguishing Panics and Information-Based Bank Runs: Welfare and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 568-92, June. [Downloadable!] (restricted)
  15. Kareken, John H & Wallace, Neil, 1978. "Deposit Insurance and Bank Regulation: A Partial-Equilibrium Exposition," Journal of Business, University of Chicago Press, vol. 51(3), pages 413-38, July. [Downloadable!] (restricted)
  16. Merton, Robert C., 1977. "An analytic derivation of the cost of deposit insurance and loan guarantees An application of modern option pricing theory," Journal of Banking & Finance, Elsevier, vol. 1(1), pages 3-11, June. [Downloadable!] (restricted)
  17. Allan H. Meltzer, 1967. "Major Issues in the Regulation of Financial Institutions," Journal of Political Economy, University of Chicago Press, vol. 75, pages 482. [Downloadable!] (restricted)
  18. Fama, Eugene F., 1980. "Banking in the theory of finance," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 39-57, January. [Downloadable!] (restricted)
  19. English, William B., 1993. "The decline of private deposit insurance in the United States," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 38(1), pages 57-128, June. [Downloadable!] (restricted)
  20. George A. Selgin & Lawrence H. White, 1994. "How Would the Invisible Hand Handle Money?," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1718-1749, December. [Downloadable!] (restricted)
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  21. John H. Kareken, 1983. "Deposit insurance reform or deregulation is the cart, not the horse," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr. [Downloadable!]
  22. Merton, Robert C. & Bodie, Zvi, 1993. "Deposit insurance reform: a functional approach," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 38(1), pages 1-34, June. [Downloadable!] (restricted)
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  1. Carmine Di Noia & Giorgio Di Giorgio, 1999. "Should Banking Supervision and Monetary Policy Tasks be Given to Different Agencies?," Economics Working Papers 411, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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