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Predictors of Bank Distress:The 1907 Crisis in Sweden

Author

Listed:
  • Grodecka, Anna

    (Research Department, Central Bank of Sweden)

  • Kenny, Seán

    (Lund University)

  • Ögren, Anders

    (Lund University)

Abstract

This paper contributes to literature on bank distress using the Swedish experience of the international crisis of 1907, often paralleled with 2008. By employing previously unanalyzed bank-level data, we use logit regressions and principal component analysis to measure the impact of pre-crisis bank characteristics on the probability of their subsequent distress. The crisis was characterized by “creative destruction,” as those banks with weaker corporate governance structures, wider branching networks, operating with lower cost efficiency were more likely to experience distress. We find that poor credit allocation rather than foreign borrowing, as often stressed, were associated with ultimate demise.

Suggested Citation

  • Grodecka, Anna & Kenny, Seán & Ögren, Anders, 2018. "Predictors of Bank Distress:The 1907 Crisis in Sweden," Working Paper Series 358, Sveriges Riksbank (Central Bank of Sweden).
  • Handle: RePEc:hhs:rbnkwp:0358
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    More about this item

    Keywords

    Bank Distress; Financial Crises; Swedish Banks; Lender of Last Resort;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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