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Banking Crises and Bank Resolution; Experiences in Some Transition Economies

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  • International Monetary Fund

Abstract

Like most transition economies, Bulgaria, Lithuania, and Mongolia suffered severe banking crises, which had to be resolved before growth could resume. The macroeconomic and institutional failings that led to these crises are described, and parallels are drawn with the causes of banking crises in industrial and developing countries. Resolving the crises proved technically and politically difficult, and setbacks occurred. Successful resolution required the implementation of a comprehensive and decisive strategy, involving thorough-going bank restructuring, heavy fiscal costs, and institutional and legal reforms.

Suggested Citation

  • International Monetary Fund, 2002. "Banking Crises and Bank Resolution; Experiences in Some Transition Economies," IMF Working Papers 02/56, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:02/56
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=15694
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    References listed on IDEAS

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    1. Daniel C. Hardy & Ashok Kumar Lahiri, 1992. "Bank Insolvency and Stabilization in Eastern Europe," IMF Staff Papers, Palgrave Macmillan, vol. 39(4), pages 778-800, December.
    2. International Monetary Fund, 1992. "Bank Insolvency and Stabilization in Eastern Europe," IMF Working Papers 92/9, International Monetary Fund.
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    Cited by:

    1. Vasilev, Aleksandar, 2009. "Business cycles in Bulgaria and the Baltic countries: an RBC approach," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 148-170.
    2. Michael Andrews, 2005. "State-Owned Banks, Stability, Privatization, and Growth; Practical Policy Decisions in a World Without Empirical Proof," IMF Working Papers 05/10, International Monetary Fund.
    3. Sándor Gardó, 2010. "Bank Governance and Financial Stability in CESEE: A Review of the Literature," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 6-31.
    4. Gary Gorton & Lixin Huang, 2004. "Liquidity, Efficiency, and Bank Bailouts," American Economic Review, American Economic Association, vol. 94(3), pages 455-483, June.
    5. Masaru Honma, 2015. "Banking Sector Transition in Mongolia Since 1990," English-language papers, ERINA - Economic Research Institute for Northeast Asia, vol. 3(2), pages 29-42, October.
    6. Mayes, David G., 2004. "An approach to bank insolvency in transition and emerging economies," Research Discussion Papers 4/2004, Bank of Finland.
    7. Alessandro Zanello & Mark R. Stone & Christopher J. Jarvis & Andrew Berg, 2003. "Re-Establishing Credible Nominal Anchors After a Financial Crisis; A Review of Recent Experience," IMF Working Papers 03/76, International Monetary Fund.
    8. Mayes, David G., 2005. "Who pays for bank insolvency in transition and emerging economies?," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 161-181, January.
    9. Peter Ignatiev, 2003. "The banking crisis in Bulgaria in 1996-1997," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 66-88.

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