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Competing risks analysis and deposit insurance governance convergence

  • Christopher, Gandrud

Why do policies often seem to converge across countries at the same time? This question has been studied extensively in the diffusion literature. However, past research has not examined complex choice environments, especially where there are many alternatives. My paper aims to fill this gap in the literature. I show how Fine and Gray Competing Risks Event History Analysis can be used to tease apart the causes of policy convergence. I apply the method to an examination of the reasons why, from the mid-1990s to 2007, many countries created independent deposit insurers. I find an interaction between international recommendations and regional peers’ choices, particularly in the European Union. However, convergence appears to slow under the particular conditions of a banking crisis, regardless of how well independence was promoted. Possibly due to electoral incentives democracies seem to have been more likely to create independent insurers. Ultimately, I demonstrate how competing risks analysis can help enable future research on policy choices, complementing methods previously applied in political economy.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 36087.

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Date of creation: 15 Jul 2011
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Handle: RePEc:pra:mprapa:36087
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  1. Axel Dreher & Jakob de Haan & Jan-Egbert Sturm, 2007. "Does High Inflation Cause Central Bankers to Lose their Job? Evidence Based on a New Data Set," CESifo Working Paper Series 2045, CESifo Group Munich.
  2. Dreher, Axel, 2006. "IMF and economic growth: The effects of programs, loans, and compliance with conditionality," World Development, Elsevier, vol. 34(5), pages 769-788, May.
  3. Grossman, Richard S, 1992. "Deposit Insurance, Regulation, and Moral Hazard in the Thrift Industry: Evidence from the 1930's," American Economic Review, American Economic Association, vol. 82(4), pages 800-821, September.
  4. Demirguc-Kunt, Asli & Karacaovali, Baybars & Laeven, Luc, 2005. "Deposit insurance around the world : a comprehensive database," Policy Research Working Paper Series 3628, The World Bank.
  5. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "From Financial Crash to Debt Crisis," NBER Working Papers 15795, National Bureau of Economic Research, Inc.
  6. Wood, Geoffrey, 2010. "Jeffrey M. Chwieroth, Capital Ideas: The IMF and the Rise of Financial Liberalization (Princeton and Oxford: Princeton University Press, 2009, 352 pp., cloth: $75/£52, paper: $29.95/£20.95)," Financial History Review, Cambridge University Press, vol. 17(02), pages 265-267, October.
  7. Elkins, Zachary & Guzman, Andrew T. & Simmons, Beth A., 2006. "Competing for Capital: The Diffusion of Bilateral Investment Treaties, 1960 2000," International Organization, Cambridge University Press, vol. 60(04), pages 811-846, October.
  8. Luc Laeven & Fabian Valencia, 2008. "The Use of Blanket Guarantees in Banking Crises," IMF Working Papers 08/250, International Monetary Fund.
  9. Mario Cleves & William W. Gould & Roberto G. Gutierrez & Yulia Marchenko, 2010. "An Introduction to Survival Analysis Using Stata," Stata Press books, StataCorp LP, edition 3, number saus3, November.
  10. Dreher, Axel & Sturm, Jan-Egbert & Haan, Jakob de, 2010. "When is a central bank governor replaced? Evidence based on a new data set," Journal of Macroeconomics, Elsevier, vol. 32(3), pages 766-781, September.
  11. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
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