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Author : Michael Drew Scott
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (11 download)
Download or read book Financial Liberalization and the Severity of Systemic Banking Crises written by Michael Drew Scott and published by . This book was released on 2012 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arthur E. Wilmarth
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (129 download)
Download or read book Does Financial Liberalization Increase the Likelihood of a Systemic Banking Crisis? Evidence from the Past Three Decades and the Great Depression written by Arthur E. Wilmarth and published by . This book was released on 2004 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past three decades, leading industrial nations and many developing countries have deregulated their financial markets. Financial liberalization has produced major benefits, including more efficient intermediation of financial resources, more rapid economic development and faster growth in trade. At the same time, however, many banking crises have occurred in countries that previously adopted programs of financial deregulation. This essay provides a brief overview of banking crises in international markets since 1973, together with more detailed discussions of Japan's financial crisis that began in 1990, the U.S. banking crises of 1929-33 and 1980-92, and the challenges confronting major U.S. and European banks during 2000-02.This historical evidence indicates that financial liberalization encourages banks to increase their lending commitments and equity investments in the real estate and securities markets. A rapid growth of credit and investment in those markets typically produces an economic quot;boom,quot; which is fueled by positive feedback between rising asset prices and the willingness of creditors and investors to provide additional financing in the belief that asset values will continue to increase. Under such conditions, asset prices tend to quot;overshootquot; and reach levels that cannot be justified by economic quot;fundamentalsquot; (e.g., the actual cash flow generated by real estate projects and business ventures). When investors and creditors realize that market prices have diverged significantly from economic fundamentals, they are likely to pursue a rapid liquidation of investments and loans and thereby trigger a quot;bust.quot; A severe asset bust often gives rise to a systemic banking crisis, because it exposes banks to crippling losses from defaulted loans and depreciated loan collateral and equity investments. Governments have typically responded to such crises by spending massive amounts to protect depositors and recapitalize banks.This apparent correlation between deregulation and banking crises suggests that financial liberalization has a quot;dark side,quot; because it tends to create a banking system that is more vulnerable to systemic risk. Bank regulators should therefore give greater attention to the potential lending and investment risks created by financial liberalization efforts.
Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Author : Ms.Marina Moretti
Publisher : International Monetary Fund
ISBN 13 : 1513512277
Total Pages : 88 pages
Book Rating : 4.5/5 (135 download)
Download or read book Managing Systemic Banking Crises written by Ms.Marina Moretti and published by International Monetary Fund. This book was released on 2020-02-11 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates the IMF’s work on general principles, strategies, and techniques from an operational perspective in preparing for and managing systemic banking crises in light of the experiences and challenges faced during and since the global financial crisis. It summarizes IMF advice concerning these areas from staff of the IMF Monetary and Capital Markets Department (MCM), drawing on Executive Board Papers, IMF staff publications, and country documents (including program documents and technical assistance reports). Unless stated otherwise, the guidance is generally applicable across the IMF membership.
Author : Asli Demirgüç-Kunt
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4./5 ( download)
Download or read book Financial Liberalization and Financial Fragility written by Asli Demirgüç-Kunt and published by World Bank Publications. This book was released on 1998-06-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. the data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper’s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
Author : Philip Arestis
Publisher : Springer
ISBN 13 : 3319412191
Total Pages : 384 pages
Book Rating : 4.3/5 (194 download)
Download or read book Financial Liberalisation written by Philip Arestis and published by Springer. This book was released on 2016-11-26 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the thirteenth volume in the International Papers in Political Economy (IPPE) series which explores the latest developments in political economy. A collection of eight papers, the book concentrates on the deregulation of domestic financial markets and discusses financial liberalisation in terms of its past performance, current progress and future developments. The chapters have been written by expert contributors in the field and focus on topics such as past records of financial liberalisation, future policies of regulation, and current account imbalances. Other papers examine capital account regulations in developing and emerging countries, and capital controls in the Eurozone after the 2007 financial crisis. This collection of papers invites readers to consider the impact of financial liberalisation both during and after the global economic crisis. Scholars and students with an interest in political economy, financialisation, and economic performance will find this collection stimulating and informative.
Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1484355261
Total Pages : 754 pages
Book Rating : 4.4/5 (843 download)
Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.
Author : Carl-Johan Lindgren
Publisher :
ISBN 13 : 9781557758712
Total Pages : 103 pages
Book Rating : 4.7/5 (587 download)
Download or read book Financial Sector Crisis and Restructuring written by Carl-Johan Lindgren and published by . This book was released on 1999 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
Author : Apanard Penny Prabha
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book Financial Liberalization and Banking Crises written by Apanard Penny Prabha and published by . This book was released on 2012 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several studies indicate that financial liberalization contributes to the likelihood of a financial crisis. We focus on banking crises and argue that they are most likely to occur after some degree, but not full, liberalization. Using a recently updated dataset for financial reforms in 48 countries between 1973 and 2005, we find an inverted U-shaped relationship between liberalization and the likelihood of crisis. We ask whether the relationship remains when institutional characteristics of countries and dynamic effects of liberalization are considered. The empirical results indicate that the relationship between liberalization and banking crises depends strongly on the strength of capital regulation and supervision. With very weak regulation and supervision the probability of banking crises is increasing with liberalization but this relationship is reversed as regulation and supervision become stricter. The most important type of liberalization in relation to banking crises seems to be behavioral (a relaxation of interest and credit controls). A policy implication is that positive growth-effects of liberalization can be achieved without increasing the risk of a banking crisis if appropriate institutions are developed.
Author : Gerard Caprio
Publisher : Cambridge University Press
ISBN 13 : 0521803691
Total Pages : 320 pages
Book Rating : 4.5/5 (218 download)
Download or read book Financial Liberalization written by Gerard Caprio and published by Cambridge University Press. This book was released on 2001-10-08 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a rounded view of financial liberalization after the collapses in East Asia.
Author : Gerard Caprio
Publisher : Rowman & Littlefield
ISBN 13 : 0815797966
Total Pages : 300 pages
Book Rating : 4.8/5 (157 download)
Download or read book Financial Crises written by Gerard Caprio and published by Rowman & Littlefield. This book was released on 2005-12-06 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and World Bank Group publication Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn. This important new volume emerges from the seventh annual conference on emerging markets finance, cosponsored and organized by the World Bank and the Brookings Institution. In the book, noted experts address the following questions: How effective were post-crisis policies in Latin America, Eastern Europe, and East and Central Asia? Where do international financial markets stand ten years after the worldwide debt crisis? How can the provision of financial services resume vigorously, yet safely? What are the viable policy options for reducing systemic financial vulnerability? What will the next emerging-market financial crisis look like? Will lessons learned from past experiences help to avoid future disasters? How can nations reform their pension systems to deal with retirement challenges in the 21st century?
Author : Mr.Markus Eberhardt
Publisher : International Monetary Fund
ISBN 13 : 1484367820
Total Pages : 53 pages
Book Rating : 4.4/5 (843 download)
Download or read book Commodity Price Movements and Banking Crises written by Mr.Markus Eberhardt and published by International Monetary Fund. This book was released on 2018-07-06 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop an empirical model to predict banking crises in a sample of 60 low-income countries (LICs) over the 1981-2015 period. Given the recent emergence of financial sector stress associated with low commodity prices in several LICs, we assign price movements in primary commodities a key role in our model. Accounting for changes in commodity prices significantly increases the predictive power of the model. The commodity price effect is economically substantial and robust to the inclusion of a wide array of potential drivers of banking crises. We confirm that net capital inflows increase the likelihood of a crisis; however, in contrast to recent findings for advanced and emerging economies, credit growth and capital flow surges play no significant role in predicting banking crises in LICs.
Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author : Jihad Dagher
Publisher : International Monetary Fund
ISBN 13 : 1484337743
Total Pages : 89 pages
Book Rating : 4.4/5 (843 download)
Download or read book Regulatory Cycles: Revisiting the Political Economy of Financial Crises written by Jihad Dagher and published by International Monetary Fund. This book was released on 2018-01-15 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Author : Betty C. Daniel
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (247 download)
Download or read book Financial Liberalization and Banking Crises in Emerging Economies written by Betty C. Daniel and published by . This book was released on 2001 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Luc Laeven
Publisher : International Monetary Fund
ISBN 13 : 1451963025
Total Pages : 42 pages
Book Rating : 4.4/5 (519 download)
Download or read book Lessons and Policy Implications from the Global Financial Crisis written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2010-02-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has made clear that financially integrated markets, while offering many benefits, can also pose significant risks, with large real economic consequences. Deep reforms are therefore needed to the international financial architecture to safeguard the stability of an increasingly financially integrated world.
Author : Reuven Glick
Publisher : Cambridge University Press
ISBN 13 : 9780521800204
Total Pages : 494 pages
Book Rating : 4.8/5 (2 download)
Download or read book Financial Crises in Emerging Markets written by Reuven Glick and published by Cambridge University Press. This book was released on 2001-04-23 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.
