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The Nordic Banking Crises
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Book Synopsis The Nordic Banking Crisis by : Mr.Burkhard Drees
Download or read book The Nordic Banking Crisis written by Mr.Burkhard Drees and published by International Monetary Fund. This book was released on 1998-04-20 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the banking crises in Finland, Norway and Sweden, which took place in the early 1990s, and draws some policy conclusions from their experiences. One key conclusion is that factors in addition to business cycle effects explain the Nordic countries financial problems. Although the timing of the deregulation in all three countries coincided with a strongly expansionary macroeconomic momentum, the main reasons for the banking crises were the delayed policy responses, the structural characteristics of the financial systems, and the banks inadequate internal risk-management controls.
Book Synopsis The Nordic Banking Crisis by : Mr. Burkhard Drees
Download or read book The Nordic Banking Crisis written by Mr. Burkhard Drees and published by International Monetary Fund. This book was released on 1998-04-20 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the banking crises in Finland, Norway and Sweden, which took place in the early 1990s, and draws some policy conclusions from their experiences. One key conclusion is that factors in addition to business cycle effects explain the Nordic countries' financial problems. Although the timing of the deregulation in all three countries coincided with a strongly expansionary macroeconomic momentum, the main reasons for the banking crises were the delayed policy responses, the structural characteristics of the financial systems, and the banks' inadequate internal risk-management controls.
Book Synopsis The Great Financial Crisis in Finland and Sweden by : Lars Jonung
Download or read book The Great Financial Crisis in Finland and Sweden written by Lars Jonung and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nordic financial crisis had it all: a botched liberalization, a huge boom followed by an even bigger bust, massive taxpayer-financed bailouts and, finally, deep long-run gains. The first-class team of scholars mobilized in this book convincingly tell a story that should be carefully studied by economists, bankers and policymakers. After this book, no one should be able to say: If we only knew ! Charles Wyplosz, Graduate Institute of International Studies, Geneva, Switzerland The financial crisis in Scandinavia in the early 1990s was a forerunner of the later world-wide crisis in 2007/8. Although the initial causation was different, the impact on their banks, though more localised, was just as severe. So we can benefit, and already policymakers have done so, from learning the lessons in this book on how to restore shattered banking systems to health. For this we owe a debt of gratitude to the editors, who have put together a series of key papers that emerged from a much larger exercise on the crisis that was earlier reported in four volumes in Swedish and Finnish. Amongst the many studies on current and past financial crises, this is a classic must-read . Charles A.E. Goodhart, London School of Economics, UK The Nordic experience with financial crisis resolution could not be more timely. Everyone cites it as an example of how it should be done , but rarely does one find careful and detailed analysis. Now policymakers and others searching for guidance will know where to look. Barry Eichengreen, University of California, Berkeley, US Following World War II, Nordic countries were commonly regarded as successful and stable economies. This perception was, however, shattered in the early 1990s when Finland and Sweden encountered severe financial crises. Here, the authors explore the symptoms of financial crisis decreasing real income, soaring unemployment and exploding public deficits and their devastating effects. The book compares and contrasts the experiences of Finland and Sweden, then adopts an international perspective, encompassing the experiences of Asia, Latin America, Denmark and Norway. Lessons from the 1990s crisis are drawn, and possible solutions prescribed. The conclusion is that long-term effects of financial crises financial liberalization and integration are not as dramatic as the short-term effects, but may prove to be of greater importance over time. Only the future will show whether these long-term benefits will balance or even outweigh the enormous short-term costs of the crises. Highly relevant to the current international financial crisis currently afflicting the world economy, this timely book will prove invaluable to economists and other social scientists with a general interest in financial crises, and to those with a more specific interest in the evolution and models of Scandinavian economies.
Book Synopsis The Nordic Banking Crisis: Pitfalls in Financial Liberalization? by : B. Drees
Download or read book The Nordic Banking Crisis: Pitfalls in Financial Liberalization? written by B. Drees and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Nordic Banking Crises by : Burkhard Drees
Download or read book The Nordic Banking Crises written by Burkhard Drees and published by . This book was released on 2006 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the recent banking crises in Finland, Norway and Sweden in an attempt to draw some policy conclusions from their experiences. In all three countries, the timing of deregulation coincided with a strongly expansionary macroeconomic momentum. Delayed policy responses, as well as structural characteristics of the financial systems, and banks` inadequate internal risk management controls were important determinants of the consequences of the transition from tightly regulated to more or less competitive financial systems. In the absence of strengthened prudential banking supervision, these incentives coupled with expectations of government intervention in the event of a crisis prompted many Nordic banks to increase their lending excessively.
Book Synopsis The Nordic banking countries' banking crises and the lessons learned by : Heikki Koskenkyla
Download or read book The Nordic banking countries' banking crises and the lessons learned written by Heikki Koskenkyla and published by . This book was released on 2000 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Nordic Banking Crisis from an International Perspective by : Stefan Ingves
Download or read book The Nordic Banking Crisis from an International Perspective written by Stefan Ingves and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Learning from Financial Crisis by : Tom Berglund
Download or read book Learning from Financial Crisis written by Tom Berglund and published by . This book was released on 2017 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: To study whether banks retain their lessons from the experience of a severe financial crisis, we examine the effects of the systemic banking crisis of the early 1990s in three Nordic countries (Finland, Norway, and Sweden). While this crisis largely bypassed the rest of Europe, we hypothesize that banks in the three affected Nordic countries took their crisis experiences to heart and as a result outperformed other European banks during the 2008 global financial crisis. Based on a large panel data set of Nordic and European banks for the period 1994-2010, our findings support our main hypothesis that the Nordic banks learned from the 1990s crisis and adjusted their business models accordingly. Our descriptive analysis of Nordic banks finds evidence of “lessons learned” in such precautions as robust capital cushions, improvements in management efficiency and higher credit quality demands relative to the rest of Europe.
Book Synopsis Resolving the Financial Crisis by : C. E. V. Borio
Download or read book Resolving the Financial Crisis written by C. E. V. Borio and published by . This book was released on 2010 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does the management and resolution of the current crisis compare with the response of the Nordic countries in the early 1990s, widely regarded as exemplary? We argue that, while intervention has been prompter, the measures taken so far remain less comprehensive and in-depth. In particular, the cleansing of balance sheets has proceeded more slowly, and less attention has been paid to reducing excess capacity and avoiding competitive distortions. In general, policymakers have given higher priority to sustaining aggregate demand in the short term than to encouraging adjustment in the financial sector and containing moral hazard. We argue that three factors largely explain this outcome: the more international nature of the crisis; the complexity of the instruments involved; and, hardly appreciated so far, the effect of accounting practices on the dynamics of the events, reflecting in particular the prominent role of fair value accounting (and mark to market losses) in relation to amortised cost accounting for loan books. There is a risk that the policies followed so far may delay the establishment of the basis for a sustainably profitable and less risk-prone financial sector.
Book Synopsis The Evolution of Nordic Finance by : Steffen Elkiær Andersen
Download or read book The Evolution of Nordic Finance written by Steffen Elkiær Andersen and published by Springer. This book was released on 2016-01-11 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book describes the birth and growth of financial institutions and stock exchanges in Scandinavia and Finland from 1656 to 2010, including their banking crises and the history of banking regulation. It argues that quantitative regulations cannot, in the long run, produce the desired results and bear the seeds of future financial crises.
Book Synopsis Resolution of Banking Crises by : Mr.Luc Laeven
Download or read book Resolution of Banking Crises written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2010-06-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a new database of systemic banking crises for the period 1970-2009. While there are many commonalities between recent and past crises, both in terms of underlying causes and policy responses, there are some important differences in terms of the scale and scope of interventions. Direct fiscal costs to support the financial sector were smaller this time as a consequence of swift policy action and significant indirect support from expansionary monetary and fiscal policy, the widespread use of guarantees on liabilities, and direct purchases of assets. While these policies have reduced the real impact of the current crisis, they have increased the burden of public debt and the size of government contingent liabilities, raising concerns about fiscal sustainability in some countries.
Book Synopsis Historical Perspectives and Incidences of Financial Crises by : S. B. Khandare
Download or read book Historical Perspectives and Incidences of Financial Crises written by S. B. Khandare and published by Createspace Independent Pub. This book was released on 2013-10-30 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises and their subset, banking crises, have become worldwide phenomena in recent years. Not only have banking crises occurred in developed countries such as the United States, Japan, and in the Nordic countries, but they have been a feature of the recent economic scene in developing countries as well. In the case of developed countries, banking and financial crises have been costly to the economy, yet the damage that these crises seem to impose on developing countries seems to be far greater than for developed countries. In recent years, the asymmetric information analysis which we have been applying to understanding the structure of the financial system and the rationale for bank regulation has also been used to develop a theory of banking and financial crises. This theory has been created to explain banking and financial crises mostly in the developed country context, particularly for the United States. However, the institutional framework in the U.S. has been quite different from that existing currently in many developing countries, and thus, as we shall SW, this requires some modification to the theory in order to understand the banking and financial crises phenomena in developing countries. Present work is a description, narration and analysis of conceptual framework of the related terms. This is an humble attempt to describe and interrelate the two main terms viz. 'Global Financial Crisis' and 'Historical Perspectove', after considering, referring, studying and relying on various kinds of Reports, (Annual, Bi-annual, Quarterly and Occasional), Research & Working Papers of various national, international, Government and non-government bodies/authorities, various books, Opinions & published Speeches, Articles etc. It would be useful for student, researchers and readers in International Studies, Economics and Banking & Finance. Being a Reference Book Hope will be useful for the readers with expectation that improvement and suggestions will be communicated.
Book Synopsis The Role of Macroeconomic Shocks in Banking Crises by : Jarmo Pesola
Download or read book The Role of Macroeconomic Shocks in Banking Crises written by Jarmo Pesola and published by . This book was released on 2001 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economic Crisis and its Aftermath in the Nordic and Baltic Countries by : Hilmar Hilmarsson
Download or read book The Economic Crisis and its Aftermath in the Nordic and Baltic Countries written by Hilmar Hilmarsson and published by Routledge. This book was released on 2018-09-25 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nordic-Baltic region has become highly integrated. The Nordic countries have been successful in balancing competitiveness and economic growth with social inclusiveness, while the Baltic States have grown economically but remain vulnerable with weak social systems and highly unequal income distribution. European Union (EU) membership and inter-linkages with the continental Nordic banking systems appear to have affected the 2008/09 crisis response of the Baltic States. In spite of their strengths, including their social systems, continental Nordic states are faced with a challenging mix of large, cross-border banks and highly indebted households at a time of rather weak global growth. The Baltic States are challenged by slow economic growth post-crisis, security concerns, and large-scale outward migration of the youngest and most highly educated people. It is now a decade since the Baltic States were hit by the global crisis. It is time to take stock of their progress and assess their relations with other countries in the region and with the EU. This book focuses on the Baltics and their Nordic partners pre- and post-crisis: successes, failures, lessons learned, and future challenges, examining and comparing the crisis response of these various small states that enjoy different income levels, operate different welfare and tax systems, and seek different levels of integration with the EU.
Book Synopsis International Financial Instability by : Douglas Darrell Evanoff
Download or read book International Financial Instability written by Douglas Darrell Evanoff and published by World Scientific. This book was released on 2007 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the potential and problems of bank safety and efficiency arising from the rapidly growing area of cross-border banking in the form of branches or subsidiaries with primarily only national prudential regulation. There are likely to be differences in the treatment of the same bank operating in different countries or of different banks from different home countries operating in the same country with respect to deposit insurance provisions, declaration of insolvency, resolution of insolvencies, and lender of last resort protection. The book identifies these protection problems and discusses possible solutions, such as greater cross-border cooperation, harmonization and organizations. The contributors to this book include experts from different countries and from a wide range of affiliations, including academia, regulators, practitioners, and international organizations. Sample Chapter(s). Chapter 1: Cross-Border Banking Regulation OCo A WayForward: The European Case (68 KB). Contents: Special Addresses: Cross-Border Banking Regulation OCo A Way Forward: The European Case (Stefan Ingves); Remarks before the Conference on International Financial Instability (Sheila C Bair); Benign Financial Conditions, Asset Management, and Political Risks: Trying to Make Sense of Our Times (Raghuram G Rajan); International Financial Instability: Cross-Border Banking and National Regulation Chicago OCo Dinner Remarks (Jean Pierre Sabourin); Landscape of International Banking and Financial Crises: Current State of Cross-Border Banking (Dirk Schoenmaker & Christiaan van Laecke); Actual and Near-Miss Cross-Border Crises (Carl-Johan Lindgren); A Review of Financial Stability Reports (Sander Oosterloo, Jakob de Haan, & Richard Jong-A-Pin); Discussion of Landscape of International Banking and Financial Crises (Luc Laeven); Causes and Conditions for Cross-Border Instability Transmission and Threats to Stability: Cross-Border Contagion Links and Banking Problems in the Nordic Countries (Bent Vale); Currency Crises, (Hidden) Linkages, and Volume (Max Bruche, Jon Danielsson & Gabriele Galati); What Do We Know about the Performance and Risk of Hedge Funds? (Triphon Phumiwasana, Tong Li, James R Barth & Glenn Yago); Remarks on Causes and Conditions of Financial Instability Panel (Garry Schinasi); Prudential Supervision: Home Country versus Cross-Border Negative Externalities in Large Banking Organization Failures and How to Avoid Them (Robert A Eisenbeis); Conflicts between Home and Host Country Prudential Supervisors (Richard J Herring); Cross-Border Nonbank Risks and Regulatory Cooperation (Paul Wright); Challenges in Cross-Border Supervision and Regulation (Eric Rosengren); Government Safety Net: Bagehot and Coase Meet the Single European Market (V tor Gaspar); Banking in a Changing World: Issues and Questions in the Resolution of Cross-Border Banks (Michael Krimminger); International Banks, Cross-Border Guarantees, and Regulation (Andrew Powell & Giovanni Majnoni); Deposit Insurance, Bank Resolution, and Lender of Last Resort OCo Putting the Pieces Together (Thorsten Beck); Insolvency Resolution: Cross-Border Resolution of Banking Crises (Rosa Mar a Lastra); Bridge Banks and Too Big to Fail: Systemic Risk Exemption (David G Mayes); Prompt Corrective Action: Is There a Case for an International Banking Standard? (Mar a J Nieto & Larry D Wall); Insolvency Resolution: Key Issues Raised by the Papers (Peter G Brierley); Cross-Border Crisis Prevention: Public and Private Strategies: Supervisory Arrangements, LOLR, and Crisis Management in a Single European Banking Market (Arnoud W A Boot); Regulation and Crisis Prevention in the Evolving Global Market (David S Hoelscher & David C Parker); Derivatives Governance and Financial Stability (David Mengle); Cross-Border Crisis Prevention: Public and Private Strategies (Gerard Caprio, Jr.); Where to from Here: Policy Panel: Cross-Border Banking: Where to from Here? (Mutsuo Hatano); Remarks on Deposit Insurance Policy (Andrey Melnikov); The Importance of Planning for Large Bank Insolvencies (Arthur J Murton); Where to from Here: Policy Panel (Guy Saint-Pierre); Some Private-Sector Thoughts on Home/Host-Country Supervisory Issues (Lawrence R Uhlick). Readership: Academics and upper-level undergraduate or graduate students in the areas of financial institutions, banking, financial regulation, or international financial markets; financial regulators, policy-makers, and consultants."
Book Synopsis The Finnish Banking Crisis and Its Handling by : Peter Nyberg
Download or read book The Finnish Banking Crisis and Its Handling written by Peter Nyberg and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Second Great Contraction by : Carmen M. Reinhart
Download or read book The Second Great Contraction written by Carmen M. Reinhart and published by Princeton University Press. This book was released on 2011-07-18 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: We've been assured that the recession is over, but the country and the economy continue to feel the effects of the 2008 financial crisis, and people are still searching for answers about what caused it, what it has wrought, and how we can recover. This selection from the best-selling book This Time Is Different—the definitive history of financial crises, including the recent subprime meltdown—answers these questions and more. Princeton Shorts are brief selections excerpted from influential Princeton University Press publications produced exclusively in eBook format. They are selected with the firm belief that while the original work remains an important and enduring product, sometimes we can all benefit from a quick take on a topic worthy of a longer book. In a world where every second counts, how better to stay up-to speed on current events and digest the kernels of wisdom found in the great works of the past? Princeton Shorts enables you to be an instant expert in a world where information is everywhere but quality is at a premium. The Second Great Contraction does just that.
