We differentiate between immediate direct fiscal costs of government, View 9 excerpts, cites background and methods, ABSTRACT Several twin crises occurred in the Turkish economy in the last three decades. Washington, DC: World Bank. The paper presents a comprehensive database on systemic banking crises during 1970-2011. IMF Working Paper 2017/250. A. Phillips LectureWhy Some Times are Different: Macroeconomic Policy and the Aftermath of Financial Crises. Banking Crises We start with a definition of a systemic banking crisis. This paper updates the database on systemic banking crises presented in Laeven and Valencia (2013a). Beim, David, and Charles Calomiris. First . A case in point is Iceland, where we report net fiscal costs for 3.3% of GDP, which excludes bank equity held by the government valued at approximately 12% of GDP in 2016. Use the free Adobe Acrobat Reader to view this PDF file. IMF Country Report No. Bank Recapitalization and Economic Recovery After Financial Crises. 2008. We also update our dating of sovereign debt and currency crises. Ongoing Banking Crises . This item is available to borrow from 1library branch. contribute. Luc Laeven. Sandri, Damiano, and Fabian Valencia. Obstfeld, Maurice. Policy Research Working Paper No. percent of banking system assets) or (ii) fiscal restructuring costs of the banking sector are sufficiently high exceeding 5 percent of GDP. cs/journal/41308/PS2. Examples of such severity include Latvias 1995 crisis, when banks totaling 40% of the financial systems assets were closed, and more recently, Moldova (2014) and Ukraine (2014). University of Pennsylvania Unpublished Manuscript. Downloads: (external link)http://link.springer.com/10.1057/s41308-020-00107-3 Abstract (text/html)
We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. Analyze on Scholarcy Visualize in Litmaps. Besides extending the, View 10 excerpts, cites background and methods, The last two decades characterized by financial crisis episodes have seen a proliferation of empirical studies. The database includes all systemic banking, currency, and sovereign debt crises during the period 1970-2011. However, whenever available, we also report fiscal costs expressed in % of financial system assets. Cerra, Valerie, and Sweta Saxena. Stone, M., K. Fujita, and K. Ishi. 2017. 2017. Understanding Financial Crises: A Developing Country Perspective. Banks Precautionary Capital and Credit Crunches. volume68,pages 307361 (2020)Cite this article. 2014. We complement the banking crisis dates with sovereign debt and currency crises dates to find that sovereign debt and currency crises tend to coincide with or follow banking crises. 10/44. The RePEc plagiarism page, Luc Laeven (Obfuscate( 'ecb.europa.eu', 'luc.laeven' )) and
Section II presents the policy responses and outcomes in terms of scal costs and real costs during banking crises. This paper updates the database on systemic banking crises presented in Laeven and Valencia (2013a). This conclusion is different than the one in Mishkin (1996), written before the global financial crisis, which affected mostly advanced countries with intensity and global proportion not seen since the Great Depression. It proposes a methodology to date banking crises based on policy indices, and examines the robustness of this, We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes. Systemic Financial Crises: Containment and Resolution. . Download PDF. Journal of Money, Credit, and Banking 45(S2): 5986. For most countries, the financial system assets data are taken from the World Banks Financial Structure database and consist of domestic claims on the private sector by banks and non-bank financial institutions. . Leveraged Bubbles. Lane, Philip R. 2012. 5600. Global Development Finance. Related works:Journal Article: Systemic Banking Crises Database (2013) This item may be available elsewhere in EconPapers: Search for items with the same title. For crises starting in 2007 or later, we use as pre-crisis projected debt increase, between T1 and T+3, reported in the World Economic Outlook (WEO) issued in the fall of the year before the crisis start date (T) while the post-crisis actual debt increase, again over T1 and T+3, is based on datafrom the Fall 2017 WEO. The Determinants of Banking Crises: Evidence from Developed and Developing Countries. The IMF Press Center is a password-protected site for working journalists. The database on banking crises episodes is further complemented with dates for . Reduce the time it takes to create your bibliography by a factor of 10 by using the world's favourite reference manager. Princeton: Princeton University Press. The Twin Crises: The Causes of Banking and Balance-of-Payments Problems. The paper studies the factors associated with the emergence of systemic banking crises in a large sample of developed and developing countries in 1980-94 using a multivariate logit econometric model. Systemic Banking Crises Database II. Aslam, Aqib, Patrick Blagrave, Eugenio Cerutti, Sung Eun Jung, and Carolina Osorio-Buitron. We provide new evidence that crises in high-income countries tend to last longer and be associated with higher output losses, lower fiscal costs. 2013. Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. 2001. IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves. GDP in constant prices (in national currency) also comes from the WEO. Chaudron, Raymond, and Jakob de Haan. Ongoing Banking Crises Table 1 lists recent and ongoing cases that meet our definition of a systemic banking crisis. Appendix on Commercial Debt Restructuring. More articles in IMF Economic Review from Palgrave Macmillan, International Monetary FundBibliographic data for series maintained by Sonal Shukla (Obfuscate( 'springer.com', 'sonal.shukla' )) and Springer Nature Abstracting and Indexing (Obfuscate( 'springernature.com', 'indexing' )). W. Barnett and K. Singleton. American Economic Review 87(4): 495505. Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Medium-Term Output Dynamics After Financial Crises. A number of changes compared to Laeven and Valencia (2010) are noteworthy. This measure of liquidity would also capture the impact of currency swap lines among central banks, agreed during the global financial crisis, to the extent that they were used to inject liquidity in the financial sector. 68, issue 2, No 1, 307-361. Creator Valencia, Fabian Mishkin, Frederic. Check the EconPapers FAQ or send mail to Obfuscate( 'oru.se', 'econpapers' ). Journal of Monetary Economics 76: S1S20. IMF Staff Papers 45(1): 81109. 2013. The Eurozone Crisis: How Banks and Sovereigns Came to be Joined at the Hip. 2006. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Banking
68.2020, 2, p. 307-361 European Central Bank (ECB), Frankfurt, Germany, Macro-Financial Analysis Unit, Strategy, Policy and Review Department, IMF, Washington, USA, You can also search for this author in 2011. Journal of Economic Perspectives 26(3): 4968. Abstract The paper presents a comprehensive database on systemic banking crises during 1970-2011. Fratzscher, Marcel, Arnaud Mehl, and Isabel Vansteenkiste. Series: Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The paper also presents information on the costs and policy responses associated with banking crises. according to laeven and valencia (2012), a banking crisis is considered as 'systemic' if two conditions are met: (i) significant signs of financial distress in the banking system (as. percent of banking system assets) or (ii) fiscal restructuring costs of the banking sector are sufficiently high exceeding 5 percent of GDP. Emerging Financial Markets. About EconPapers, Working Papers
Under our definition, in a systemic banking crisis, a country's corporate and financial sectors experience a large number of defaults and financial institutions and corporations face great difficulties repaying contracts on time. Laeven, Luc, and Fabian Valencia. The studies by Schularick and Taylor (2012), Romer and Romer (2017), and Baron et al. The Bank Capital Channel of Monetary Policy. The database draws on 151 systemic banking crisis episodes around the globe during 1970-2017 to include information on crisis dates, policy responses to resolve banking crises, and their fiscal and output costs. Kohlscheen, Emanuel, Fernando Avalos, and Andreas Schrimpf. Growth Dynamics: The Myth of Economic Recovery. Banking
Currency crises
IMF World Economic Outlook, Chapter 2. Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. While our approach resembles that of Frankel and Rose (1996), our thresholds are not identical to theirs. Caprio, Gerard, and Daniela Klingebiel. The database . American Economic Review 101: 16761706. American Economic Review 102(2): 10291061. Crisis Management and Resolution: Early Lessons from the Financial Crisis. Systemic Banking Crises Database Resource Information The item Systemic Banking Crises Databaserepresents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Missouri University of Science & Technology Library. Sturzenegger, Federico, and Jeromin Zettelmeyer. In Financial Crises: Causes, Consequences, and Policy Responses, ed. Washington, DC: International Monetary Fund. We study the behavior of money, credit, and, Newly developed long historical time series on public debt, along with modern data on external debts, allow a deeper analysis of the cycles underlying serial debt and banking crises. We provide new evidence that crises in high-income countries tend to last . Laeven, Luc, and Fabian Valencia. Jorda, Oscar, Moritz Schularick, and Alan M. Taylor. Banking Crises Cycles . 2012. 2013. IMF Working Paper (forthcoming). 1999. 2014. It identifies 147 systemic banking crises (of which 13 are borderline events) from 1970 to 2011. 2018. Date: 2020
country the country, as it appears in the data type Baron, Matthew, Emil Verner, and Wei Xiong. debt). Journal of Finance 68(1): 142. 2008. 1987. (2018) cover only a comparatively small number of countries. Cookies at EconPapers, The RePEc blog
Table 1 lists recent and ongoing cases that meet our definition of a systemic banking crisis. We also update our dating of sovereign debt and currency crises. The Real Effects of Banking Crises. 2015. Resolution of Banking Crises: The Good, the Bad, and the Ugly. First, in the In New Approaches to Monetary Economics, ed. II. When credit data are not available, we determine the end date as the first year before GDP growth is positive for at least 2years. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. It proposes a methodology to date banking crises based on policy indices, and examines the robustness of this approach. Fabian Valencia
Bakker, Bas B., and Christoph Klingen. . From Banking to Sovereign Stress: Implications for Public Debt. These early warning system models allowed researchers to distinguish certain key, This paper examines the risk factors associated with fiscal costs of systemic banking crises using cross-country data. This paper updates and expands the database on systemic banking crises presented in Laeven and Valencia (IMF Econ Rev 61 (2):225-270, 2013a). Global financial crisis of 2008-2009
For past episodes, we report the actual change in debt. The database covers the universe of systemic banking crises fo r the period 1970-2007, with detailed data on crisis containment and resolution policies for 42 1998. Systemic Banking Crises Database II. A. Stories of the Twentieth Century for the Twenty-First. 2014. SBCD Format A data frame with 574 observations on the following 4 variables. van Wijnbergen. Systemic Banking Crises: A New Database. 2013a. For European countries, whenever national sources did not publish information on these costs, we took data from the European commission scoreboard and Eurostat (http://ec.europa.eu/eurostat/web/government-finance-statistics/excessive-deficit/supplemtary-tables-financial-crisis). Archive maintainers FAQ
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