Systemic Financial Crises

Containment and Resolution

By: Luc Laeven (Editor), Patrick Honohan (Editor)

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Hardcover | 24 January 2006

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400 Pages

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23.6 x 16.3 x 2.7

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Faced with a systemic financial sector crisis, policymakers need to make difficult choices under pressure. Based on the experience of many countries in recent years, few have been able to achieve a speedy, lasting and low-cost resolution. This volume considers the strengths and weaknesses of the various policy options, covering both microeconomic (including recapitalization of banks, bank closures, subsidies for distressed borrowers, capital adequacy rules and corporate governance and bankruptcy law requirements) and macroeconomic (including monetary and fiscal policy) dimensions. The contributors explore the important but little understood trade-offs that are involved, such as between policies which take effect quickly, those which minimize long-term fiscal and economic costs, and those which create favorable incentives for future stability. Successfully implementing crisis management and crisis resolution policy required attention to detail and a good flow of information.

Industry Reviews

"After three decades in which domestic financial crises were few and far between, they returned with a vengeance between 1980 and 2000. This book distills the wisdom of officials who have had to cope with such cases and academics who have studied them. Everyone who might become involved in such a crisis, as actor or commentator or victim, should read it, and soon. One of the foremost lessons is that there is a need to take quick, decisive action when a crisis first hits. I recommend especially the contributions on 'Pitfalls in Managing Closures' and the controversial model 'Policies for Banking Closures'." -Charles Goodhart, London School of Economics "This is an important book on an important subject. It documents what crisis experience has to teach us and why it is maddeningly difficult to put these lessons into practice. " - Edward Kane, Boston College "A valuable analysis of what has been learned about containing and resolving systemic financial crises." - Morris Goldstein, Institute for International Economics, Washington, DC

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Non-Fiction Economics Microeconomics Accounting & Finance Finance Industry & Industrial Studies Service Industries Financial Services Industry Political Economy

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Paperback

Published: 13th September 2012

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Contributors	p. vii
Foreword	p. ix
Acknowledgments	p. xi
Introduction
Introduction and Overview	p. 3
Containment and Resolution
Financial Crisis Policies and Resolution Mechanisms: A Taxonomy from Cross-Country Experience	p. 25
Pitfalls in Managing Closures of Financial Institutions	p. 76
Fiscal, Monetary, and Incentive Implications of Bank Recapitalization	p. 109
Models and Econometric Evidence
Policies for Banking Crises: A Theoretical Framework	p. 137
Crisis Resolution, Policies, and Institutions: Empirical Evidence	p. 169
Structural Reforms
Financial Crises and the Presence of Foreign Banks	p. 197
Maximizing the Value of Distressed Assets: Bankruptcy Law and the Efficient Reorganization of Firms	p. 232
Crisis Resolution and Credit Allocation: The Case of Japan	p. 276
Banking Crisis Database	p. 307
References	p. 341
Index	p. 361
Table of Contents provided by Ingram. All Rights Reserved.

Systemic Financial Crises

Containment and Resolution

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

Other Editions and Formats

Paperback

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