05619oam 22009974 450 991082855620332120240402051426.01-4623-8200-21-4527-8639-91-282-84373-71-4518-7307-79786612843730(CKB)3170000000055313(EBL)1608378(SSID)ssj0001477276(PQKBManifestationID)11978820(PQKBTitleCode)TC0001477276(PQKBWorkID)11452779(PQKB)10353938(OCoLC)645199037(MiAaPQ)EBC1608378(IMF)WPIEE2009160(EXLCZ)99317000000005531320020129d2009 uf 0engur|n|---|||||txtccrHow Effective is Fiscal Policy Response in Systemic Banking Crises? /Sanjeev Gupta, Carlos Mulas-Granados, Emanuele Baldacci1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (40 p.)IMF Working PapersDescription based upon print version of record.1-4519-1735-X Contents; I. Introduction; II. Literature Review; III. Fiscal Policy During Banking Crises; Figures; 1. Frequency and Duration of Banking Crises; 2. Economic Consequences of Banking Crises; Tables; 1. Fiscal Aggregates; IV. The Effectiveness of Fiscal Response; 2. Budget Composition: Revenues; 3. Budget Composition Expenditures; 3. Fiscal Policy and Crisis Length; 4. Fiscal Expansion Composition and Post-Crisis Growth; 5. Fiscal Policy, Resolution Policies, and Crisis Length; 6. Fiscal Policy Composition, Resolution Policies, and Crisis Length7. Fiscal Policy Composition, Resolution Policies, and Post-Crisis Growth8. Explaining Crisis Length Controlling for Initial Fiscal Conditions; 9. Explaining Crisis Length Controlling for Initial Economic Conditions; 10. Explaining Post-Crisis Growth Controlling for Initial Fiscal Conditions; 11. Explaining Post-Crisis Growth Controlling for Initial Economic Conditions; V. Robustness Analysis; VI. Conclusion; Appendixes; Appendix Tables; A1. Episodes of Banking Crisis in the World, 1980-2008; A2. Budget Composition: Revenues; A3. Budget Composition: ExpendituresA4. The Relationship Between Containment and Resolution Policies and Crisis LengthA5. Robustness Estimations: Different Definition of Crisis Duration Based on Stock Market Recovery; A6. Robustness Estimations: Focusing on Discretionary Expansionary Fiscal Policy; A7. Robustness Estimations: Controlling for Endogeneity; ReferencesThis paper studies the effects of fiscal policy response in 118 episodes of systemic banking crisis in advanced and emerging market countries during 1980-2008. It finds that timely countercyclical fiscal measures contribute to shortening the length of crisis episodes by stimulating aggregate demand. Fiscal expansions that rely mostly on measures to support government consumption are more effective in shortening the crisis duration than those based on public investment or income tax cuts. But these results do not hold for countries with limited fiscal space where fiscal expansions are prevented by funding constraints. The composition of countercyclical fiscal responses matters as well for output recovery after the crisis, with public investment yielding the strongest impact on growth. These results suggest a potential trade-off between short-run aggregate demand support and medium-term productivity growth objectives in fiscal stimulus packages adopted in distress times.IMF Working Papers; Working Paper ;No. 2009/160Bank failuresCostsEconometric modelsFinancial crisesCostsEconometric modelsBanks and BankingimfFinancial Risk ManagementimfMacroeconomicsimfPublic FinanceimfFiscal PolicyimfFinancial CrisesimfTaxation, Subsidies, and Revenue: GeneralimfEconomic & financial crises & disastersimfPublic finance & taxationimfFiscal policyimfFiscal stimulusimfBanking crisesimfRevenue administrationimfFinancial crisesimfRevenueimfUnited StatesimfBank failuresCostsEconometric models.Financial crisesCostsEconometric models.Banks and BankingFinancial Risk ManagementMacroeconomicsPublic FinanceFiscal PolicyFinancial CrisesTaxation, Subsidies, and Revenue: GeneralEconomic & financial crises & disastersPublic finance & taxationFiscal policyFiscal stimulusBanking crisesRevenue administrationFinancial crisesRevenue332Gupta Sanjeev257292Mulas-Granados Carlos502576Baldacci Emanuele117934International Monetary Fund.Fiscal Affairs Dept.DcWaIMFBOOK9910828556203321How Effective is Fiscal Policy Response in Systemic Banking Crises4117264UNINA