06351oam 22011894 450 991097018950332120250426110548.0978661284087697814623658901462365892978145199233514519923359781282840874128284087897814518699411451869940(CKB)3170000000055034(EBL)1605816(SSID)ssj0000943990(PQKBManifestationID)11501261(PQKBTitleCode)TC0000943990(PQKBWorkID)10982912(PQKB)10081310(OCoLC)252904214(MiAaPQ)EBC1605816(IMF)WPIEE2008135(IMF)WPIEA2008135WPIEA2008135(EXLCZ)99317000000005503420020129d2008 uf 0engurcnu||||||||txtccrCentral Bank Involvement in Banking Crises in Latin America /Luis Jácome1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (51 p.)IMF Working PapersIMF working paper ;WP/08/135Description based upon print version of record.9781451914474 1451914474 Includes bibliographical references.Contents; I. Introduction; II. Taking Stock of Banking Crises in Latin America; A. Defining Banking Crises; B. The Roots of the Crises; Figures; 1. Capital Flows and Banking Crises in Latin America; 2. Financial Reform and Banking Crises in Latin America; 3. Real Effective Exchange Rate and Banking Crises in Latin America; 4. Banking Crises and Real Credit Growth; C. Some Stylized Macroeconomic Facts Accompanying Banking Crises; Tables; 1. Banking Crises in Latin America and Relevant Macro-Financial Features; III. The Role of Central Banks in Banking Crises in Latin AmericaA. Intensive Use of Central Bank Money 2. Modalities of Monetization of Banking Crises; 5. Large Banking Crises in Latin America-Selected Episodes; B. The Role of the Institutional Framework; 6. Minor and Moderate Banking Crises in Latin America-Selected Episodes; 3. Institutional Framework behind Banking Crises in Latin America; Boxes; 1. Large ""Monetization"" of Banking Crises in Selected Countries; 2. Effective Episodes of Bank Restructuring and Resolution in Selected Countries; IV. Macroeconomic Repercussions; A. On Monetary Policy; 3. Banking Crises and Monetary Policy7. Performance of the Money Multiplier in the Midst of Banking Crises in Latin America B. On Macroeconomic Stability; 4. Pair-Wise Correlations Between Selected Variables; 8. Banking Crises and Central Bank Money; 9. Central Bank Money in Banking Crises and Currency Depreciation; 10. Central Bank Money in Banking Crises and Fall in International Reserves; 5. Monetization of Banking Crises, Inflation, and Economic Growth; V. Lessons and Concluding Remarks; Appendix; I. Sample of Episodes of Banking Crises in Latin America from 1990 to 2006-Stylized Facts and Policy Response; ReferencesThis paper reviews the nature of central bank involvement in 26 episodes of financial disturbance and crises in Latin America from the mid-1990s onwards. It finds that, except in a handful of cases, large amounts of central bank money were used to cope with large and small crises alike. Pouring central bank money into the financial system generally derailed monetary policy, fueled further macroeconomic unrest, and contributed to simultaneous currency crises, thereby aggravating financial instability. In contrast, when central bank money issuance was restricted and bank resolution was timely executed, financial disturbances were handled with less economic cost. However, this strategy worked provided appropriate institutional arrangements were in place, which highlights the importance of building a suitable framework for preventing and managing banking crises.IMF Working Papers; Working Paper ;No. 2008/135Financial crisesLatin AmericaMonetary policyLatin AmericaBank resolutionimfBanking crisesimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfCrisis managementimfDepository InstitutionsimfEconomic & financial crises & disastersimfFinancial CrisesimfFinancial crisesimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial Risk ManagementimfMicro Finance InstitutionsimfMonetary baseimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMoney supplyimfMortgagesimfEcuadorimfFinancial crisesMonetary policyBank resolutionBanking crisesBankingBanks and BankingBanks and bankingBanksCrisis managementDepository InstitutionsEconomic & financial crises & disastersFinancial CrisesFinancial crisesFinancial Institutions and Services: Government Policy and RegulationFinancial Risk ManagementMicro Finance InstitutionsMonetary baseMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMoney supplyMortgages330.9800411Jácome Luis1450030DcWaIMFBOOK9910970189503321Central Bank Involvement in Banking Crises in Latin America4371379UNINA