00656nam0-22002531i-450 99000374878040332120221122110712.0000374878FED01000374878(Aleph)000374878FED0100037487820001010d1978----km-y0itay50------baitay-------001yyDentro l'universit{MilanoFranco Angeli1978.118 p.21 cmDe Masi,Domenico<1938- >26008ITUNINARICAUNIMARCBK990003748780403321Dentro l'universit{508252UNINAING0105629oam 22012134 450 991097121530332120250426110959.0978661284527797814623002591462300251978145196223914519622319781282845275128284527697814527086831452708681(CKB)3170000000055419(SSID)ssj0000943053(PQKBManifestationID)11523873(PQKBTitleCode)TC0000943053(PQKBWorkID)10975309(PQKB)11519156(OCoLC)502478206(IMF)WPIEE2010018(MiAaPQ)EBC1606075(IMF)WPIEA2010018WPIEA2010018(EXLCZ)99317000000005541920020129d2010 uf 0engurcn|||||||||txtccrResponding to Banking Crises : Lessons From Cross-Country Evidence /Enrica Detragiache, Giang Ho1st ed.Washington, D.C. :International Monetary Fund,2010.31 pIMF Working PapersBibliographic Level Mode of Issuance: Monograph9781451918670 1451918674 Includes bibliographical references.Intro -- Contents -- I. Introduction -- II. Methodology and Data -- A. Empirical Model -- B. Policy Response Index -- C. Control Variables -- D. The Instrument -- III. The Results -- A. Results from Baseline Specification -- B. Comparison with Other Results in the Literature -- C. Sensitivity Analysis: Additional Controls -- D. Sensitivity Analysis: Alternative Measures of Crisis Performance -- E. Sensitivity Analysis: Alternative Policy Response Indexes -- F. Fiscal Policy during the Crisis. -- IV. Conclusions -- References -- Text Tables -- 1. Correlation among Crisis Performance Measures -- 2. Construction of the Policy Index -- 3. Crisis Episodes, Policy Response, and Political System -- 4. Cross-Correlations between Political System and Crisis Policies -- 5. Baseline Results -- 6. Additional Control Variables -- 7. Alternative Measures of Crisis Performance -- 8. Alternative Policy Indexes -- 9. Fiscal Policy Response and Political System -- Figure 1. Distribution of Policy Index -- Appendix Tables -- A1. Variable Definitions and Data Sources -- A2. Summary Statistics -- A3. Cross Correlations among Variables.A common legacy of banking crises is a large increase in government debt, as fiscal resources are used to shore up the banking system. Do crisis response strategies that commit more fiscal resources lower the economic costs of crises? Based on evidence from a sample of 40 banking crises we find that the answer is negative. In fact, policies that are riskier for the government budget are associated with worse, not better, post-crisis performance. We also show that parliamentary political systems are more prone to adopt bank rescue measures that are costly for the government budget. We take advantage of this relationship to instrument the policy response, thereby addressing concerns of joint endogeneity. We find no evidence that endogeneity is a source of bias.IMF Working Papers; Working Paper ;No. 2010/018Financial crisesBanks and bankingBanking crisesimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfCentral Banks and Their PoliciesimfCrisis ManagementimfCrisis managementimfCrisis resolutionimfDepository InstitutionsimfEconomic & financial crises & disastersimfFinancial CrisesimfFinancial crisesimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial Markets and the MacroeconomyimfFinancial Risk ManagementimfFiscal PolicyimfFiscal policyimfMacroeconomicsimfMicro Finance InstitutionsimfMortgagesimfPublic FinanceimfArgentinaimfFinancial crises.Banks and banking.Banking crisesBankingBanks and BankingBanks and bankingBanksCentral Banks and Their PoliciesCrisis ManagementCrisis managementCrisis resolutionDepository InstitutionsEconomic & financial crises & disastersFinancial CrisesFinancial crisesFinancial Institutions and Services: Government Policy and RegulationFinancial Markets and the MacroeconomyFinancial Risk ManagementFiscal PolicyFiscal policyMacroeconomicsMicro Finance InstitutionsMortgagesPublic Finance338.29125Detragiache Enrica120810Ho Giang1816036International Monetary Fund.DcWaIMFBOOK9910971215303321Responding to Banking Crises4371679UNINA