LEADER 04752oam 22012254 450 001 9910788342903321 005 20230721045628.0 010 $a1-4623-9312-8 010 $a1-282-84201-3 010 $a1-4518-7108-2 010 $a1-4527-4503-X 010 $a9786612842016 035 $a(CKB)3170000000055145 035 $a(SSID)ssj0001488770 035 $a(PQKBManifestationID)11995298 035 $a(PQKBTitleCode)TC0001488770 035 $a(PQKBWorkID)11463816 035 $a(PQKB)10255187 035 $a(OCoLC)460638675 035 $a(MiAaPQ)EBC1586707 035 $a(IMF)WPIEE2008250 035 $a(EXLCZ)993170000000055145 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Use of Blanket Guarantees in Banking Crises /$fLuc Laeven, Fabian Valencia 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (45 pages) $cillustrations, tables 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/250 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1561-6 320 $aIncludes bibliographical references. 330 3 $aIn episodes of significant banking distress or perceived systemic risk to the financial system, policymakers have often opted for issuing blanket guarantees on bank liabilities to stop or avoid widespread bank runs. In theory, blanket guarantees can prevent bank runs if they are credible. However, guarantee could add substantial fiscal costs to bank restructuring programs and may increase moral hazard going forward. Using a sample of 42 episodes of banking crises, this paper finds that blanket guarantees are successful in reducing liquidity pressures on banks arising from deposit withdrawals. However, banks' foreign liabilities appear virtually irresponsive to blanket guarantees. 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