LEADER 06001oam 22014654 450 001 9910788690003321 005 20230617031737.0 010 $a1-4623-4561-1 010 $a1-4527-9946-6 010 $a1-283-56128-X 010 $a9786613873736 010 $a1-4519-2028-8 035 $a(CKB)3360000000445091 035 $a(EBL)3012511 035 $a(SSID)ssj0001478958 035 $a(PQKBManifestationID)11781068 035 $a(PQKBTitleCode)TC0001478958 035 $a(PQKBWorkID)11471926 035 $a(PQKB)11741419 035 $a(OCoLC)535146898 035 $a(MiAaPQ)EBC3012511 035 $a(IMF)WPIEE2352004 035 $a(EXLCZ)993360000000445091 100 $a20020129d2004 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aManaging Confidence in Emerging Market Bank Runs /$fAshoka Mody, Se-Jik Kim 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2004. 215 $a1 online resource (29 p.) 225 1 $aIMF Working Papers 300 $a"December 2004." 311 $a1-4518-7568-1 320 $aIncludes bibliographical references (p. 27-28). 327 $a""Contents""; ""I. INTRODUCTION""; ""II. THE BASIC MODEL""; ""III. SIMULTANEOUS VERSUS SEQUENTIAL LIQUIDITY SHORTAGES""; ""IV. EARLY VERSUS LATE BAILOUTS""; ""V. POLITICAL ECONOMY""; ""VI. EXTENSIONS""; ""VII. CONCLUSIONS""; ""References"" 330 3 $aIn a rational-expectations framework, we model depositors' confidence as a function of the probability of future bank bailouts. We analyze the effect of alternative bank bailout policies on depositors' confidence in an emerging market setting, where liquidity shortages of banks are revealed sequentially and governments cannot credibly commit to bailing out all potentially distressed banks. Our findings suggest that allowing early bank failures and using available liquidity for credible commitments to later bailouts can better boost confidence than early bailouts. This conclusion arises because with a high chance of liquidity shortage in the future, depositors may lose confidence and hence withdraw deposits even from potentially sound banks. Such a policy of late bailouts is likely to receive political support when a full bailout needs to be financed by taxation. The logic of late bailout remains valid even when banks may hide their distress or when closures of early distressed banks create contagion. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2004/235 606 $aBank failures$zDeveloping countries$xEconometric models 606 $aLiquidity (Economics)$zDeveloping countries$xEconometric models 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aFinancial Risk Management$2imf 606 $aMacroeconomics$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aFinancial services law & regulation$2imf 606 $aLiquidity$2imf 606 $aBank bailouts$2imf 606 $aBlanket guarantee$2imf 606 $aConsumption$2imf 606 $aAsset and liability management$2imf 606 $aFinancial crises$2imf 606 $aNational accounts$2imf 606 $aLiquidity risk$2imf 606 $aFinancial regulation and supervision$2imf 606 $aBanks and banking$2imf 606 $aEconomics$2imf 606 $aCrisis management$2imf 606 $aFinancial risk management$2imf 607 $aKorea, Republic of$2imf 615 0$aBank failures$xEconometric models. 615 0$aLiquidity (Economics)$xEconometric models. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aFinancial Risk Management 615 7$aMacroeconomics 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aBanking 615 7$aFinance 615 7$aEconomic & financial crises & disasters 615 7$aFinancial services law & regulation 615 7$aLiquidity 615 7$aBank bailouts 615 7$aBlanket guarantee 615 7$aConsumption 615 7$aAsset and liability management 615 7$aFinancial crises 615 7$aNational accounts 615 7$aLiquidity risk 615 7$aFinancial regulation and supervision 615 7$aBanks and banking 615 7$aEconomics 615 7$aCrisis management 615 7$aFinancial risk management 700 $aMody$b Ashoka$0888386 701 $aKim$b Se-Jik$01558659 712 02$aInternational Monetary Fund.$bEuropean Dept. 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788690003321 996 $aManaging Confidence in Emerging Market Bank Runs$93823233 997 $aUNINA