LEADER 06186oam 22011174 450 001 9910807166103321 005 20200520144314.0 010 $a1-4623-6589-2 010 $a1-4519-9233-5 010 $a1-282-84087-8 010 $a9786612840876 010 $a1-4518-6994-0 035 $a(CKB)3170000000055034 035 $a(EBL)1605816 035 $a(SSID)ssj0000943990 035 $a(PQKBManifestationID)11501261 035 $a(PQKBTitleCode)TC0000943990 035 $a(PQKBWorkID)10982912 035 $a(PQKB)10081310 035 $a(OCoLC)252904214 035 $a(MiAaPQ)EBC1605816 035 $a(IMF)WPIEE2008135 035 $a(IMF)WPIEA2008135 035 $a(EXLCZ)993170000000055034 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCentral Bank Involvement in Banking Crises in Latin America /$fLuis Jácome 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (51 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/135 300 $aDescription based upon print version of record. 311 $a1-4519-1447-4 320 $aIncludes bibliographical references. 327 $aContents; 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 America 327 $aA. 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 Policy 327 $a7. 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; References 330 3 $aThis paper reviews the nature of central bank involvement in 26 episodes of financial disturbance and crises in Latin America from the mid-1990s onwards. It finds that, except in a handful of cases, large amounts of central bank money were used to cope with large and small crises alike. Pouring central bank money into the financial system generally derailed monetary policy, fueled further macroeconomic unrest, and contributed to simultaneous currency crises, thereby aggravating financial instability. In contrast, when central bank money issuance was restricted and bank resolution was timely executed, financial disturbances were handled with less economic cost. However, this strategy worked provided appropriate institutional arrangements were in place, which highlights the importance of building a suitable framework for preventing and managing banking crises. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/135 606 $aFinancial crises$zLatin America 606 $aMonetary policy$zLatin America 606 $aBank resolution$2imf 606 $aBanking crises$2imf 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBanks and banking$2imf 606 $aBanks$2imf 606 $aCrisis management$2imf 606 $aDepository Institutions$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aFinancial Crises$2imf 606 $aFinancial crises$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aFinancial Risk Management$2imf 606 $aMicro Finance Institutions$2imf 606 $aMonetary base$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney supply$2imf 606 $aMortgages$2imf 607 $aEcuador$2imf 615 0$aFinancial crises 615 0$aMonetary policy 615 7$aBank resolution 615 7$aBanking crises 615 7$aBanking 615 7$aBanks and Banking 615 7$aBanks and banking 615 7$aBanks 615 7$aCrisis management 615 7$aDepository Institutions 615 7$aEconomic & financial crises & disasters 615 7$aFinancial Crises 615 7$aFinancial crises 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aFinancial Risk Management 615 7$aMicro Finance Institutions 615 7$aMonetary base 615 7$aMonetary economics 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMoney and Monetary Policy 615 7$aMoney supply 615 7$aMortgages 676 $a330.9800411 700 $aJácome$b Luis$01450030 801 0$bDcWaIMF 906 $aBOOK 912 $a9910807166103321 996 $aCentral Bank Involvement in Banking Crises in Latin America$94114011 997 $aUNINA