LEADER 05619oam 22009974 450 001 9910828556203321 005 20240402051426.0 010 $a1-4623-8200-2 010 $a1-4527-8639-9 010 $a1-282-84373-7 010 $a1-4518-7307-7 010 $a9786612843730 035 $a(CKB)3170000000055313 035 $a(EBL)1608378 035 $a(SSID)ssj0001477276 035 $a(PQKBManifestationID)11978820 035 $a(PQKBTitleCode)TC0001477276 035 $a(PQKBWorkID)11452779 035 $a(PQKB)10353938 035 $a(OCoLC)645199037 035 $a(MiAaPQ)EBC1608378 035 $a(IMF)WPIEE2009160 035 $a(EXLCZ)993170000000055313 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHow Effective is Fiscal Policy Response in Systemic Banking Crises? /$fSanjeev Gupta, Carlos Mulas-Granados, Emanuele Baldacci 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (40 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1735-X 327 $aContents; I. Introduction; II. Literature Review; III. Fiscal Policy During Banking Crises; Figures; 1. Frequency and Duration of Banking Crises; 2. Economic Consequences of Banking Crises; Tables; 1. Fiscal Aggregates; IV. The Effectiveness of Fiscal Response; 2. Budget Composition: Revenues; 3. Budget Composition Expenditures; 3. Fiscal Policy and Crisis Length; 4. Fiscal Expansion Composition and Post-Crisis Growth; 5. Fiscal Policy, Resolution Policies, and Crisis Length; 6. Fiscal Policy Composition, Resolution Policies, and Crisis Length 327 $a7. Fiscal Policy Composition, Resolution Policies, and Post-Crisis Growth8. Explaining Crisis Length Controlling for Initial Fiscal Conditions; 9. Explaining Crisis Length Controlling for Initial Economic Conditions; 10. Explaining Post-Crisis Growth Controlling for Initial Fiscal Conditions; 11. Explaining Post-Crisis Growth Controlling for Initial Economic Conditions; V. Robustness Analysis; VI. Conclusion; Appendixes; Appendix Tables; A1. Episodes of Banking Crisis in the World, 1980-2008; A2. Budget Composition: Revenues; A3. Budget Composition: Expenditures 327 $aA4. The Relationship Between Containment and Resolution Policies and Crisis LengthA5. Robustness Estimations: Different Definition of Crisis Duration Based on Stock Market Recovery; A6. Robustness Estimations: Focusing on Discretionary Expansionary Fiscal Policy; A7. Robustness Estimations: Controlling for Endogeneity; References 330 3 $aThis paper studies the effects of fiscal policy response in 118 episodes of systemic banking crisis in advanced and emerging market countries during 1980-2008. It finds that timely countercyclical fiscal measures contribute to shortening the length of crisis episodes by stimulating aggregate demand. Fiscal expansions that rely mostly on measures to support government consumption are more effective in shortening the crisis duration than those based on public investment or income tax cuts. But these results do not hold for countries with limited fiscal space where fiscal expansions are prevented by funding constraints. The composition of countercyclical fiscal responses matters as well for output recovery after the crisis, with public investment yielding the strongest impact on growth. These results suggest a potential trade-off between short-run aggregate demand support and medium-term productivity growth objectives in fiscal stimulus packages adopted in distress times. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/160 606 $aBank failures$xCosts$xEconometric models 606 $aFinancial crises$xCosts$xEconometric models 606 $aBanks and Banking$2imf 606 $aFinancial Risk Management$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aFiscal Policy$2imf 606 $aFinancial Crises$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aPublic finance & taxation$2imf 606 $aFiscal policy$2imf 606 $aFiscal stimulus$2imf 606 $aBanking crises$2imf 606 $aRevenue administration$2imf 606 $aFinancial crises$2imf 606 $aRevenue$2imf 607 $aUnited States$2imf 615 0$aBank failures$xCosts$xEconometric models. 615 0$aFinancial crises$xCosts$xEconometric models. 615 7$aBanks and Banking 615 7$aFinancial Risk Management 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aFiscal Policy 615 7$aFinancial Crises 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aEconomic & financial crises & disasters 615 7$aPublic finance & taxation 615 7$aFiscal policy 615 7$aFiscal stimulus 615 7$aBanking crises 615 7$aRevenue administration 615 7$aFinancial crises 615 7$aRevenue 676 $a332 700 $aGupta$b Sanjeev$0257292 701 $aMulas-Granados$b Carlos$0502576 701 $aBaldacci$b Emanuele$0117934 712 02$aInternational Monetary Fund.$bFiscal Affairs Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910828556203321 996 $aHow Effective is Fiscal Policy Response in Systemic Banking Crises$94117264 997 $aUNINA