Systemic Financial Crises: Containment And Resolution.

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Honohan, Patrick

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ISBN:9780521851855
Editorial: Cambridge University Press
Fecha de la edición:2005
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Nº Pág.:400
Idiomas:Inglés,Ingles

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Faced with a systemic financial sector crisis, policymakers need to make difficult choices under pressure. Based on the experience of many countries in recent years, few have been able to achieve a speedy, lasting and low-cost resolution. This volume considers the strengths and weaknesses of the various policy options, covering both microeconomic (including recapitalization of banks, bank closures, subsidies for distressed borrowers, capital adequacy rules and corporate governance and bankruptcy law requirements) and macroeconomic (including monetary and fiscal policy) dimensions. The contributors explore the important but little understood trade-offs that are involved, such as between policies which take effect quickly, those which minimize long-term fiscal and economic costs, and those which create favorable incentives for future stability. Successfully implementing crisis management and crisis resolution policy required attention to detail and a good flow of information.

Foreword by Gerard Caprio
1 Introduction and overview by Patrick Honohan and Luc Laeven 3
2 Financial crisis policies and resolution mechanisms : a taxonomy from cross-country experience by Charles W. Calomiris and Daniela Klingebiel and Luc Laeven 25
3 Pitfalls in managing closures of financial institutions by Carl-Johan Lindgren 76
4 Fiscal, monetary, and incentive implications of bank recapitalization by Patrick Honohan 109
5 Policies for banking crises : a theoretical framework by Rafael Repullo 137
6 Crisis resolution, policies, and institutions : empirical evidence by Stijn Claessens and Daniela Klingebiel and Luc Laeven 169
7 Financial crises and the presence of foreign banks by Adrian Tschoegl 197
8 Maximizing the value of distressed assets : bankruptcy law and the efficient reorganization of firms by David Smith and Per Stromberg 232
9 Crisis resolution and credit allocation : the case of Japan by Joe Peek and Eric Rosengren 276
App Banking crisis database