Responding to Banking Crises : Lessons From Cross-Country Evidence /
A common legacy of banking crises is a large increase in government debt, as fiscal resources are used to shore up the banking system. Do crisis response strategies that commit more fiscal resources lower the economic costs of crises? Based on evidence from a sample of 40 banking crises we find that...
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| Format: | Book |
| Language: | English |
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Washington, D.C. :
International Monetary Fund,
2010
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| Edition: | 1st ed |
| Series: | IMF Working Papers; Working Paper ;
No. 2010/018 |
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Table of Contents:
- Intro
- Contents
- I. Introduction
- II. Methodology and Data
- A. Empirical Model
- B. Policy Response Index
- C. Control Variables
- D. The Instrument
- III. The Results
- A. Results from Baseline Specification
- B. Comparison with Other Results in the Literature
- C. Sensitivity Analysis: Additional Controls
- D. Sensitivity Analysis: Alternative Measures of Crisis Performance
- E. Sensitivity Analysis: Alternative Policy Response Indexes
- F. Fiscal Policy during the Crisis.
- IV. Conclusions
- References
- Text Tables
- 1. Correlation among Crisis Performance Measures
- 2. Construction of the Policy Index
- 3. Crisis Episodes, Policy Response, and Political System
- 4. Cross-Correlations between Political System and Crisis Policies
- 5. Baseline Results
- 6. Additional Control Variables
- 7. Alternative Measures of Crisis Performance
- 8. Alternative Policy Indexes
- 9. Fiscal Policy Response and Political System
- Figure 1. Distribution of Policy Index
- Appendix Tables
- A1. Variable Definitions and Data Sources
- A2. Summary Statistics
- A3. Cross Correlations among Variables