Twin Crises The Contribution Of Overborrowing To Interdependencies Of Banking And Currency Crises
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Twin Crises The Contribution Of Overborrowing To Interdependencies Of Banking And Currency Crises
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Author : Tim Ebner
language : de
Publisher: GRIN Verlag
Release Date : 2013-02-13
Twin Crises The Contribution Of Overborrowing To Interdependencies Of Banking And Currency Crises written by Tim Ebner and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-13 with Business & Economics categories.
Bachelorarbeit aus dem Jahr 2009 im Fachbereich VWL - Internationale Wirtschaftsbeziehungen, Note: 2,3, Westfälische Wilhelms-Universität Münster (Institut für Internationale Ökonomie), Sprache: Deutsch, Abstract: The occurrence of twin crises can evoke serious recessions. From 1976 to 2002 there were 38 countries afflicted by at least one twin crisis. McKinnon and Pill (1996, 1997, 1998, 1999) set basic milestones in respect of international overborrowing and drew a linkage to twin crises. Their papers are still increasingly cited by current publications. This paper at first systemizes literature on currency, banking and twin crises and gives a review on several contributions. The second section deals with the third generation model of McKinnon and Pill concerning “The Overborrowing Syndrome”. Their key finding is that loan guarantees may lead via excessive borrowing to a twin crisis. After this, policy conclusions to counteract international overborrowing and a review on the development of theoretical overborrowing papers will complete the second section. In section three it will refer to empirical studies on crises and overborrowing. Section four closes with final remarks.
Capital Flows And The Twin Crises
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Author : Mr.Ilan Goldfajn
language : en
Publisher: International Monetary Fund
Release Date : 1997-07-01
Capital Flows And The Twin Crises written by Mr.Ilan Goldfajn and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-07-01 with Business & Economics categories.
This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in capital flows: large inflows, crisis and abrupt outflows. The model highlights how adverse productivity and international interest rate shocks may trigger a sudden outflow of capital and an exchange collapse. The initial shock is magnified by the behavior of individual foreign investors linked through their deposits in the intermediaries. The expectation of an eventual exchange rate crisis links investors’ behavior even further.
The Twin Crises
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Author : Graciela Laura Kaminsky
language : en
Publisher:
Release Date : 1996
The Twin Crises written by Graciela Laura Kaminsky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Balance of payments categories.
Intertwined Sovereign And Bank Solvencies In A Model Of Self Fulfilling Crisis
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Author : Gustavo Adler
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-01
Intertwined Sovereign And Bank Solvencies In A Model Of Self Fulfilling Crisis written by Gustavo Adler and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-01 with Business & Economics categories.
Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence between fiscal and bank solvency. This paper presents a simple model of twin (sovereign and banking) crisis that stresses how this interdependence creates conditions conducive to a self-fulfilling crisis.
Cross Country Empirical Studies Of Systemic Bank Distress A Survey
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Author :
language : en
Publisher: World Bank Publications
Release Date : 2005-05-01
Cross Country Empirical Studies Of Systemic Bank Distress A Survey written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-05-01 with Business & Economics categories.
A rapidly growing empirical literature is studying the causes and consequences of bank fragility in present-day economies. The paper reviews the two basic methodologies adopted in cross-country empirical studies-the signals approach and the multivariate probability model-and their application to studying the determinants of banking crises. The use of these models to provide early warnings for crises is also reviewed, as are studies of the economic effects of banking crises and of the policies to forestall them. The paper concludes by identifying directions for future research.
Banking And Currency Crises
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Author : Reuven Glick
language : en
Publisher:
Release Date : 1999
Banking And Currency Crises written by Reuven Glick and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Bank failures categories.
Banking And Balance Of Payments Crises
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Author : Claudia M. Buch
language : en
Publisher:
Release Date : 1998
Banking And Balance Of Payments Crises written by Claudia M. Buch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Balance of payments categories.
Remedies For Twin Currency Banking Crises
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Author : Levent Yildiran
language : en
Publisher:
Release Date : 2003
Remedies For Twin Currency Banking Crises written by Levent Yildiran and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
The moral hazard of four groups of agents determines the likelihood of crises. Chapter 2 is on banks'moral hazard. The question is, how to optimally regulate heterogeneous banks ? It shows that the banks which have higher cost borrowing are more likely to gamble, so they must be subject to more strict capital requirements. Chapter 3 is on banks' and depositors' moral hazard. It explains why capital regulations may be inadequate and whether market discipline can be established through subordinated debt requirement. Chapter 4 is on international investors' and local governements' moral hazard. It identifies the market failures that lead to excessive hot money flows to developing countries : International investors overlend because there are externalities among them; local governments overborrow because they maximize their short term private benefits. It proposes that the capital flows to a country should be constrained to the foreign currency generating capacity of that country.
Credit Constraints Financial Liberalisation And Twin Crises
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Author : Haibin Zhu
language : en
Publisher:
Release Date : 2013
Credit Constraints Financial Liberalisation And Twin Crises written by Haibin Zhu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper proposes a continuous-time framework that explains some stylised facts in recent quot;twin crisesquot; episodes. I show that access to the world capital market enables the domestic economy to achieve a more efficient allocation of resources. However, the banking sector becomes more fragile when this international borrowing is wealth-constrained. A temporary shock is amplified and becomes persistent due to the interaction between the value of bank assets and the borrowing constraint. Depending on the exchange rate regime arrangement and the policy of the central bank, this financial fragility can evolve into a banking crisis, a currency crisis, or the simultaneous occurrence of both.
Financial Crises Explanations Types And Implications
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Author : Mr.Stijn Claessens
language : en
Publisher: International Monetary Fund
Release Date : 2013-01-30
Financial Crises Explanations Types And Implications written by Mr.Stijn Claessens and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-30 with Business & Economics categories.
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.