Controlling the Fiscal Costs of Banking Crises
Controlling the Fiscal Costs of Banking Crises:

September 2000 - Certain measures add greatly to the fiscal cost of banking crises: unlimited deposit guarantees, open-ended liquidity support, repeated recapitalization, debtor bail-outs, and regulatory forbearance. The findings in this paper tilt the balance in favor of a strict rather than an acc...

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Bibliographische Detailangaben
1. Verfasser: Honohan, Patrick (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C The World Bank 2000
Schlagworte:
Steuer
Bank
Banking
Banking Crises
Banking System
Banking Systems
Banks
Banks and Banking Reform
Central Banks
Currencies and Exchange Rates
Debt Markets
Deposit Guarantees
Economic Theory and Research
Emerging Markets
Finance and Financial Sector Development
Financial Crisis Management and Restructuring
Financial Institutions
Financial Literacy
Financial Systems
Gambling
Governments
Inflation
Liquidation
Loans
Macroeconomics and Economic Growth
Private Sector Development
Public Sector Corruption and Anticorruption Measures
Real Sector
Regulatory Forbearance
Strategies
Systemic Banking Crises
Taxation
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Zusammenfassung:September 2000 - Certain measures add greatly to the fiscal cost of banking crises: unlimited deposit guarantees, open-ended liquidity support, repeated recapitalization, debtor bail-outs, and regulatory forbearance. The findings in this paper tilt the balance in favor of a strict rather than an accommodating approach to crisis resolution. In recent decades, a majority of countries have experienced a systemic banking crisis requiring a major-and expensive-overhaul of their banking system. Not only do banking crises hit the budget with outlays that must be absorbed by higher taxes (or spending cuts), but they are costly in terms of forgone economic output. Many different policy recommendations have been made for limiting the cost of crises, but there has been little systematic effort to see which recommendations work in practice. Honohan and Klingebiel try to quantify the extent to which fiscal outlays incurred in resolving banking distress can be attributed to crisis management measures of a particular kind adopted by the government in the early years of the crisis. They find evidence that certain crisis management strategies appear to add greatly to fiscal costs: unlimited deposit guarantees, open-ended liquidity support, repeated recapitalization, debtor bail-outs, and regulatory forbearance. Their findings clearly tilt the balance in favor of a strict rather than an accommodating approach to crisis resolution. At the very least, regulatory authorities who choose an accommodating or gradualist approach to an emerging crisis must be sure they have some other way to control risk-taking. This paper-a product of Finance, Development Research Group, and Financial Sector Strategy and Policy Department-is part of a larger effort in the Bank to examine the effects of financial sector regulation. The authors may be contacted at phonohan@worldbank.org or dklingebiel@worldbank.org
Beschreibung:Weitere Ausgabe: Honohan, Patrick: Controlling the Fiscal Costs of Banking Crises
Beschreibung:1 Online-Ressource (1 online resource (40 p.))
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