Systemic Financial Crises (eBook, PDF)

Containment and Resolution
Redaktion: Honohan, Patrick

• Format: PDF

Produktbeschreibung

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.

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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 26. September 2005
• Englisch
• ISBN-13: 9780511838729
• Artikelnr.: 38196946

Autorenporträt

Patrick Honohan is a Senior Financial Policy Advisor at the World Bank. Previously he was Economic Advisor to the Taoiseach (Irish Prime Minister) and spent several years as Professor at the Economic and Social Researcg Institute, Dublin, and at the Central Bank of Ireland. Dr Honohan has published widely on macroeconomics and monetary and financial sector issues ranging from exchange rate regimes and purchasing-power parity, to migration, cost-benefit analysis and statistical methodology. Based in Dublin, he is a Member of the Royal Irish Academy and a Research Fellow of the Centre for Economic Policy Research, London. He coedited Financial Liberalization: How Far, How Fast? (Cambridge University Press, 2001) with Gerard Caprio and Nobel Laureate Joseph Stiglitz.

Inhaltsangabe

Foreword Gerard Caprio; Part I. Introduction: 1. Introduction and overview
Patrick Honohan and Luc Laeven; Part II. Containment and Resolution: 2.
Financial crisis policies and resolution mechanisms: a taxonomy from
cross-country experience Charles Calomiris, Daniela Klingebiel and Luc
Laeven; 3. Pitfalls in managing closures of financial institutions
Carl-Johan Lindgren; 4. Bank recapitalization: fiscal, monetary and
incentive implications Patrick Honohan; Part III. Models and Econometric
Evidence: 5. Policies for banking crises: a theoretical framework Rafael
Repullo; 6. Crisis resolution, policies, and institutions: empirical
evidence Stijn Claessens, Daniela Klingebiel and Luc Laeven; Part IV.
Structural Reforms: 7. Financial crises and the presence of foreign banks
Adrian Tschoegl; 8. Maximizing the value of distressed assets: bankruptcy
law and the efficient reorganization of firms David Smith and Per
Strömberg; 9. Crisis resolution and credit allocation: the case of Japan
Joe Peek and Eric Rosengren.