From financial crash to debt crisis

Carmen M Reinhart interviewed by Romesh Vaitilingam,

Date Published

Fri, 04/09/2010

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See Also

Related research here and here.

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Topics

Financial markets Global crisis Macroeconomic policy
Tags
sovereign debt, banking crises, debt

Related Article(s)

The economic and fiscal consequences of financial crises ‘This time is different’: eight hundred years of financial folly
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MP3 Length (Minutes)

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MP3 Length (Seconds)

33

When

March 2010

Where

University of Surrey

Global Crises: Causes, Consequences and Policy Responses

Stijn Claessens interviewed by Viv Davies,

Date Published

Fri, 04/18/2014

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See Also

Stijn Claessens, M Ayhan Kose, Luc Laeven, Fabian Valencia (eds) Global Crises: Causes, Consequences and Policy Responses (IMF, February, 2014) 

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Topics

Macroeconomic policy
Tags
financial crises, banking crises, global crisis, fiscal deficit, debt, default, recovery

Related Article(s)

Derivatives and the Eurozone crisis Understanding contagious bank runs The PADRE plan: Politically Acceptable Debt Restructuring in the Eurozone
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MP3 Length (Minutes)

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When

April 2014

Where

London

A bank restructuring agency for the Eurozone – cleaning up the legacy losses

Thorsten Beck, Christoph Trebesch 18 November 2013

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At the core of the Eurozone crisis is the deadly embrace between banks and governments. Sovereign fragility has led to pressure on banks’ balance sheets. The weak fiscal position of governments in many periphery countries, on the other hand, has led to delays in recognising bank problems and addressing them (Acharya et al., 2012). The situation, however, also has a political dimension, as regulators in many European countries have become too close to the regulated entities.

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Topics:  EU institutions Financial markets

Tags:  eurozone, banking crises, bank restructuring agency

IMF lending and banking crises

Luca Papi, Andrea F Presbitero, Alberto Zazzaro 25 February 2013

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During the 1990s, the IMF’s lending policy has been blamed for imposing the economic recipes of the Washington Consensus on recipient countries. In particular, the liberalisation, privatisation and austerity programs urged by the IMF in Mexico, southeast Asian countries, Russia and Brazil during the dramatic crises of the 1990s are thought to have triggered massive capital outflows and severe banking crises (Stiglitz 2002).

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Topics:  Global governance International finance

Tags:  IMF, banking crises, Eurozone crisis, conditionality

Towards a new framework for bank resolution

Xavier Freixas 01 September 2012

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The current crisis has triggered key changes in the European banking resolution regime that were long overdue. Banks’ bankruptcy legislation is changing rapidly in Europe, facilitating an orderly and speedy resolution of banks in distress.

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Topics:  Global governance International finance

Tags:  banking crises, financial regulation, Bankruptcy, bank resolution

Bank behaviour and risks in an interbank payment system after a major credit event

Evangelos Benos, Rod Garratt, Peter Zimmerman 07 August 2012

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Payment systems (i.e. the means by which banks send and receive payments) require the use of banks’ liquidity. As such, economists and regulators alike are concerned about how banks might behave in a payment system following a major disruption. In a gross settlement payment system,1 banks can use liquidity from incoming payments to fund outgoing ones. This enables them to make payments without having to use their reserves or to borrow in the interbank money market. Banks maximise the degree of payment recycling when they coordinate their payments.

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Topics:  Global crisis

Tags:  banking crises, Lehman Brothers, Fedwire

The curse of advanced economies in resolving banking crises

Luc Laeven, Fabian Valencia 09 July 2012

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Countries typically resort to a mix of policies to contain and resolve banking crises, ranging from macroeconomic stabilisation to financial sector restructuring policies and institutional reforms. However, despite many commonalities in the origins of crises (Reinhart and Rogoff 2009), existing crisis management strategies have been met with mixed success.

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Topics:  Global crisis Macroeconomic policy

Tags:  Sweden, Japan, financial crises, banking crises, global crisis, Eurozone crisis

Calomiris on historical crisis lessons

Richard Baldwin 04 November 2009

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Pundits, policymakers, and macroeconomists often remind us that banking crises are nothing new, an observation sometimes used to argue that crises are inherent to the business cycle or perhaps human nature itself. Charles Kindleberger (1973) and Hyman Minsky (1975) were prominent and powerful advocates of this view, where banking crises result from the propensities of market participants for irrational reactions and myopic foresight.

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Topics:  Macroeconomic policy

Tags:  banking crises, global crisis

The global crisis and central banks in Latin America: Breaking with the past

Luis I. Jácome H. 20 October 2009

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Latin America has a history of recurrent financial crises that took a large toll on economic growth and fuelled social unrest. Frequently, these crises were triggered by exogenous shocks, which unveiled macroeconomic and/or financial weaknesses, leading to simultaneous banking and currency crises. Financial crises, thus, became a primary source of macroeconomic instability and a reason for social frustration, as vast groups of the population, in particular the poorest, often lost their jobs, real income, and savings.

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Topics:  Macroeconomic policy

Tags:  Central Banks, banking crises, global crisis

Understanding a systemic banking crisis

Harald Uhlig 15 October 2009

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Bryant (1980) and Diamond and Dybvig (1983) have provided us with the classic benchmark model for a bank run. The financial crisis of 2007 and 2008 is reminiscent of a bank run, but not quite (Brunnermeier 2008; Gorton 2009).

The following six features summarise the prevalent view of many observers:

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Topics:  Financial markets

Tags:  banking crises, global crisis, bank run

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