From financial crash to debt crisis

Carmen M Reinhart interviewed by Romesh Vaitilingam, 9 Apr 2010

Carmen Reinhart of the University of Maryland talks to Romesh Vaitilingam about the sequencing of the cycle of debt build-ups – from private debt surges to banking crises to sovereign debt crises – and the four ‘deadly D’s’ that once again threaten many governments as a consequence of the current crisis – deficits, debt, downgrade and default. The interview was recorded at the Royal Economic Society’s annual conference at the University of Surrey in March 2010.

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Related research here and here.

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

Global Crises: Causes, Consequences and Policy Responses

Stijn Claessens interviewed by Viv Davies, 18 Apr 2014

Stijn Claessens talks to Viv Davies about the recent IMF book titled 'Global Crises: Causes, Consequences and Policy Responses', co-edited with M Ayhan Kose, Luc Laeven, and Fabian Valencia. The book provides a comprehensive overview of current research into financial crises and the policy lessons learned. They discuss crisis prevention and management, and the crisis in the Eurozone. The interview was recorded in April 2014.

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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: banking crises, debt, default, financial crises, fiscal deficit, global crisis, recovery

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).

Topics: EU institutions, Financial markets
Tags: bank restructuring agency, banking crises, eurozone

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.

Topics: Global governance, International finance
Tags: banking crises, conditionality, Eurozone crisis, IMF

Towards a new framework for bank resolution

Xavier Freixas, 1 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.

Topics: Global governance, International finance
Tags: bank resolution, banking crises, Bankruptcy, financial regulation

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

Evangelos Benos, Rod Garratt, Peter Zimmerman, 7 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.

Topics: Global crisis
Tags: banking crises, Fedwire, Lehman Brothers

The curse of advanced economies in resolving banking crises

Luc Laeven, Fabian Valencia, 9 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.

Topics: Global crisis, Macroeconomic policy
Tags: banking crises, Eurozone crisis, financial crises, global crisis, Japan, Sweden

Calomiris on historical crisis lessons

Richard Baldwin, 4 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.

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.

Topics: Macroeconomic policy
Tags: banking crises, Central Banks, 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:

Topics: Financial markets
Tags: bank run, banking crises, global crisis

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