By Elmus Wicker
This is often the 1st significant examine of post-Civil warfare banking panics in virtually a century. the writer has developed for the 1st time estimates of financial institution closures and their prevalence in all of the 5 separate banking disturbances. the writer additionally reevaluates the function of the recent York Clearing condominium in forestalling numerous panics and explains why it didn't achieve this in 1893 and 1907, concluding that structural defects of the nationwide Banking Act weren't the first reason for the panics.
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On average the ﬁscal cost of each of these recent banking crises was of the order of 12% of the country’s GDP but exceeded 40% in some of the most recent episodes in Argentina, Indonesia, Korea, and Malaysia. 1 shows the universality of the problem. These crises have renewed interest of economic research about two questions: the causes of fragility of banks and the possible ways to remedy this fragility, and the justiﬁcations and organization of public intervention. This public intervention can take several forms: • emergency liquidity assistance by the central bank acting as a lender of last resort; • organization of deposit insurance funds for protecting the depositors of failed banks; • minimum solvency requirements and other regulations imposed by banking authorities; • and ﬁnally supervisory systems, supposed to monitor the activities of banks and to close the banks that do not satisfy these regulations.
Economic Review 74(4):2–17. ✐ ✐ ✐ ✐ ✐ ✐ “rochet” — 2007/9/19 — 16:10 — page 18 — #30 ✐ ✐ ✐ ✐ ✐ ✐ ✐ ✐ “rochet” — 2007/9/19 — 16:10 — page 19 — #31 ✐ ✐ PART 1 Why Are there So Many Banking Crises? ✐ ✐ ✐ ✐ ✐ ✐ “rochet” — 2007/9/19 — 16:10 — page 20 — #32 ✐ ✐ ✐ ✐ ✐ ✐ ✐ ✐ “rochet” — 2007/9/19 — 16:10 — page 21 — #33 ✐ ✐ Chapter One Why Are there So Many Banking Crises? 1 Introduction The last twenty years have seen an impressive number of banking and ﬁnancial crises all over the world. In an interesting study, Caprio and Klingebiel (1997) identify 112 systemic banking crises in 93 countries and 51 borderline crises in 46 countries since the late 1970s (see also Lindgren et al.
International Finance Discussion Paper 544, Board of Governors of the Federal Reserve System, March. Kaminsky, G. , and C. M. Reinhart. 1999. The twin crises: the causes of banking and balance-of-payments problems. American Economic Review 89:473–500. Lindgren, C. , G. Garcia, and M. Seal. 1996. Bank Soundness and Macroeconomic Policy. Washington, DC: IMF. , and H. Shin. 1998. Unique equilibrium a model of self-fulﬁlling currency attacks. American Economic Review 88:587–97. , and M. Taylor. 2002.