Abiad, Abdul, Ravi Balakrishnan, Petya Koeva Brooks, Daniel Leigh, and Irina Tytell. Journal of Money, Credit, and Banking 45(S2): 5986. References: View references in EconPapers View complete reference list from CitEc Citations: View citations in EconPapers (64) Track citations by RSS feed. The ratios to GDP are computed using the latest GDP series. The RePEc plagiarism page, Luc Laeven (Obfuscate( 'ecb.europa.eu', 'luc.laeven' )) and Financial Crises: Causes, Consequences, and Policy Responses. The Euros Three Crises. We provide new evidence that crises in high-income countries tend to last longer and be associated with higher output losses, lower fiscal costs. Section Abstract This paper updates and expands the database on systemic banking crises presented in Laeven and Valencia (IMF Econ Rev 61(2):225270, 2013a). Comparison of Market and Accounting Values of Bank Equity, end-2010 -- 4. The database draws on 151 systemic banking crisis episodes around the globe during 1970-2017 to include information on crisis dates, policy responses to resolve banking crises, and their fiscal and output costs. Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. Laeven, L., Valencia, F. Systemic Banking Crises Database II. contribute. The Use of Blanket Guarantees in Banking Crises. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Identifying the overlap between banking (currency) and sovereign crises follows the same approach, with t the year of a banking (currency) crisis. 2017. Credit Supply Shocks, Network Effects, and the Real Economy. Learn more about Institutional subscriptions, Source: World Economic Outlook, IMF, IFS, and authors calculations. The data show some striking differences in policy responses between advanced and emerging economies as well as many similarities between past and ongoing crises. Financial Crises and Recapitalizations. IMF Economic Review 59: 683716. This paper updates the database on systemic banking crises presented in Laeven and Valencia (2008, 2013). When the Walk is Not Random: Commodity Prices and Exchange Rates. Homar, Timotej, and Sweder J.G. Aslam, Aqib, Patrick Blagrave, Eugenio Cerutti, Sung Eun Jung, and Carolina Osorio-Buitron. This paper updates the database on systemic banking crises presented in Laeven and Valencia (2013a). 2022 International Monetary Fund. PubMedGoogle Scholar. Dating Banking Crises Using Incidence and Size of Bank Failures: Four Crises Reconsidered. The database draws on 151 systemic banking crisis episodes around the globe during 19702017 to include information on crisis dates, policy responses to resolve banking crises, and their fiscal and output costs. We provide new evidence that crises in high-income countries tend to last longer and be associated with higher output losses, lower fiscal costs, and more extensive use of bank guarantees and expansionary macro-policies than crises in low- and middle-income countries. 2018. However, milder thresholds tend to increase the proportion of non-systemic events in the sample, while our focus is on systemic crises. We also update our dating of sovereign debt and currency crises. SBCD Format A data frame with 574 observations on the following 4 variables. Data Provider: Laeven and Valencia This paper introduces a new database of financial crises, providing an important insight into the causes, duration, and consequences of different types of financial crises. Section II presents the policy responses and outcomes in terms of fiscal costs and real costs during banking crises. This conclusion is different than the one in Mishkin (1996), written before the global financial crisis, which affected mostly advanced countries with intensity and global proportion not seen since the Great Depression. IMF Working Paper No. The paper also presents information on the costs and policy responses associated with banking crises. This paper updates the database on systemic banking crises presented in Laeven and Valencia (2008, 2013). Washington, DC: International Monetary Fund. slund, Anders. Washington, DC: International Monetary Fund. Stone, M., K. Fujita, and K. Ishi. Honohan, Patrick, and Luc Laeven (eds.). Global Development Finance. Recessions and Recoveries: Are EMs Different from AEs? On the Real Effects of Bank Bailouts: Micro Evidence from Japan. The database draws on 151 systemic banking crisis episodes around the globe during 1970-2017 to include information on crisis dates, policy responses to resolve banking crises, and. American Economic Review 98(1): 439457. ; The Bank Capital Channel of Monetary Policy. . IMF. The data show some striking differences in policy responses between advanced and emerging economies as well as many similarities between past and ongoing crises. Usage SBCD Format. For crises starting in 2007 or later, we use as pre-crisis projected debt increase, between T1 and T+3, reported in the World Economic Outlook (WEO) issued in the fall of the year before the crisis start date (T) while the post-crisis actual debt increase, again over T1 and T+3, is based on datafrom the Fall 2017 WEO. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Luc Laeven This paper highlights problems with existing narrative chronologies of banking crises and showcases new quantitative approaches for reconstructing and analyzing the global history of banking crises. Date: 2020 Resolution of Banking Crises: The Good, the Bad, and the Ugly. Sovereign Defaults: The Price of Haircuts. As noted in Caprio and Klingebiel (1996), some judgment has gone into the . The database draws on 151 systemic banking crisis episodes around the globe during 1970-2017 to include information on crisis dates, policy responses to resolve banking crises, and their fiscal and output costs. 2012. The Resource Systemic Banking Crises : a New Database Systemic Banking Crises : a New Database We provide new evidence that crises in high-income countries tend to . Banking Crises We start with a definition of a systemic banking crisis. Fratzscher, Marcel, Arnaud Mehl, and Isabel Vansteenkiste. Washington, DC: International Monetary Fund. according to laeven and valencia (2012), a banking crisis is considered as 'systemic' if two conditions are met: (i) significant signs of financial distress in the banking system (as. Time to take this seriously. Washington, DC: International Monetary Fund. Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. 2017. ; 2018. Journal Articles 2013. Obstfeld, Maurice. Products and services. By clicking accept or continuing to use the site, you agree to the terms outlined in our. 2022 International Monetary Fund. The paper also presents information on the costs and policy responses associated with banking crises. 61, issue 2, 225-270. Banking It proposes a methodology to date banking crises based on policy indices, and examines the robustness of this approach. Ongoing Banking Crises Table 1 lists recent and ongoing cases that meet our definition of a systemic banking crisis. Under our definition, in a systemic banking crisis, a country's corporate and financial sectors experience a large number of defaults and financial institutions and corporations face great difficulties repaying contracts on time. IMF. It proposes a methodology to date banking crises based on policy indices, and examines the robustness of this approach. Questions or problems? country the country, as it appears in the data type Leveraged Bubbles. 11/05. Export reference: BibTeX 2011. Our innovative products and services for learners, authors and customers are based on world-class research and are relevant, exciting and inspiring. Kohlscheen, Emanuel, Fernando Avalos, and Andreas Schrimpf. Systemic Banking Crises Database. Systemic Banking Crises Database. American Economic Journal: Macroeconomics 5: 135167. 10/44. 17/343. In New Approaches to Monetary Economics, ed. cs/journal/41308/PS2. These early warning system models allowed researchers to distinguish certain key, This paper examines the risk factors associated with fiscal costs of systemic banking crises using cross-country data. 1996. This project provides a standalone script in Stata to download the original Laeven and Valencia (2020) Systemic Banking Crises Database from the IMF Working Paper Page. IMF Staff Discussion Note 18/02. In the case of European Union countries, for which cross-border claims can be sizeable, we instead use data from the European Central Bank (ECB) on the consolidated assets of financial institutions (excluding the Eurosystem and other national central banks), after netting out the aggregated balance sheet positions between financial institutions. Crises Outcomes and Resolution in the Euro Area and the United States -- Figures -- 1. Handle: RePEc:pal:imfecr:v:68:y:2020:i:2:d:10.1057_s41308-020-00107-3, http://link.springer.com/10.1057/s41308-020-00107-3, https://EconPapers.repec.org/RePEc:pal:imfecr:v:68:y:2020:i:2:d:10.1057_s41308-020-00107-3, http://www.springer. Schularick, Moritz, and Alan M. Taylor. Fabian Valencia, Free Download. This paper analyzes the links between banking and. 2012. Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 18702008. percent of banking system assets) or (ii) fiscal restructuring costs of the banking sector are sufficiently high exceeding 5 percent of GDP. Abstract: The paper presents a comprehensive database on systemic banking crises during 1970-2011. 2002. This paper presents a new database on the timing of systemic banking crises and policy responses to resolve them. Washington, DC: International Monetary Fund. While our approach resembles that of Frankel and Rose (1996), our thresholds are not identical to theirs. Jorda, Oscar, Moritz Schularick, and Alan M. Taylor. The Eurozone Crisis: How Banks and Sovereigns Came to be Joined at the Hip. Kroszner, Randall, Luc Laeven, and Daniela Klingebiel. Use the free Adobe Acrobat Reader to view this PDF file. Creator Valencia, Fabian Stories of the Twentieth Century for the Twenty-First. 68.2020, 2, p. 307-361 2013. Cambridge: MIT Press. How Emerging Europe Came Through the 2008/09 CRISIS: An Account by the Staff of the IMFs European Department. Results, View 15 excerpts, cites background and methods, We study optimal bailout policies in the presence of banking and sovereign crises. . This paper updates and expands the database on systemic banking crises presented in Laeven and Valencia (IMF Econ Rev 61(2):225270, 2013a). The database covers the universe of systemic banking crises for the period 1970-2007, with detailed data on crisis containment and resolution policies for 42 crisis episodes, and also includes data on the timing of currency crises and sovereign debt crises. American Economic Review 102(2): 10291061. American Economic Review 107(10): 30723118. Systemic Banking Crises Database II. Cruces, Juan J., and Christoph Trebesch. American Economic Journal: Macroeconomics 5(3): 85117. Global financial crisis of 2008-2009 A. Journal of Financial Economics 121(3): 569594. Bank Insolvencies: Cross-Country Experience. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. The data show some striking differences in policy responses between advanced and emerging economies as well as many similarities between past and ongoing crises. Washington: World Bank. Laeven, Luc, and Fabian Valencia. It proposes a methodology to date banking crises based on policy indices, and examines the robustness of this approach. New Evidence from the FDIC-Induced Failure of Healthy Banks. This Time is Different: Eight Centuries of Financial Folly. Journal of Finance 68(1): 142. From Financial Crash to Debt Crisis. Washington, DC: International Monetary Fund. Global Trade: Whats Behind the Slowdown? Cerra, Valerie, and Sweta Saxena. The Twin Crises: The Causes of Banking and Balance-of-Payments Problems. Caprio, Gerard, and Daniela Klingebiel. Journal of Monetary Economics 76: S1S20. Debt Defaults and Lessons from a Decade of Crises. Ongoing Banking Crises . Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. Van Den Heuvel, Skander. 2006. Washington, DC: World Bank. II. 1996. The database includes all systemic banking, currency, and sovereign debt crises during the period 1970- 2011. Laeven and Valencia (2013a) also report the increase in reserve money across episodes, which also captures the use of unconventional monetary policy, to conclude the greater use of monetary policy in high-income countries. Luc Laeven. It proposes a methodology to date banking crises based on policy indices, and examines the robustness of this approach. This paper updates the database on systemic banking crises presented in Laeven and Valencia (2013a). Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. Bernanke, Ben, and Mark Gertler. 2014. Demirg-Kunt, Asli, and Enrica Detragiache. Annotation 2014. 08/224. Mody, Ashoka, and Damiano Sandri. Related works:Journal Article: Systemic Banking Crises Database (2013) This item may be available elsewhere in EconPapers: Search for items with the same title. 2013b. Journal of International Economics 41: 351366. W. Barnett and K. Singleton. 1998. Data are available on country-level data and cover the world. Our calculation of fiscal costs also excludes deferred tax assets (i.e., for Spain, these deferred tax assets amounted to 70 billion as of end-2016 according to IMF 2017). Finance at Center Stage: Some Lessons of the Euro Crisis. Part of Springer Nature. Abstract This paper updates the database on systemic banking crises presented in Laeven and Valencia (2013a). Download PDF. Semantic Scholar is a free, AI-powered research tool for scientific literature, based at the Allen Institute for AI. Cookies at EconPapers, The RePEc blog Systemic Banking Crises Database II Description. It proposes a methodology to date banking crises based on policy indices, and examines the robustness of this approach. Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. SpainPublication of Financial Sector Assessment Program DocumentationTechnical Note on Impaired Assets and Nonperforming Loans. Economic Policy 27(70): 199230. The database draws on 151 systemic banking crisis episodes around the globe during 1970-2017 to include information on crisis dates, policy responses to resolve banking crises, and their fiscal and output costs. We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. Software Components, EconPapers FAQ Bank credit series is deflated using CPI from WEO. University of Pennsylvania Unpublished Manuscript. EconPapers is hosted by the IMF Working Paper (forthcoming). American Economic Review 89: 473500. We complement the banking crisis dates with sovereign debt and currency crises dates to find that sovereign debt and currency crises tend to coincide with or follow banking crises. IMF. Eurasian Geography and Economics 50(4): 371386. Bank Recapitalization and Economic Recovery After Financial Crises. The database covers the universe of systemic banking crises fo r the period 1970-2007, with detailed data on crisis containment and resolution policies for 42 Romer, David, and Christina Romer. The database . Baron, Matthew, Emil Verner, and Wei Xiong. 2013. Frequency of Systemic Banking Crises Around the World, 1970-2011 -- 3. M. Stijn Claessens, Ayhan Kose, Luc Laeven, and Fabian Valencia. Besides extending the, View 10 excerpts, cites background and methods, The last two decades characterized by financial crisis episodes have seen a proliferation of empirical studies. Banking Crises We start with a definition of a systemic banking crisis. Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. However, whenever available, we also report fiscal costs expressed in % of financial system assets. We compute trend real GDP using an HP filter (with =100) to the log of real GDP series over the period [T20, T1] or the longest available series as long it includes at least 4 pre-crisis observations. Reduce the time it takes to create your bibliography by a factor of 10 by using the world's favourite reference manager. We exclude domestic non-deposit liabilities from the denominator of this ratio because information on such liabilities is not readily available on a gross basis. Claessens, Stijn, M. Ayhan Kose, Luc Laeven, and Fabian Valencia (eds.). 2007. Luc Laeven, Free Download. Therefore, we exclude a few variables from the current release, but the reader can still find them in Laeven and Valencia (2013a). Emerging Financial Markets. Banking Crises Cycles . IMF Board Paper. We study the behavior of money, credit, and, Newly developed long historical time series on public debt, along with modern data on external debts, allow a deeper analysis of the cycles underlying serial debt and banking crises. When the definition is met in the first year of the crisis, then we set the crisis end year equal to the starting year. The paper presents a comprehensive database on systemic banking crises during 1970-2011. Alfaro, Laura, Manuel Garcia-Santana, and Enrique Moral-Benito. Whats the Damage? Bakker, Bas B., and Christoph Klingen. 2011. Frankel, Jeffrey, and Andrew Rose. NBER Working Paper No. This database updates the work by Caprio and Klingebiel (1996, 1999) using various sources. We complement the banking crises dates with sovereign debt and currency crises dates to find that sovereign debt and currency crises tend to coincide or follow banking crises. Access to full text is restricted to subscribers. 2017. Medium-Term Output Dynamics After Financial Crises. From Banking to Sovereign Stress: Implications for Public Debt. 2012. In this article, we aim to analyze the link between banking and currency crises and to illustrate the essential, View 7 excerpts, cites background and methods, This paper examines how pre-crisis conditions affect the duration of different types of financial crises using a data sample of 244 financial crises in 89 countries over the period 1985-2017. Appendix on Commercial Debt Restructuring. . Journal of Financial Economics 84: 187228. New York: Cambridge University Press. Should Unconventional Balance Sheet Policies Be Added to the Central Bank Toolkit?. There likely are countries not shown that had smaller crises since the late 1970s. Bank resolution Under our definition, in a systemic banking crisis, a country's corporate and financial sectors experience a large number of defaults and financial institutions and corporations face great difficulties repaying contracts on time. IMF Country Report No. 2005. We provide new evidence that crises in high-income countries tend to last longer and be associated with higher output losses, lower fiscal costs, and more extensive use of bank guarantees and expansionary macro-policies than crises in low- and middle-income countries. Reinhart, Carmen, and Kenneth Rogoff. 2015. 2014. DellAriccia, Giovanni, Maria Soledad Martinez Peria, Deniz O Igan, Elsie Addo Awadzi, Marc Dobler, and Damiano Sandri. Appendix to Chapter 1. 9415. Cerra and Saxena (2017) argue that on average, all types of recessions, not just those associated with financial and political crises, lead to permanent output losses. IMF World Economic Outlook, Chapter 2. We have streamlined the accompanying data file to facilitate use and to include only variables where the updating was feasible. Spainpublication of Financial Shocks: the Case of Japan learn more about Institutional,!, Deniz O Igan, Elsie Addo Awadzi, Marc Dobler, and calculations. 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