Systemic Financial Crises: Resolving Large Bank Insolvencies

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Bank failures, like illness and taxes, are almost a certainty at some time in the future. What is less certain is their cost to and adverse implications for macroeconomies. Past failures have frequently been resolved at very high cost to society. However, the cost could be reduced through having a well-developed, credible and widely publicized plan ready to put into action by policymakers. If no such plan is ready when a large bank approaches insolvency, political pressures are likely to influence the response of regulators.

Minimizing immediate, short-run costs are likely to outweigh minimizing further out, longer-run and longer-lasting costs, even if these delayed costs promise to be substantially greater. Stated differently, today will win out over tomorrow and politics will trump economics. How best to prevent such unfavorable outcomes is the major theme of this volume. The articles presented review past insolvency resolutions, draw lessons from these resolutions, discuss impediments to efficient resolutions - including cross-country, cross-regulator, and institutional challenges - and recommend how to move forward.

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Product Details

  • ISBN-13: 9789812563484
  • Publisher: World Scientific Publishing Company, Incorporated
  • Publication date: 9/18/2005
  • Pages: 476
  • Product dimensions: 6.30 (w) x 9.00 (h) x 1.20 (d)

Table of Contents

Being a responsible host : supervising foreign-owned banks 3
Dealing with stress at large and complex financial institutions 17
Changes in the structure of the U.S. financial system and implications for systemic risk 29
The resolution of systemic banking system crises 41
The deposit insurer's role in maintaining financial stability 59
The IMF-World Bank financial sector assessment program : a view from the inside 69
Financial stability and bank solvency 83
A note on financial stability 115
Impediments to fair and efficient resolution of large banks and banking crises 123
Dealing with financial fragility in transition economies 141
The resolution of systemic banking system crises : the way forward 159
Mistakes of bank crisis response 169
Breaking up is hard to do : an essay on cross-border challenges in resolving financial groups 175
"Too big to save" - toward a functional approach to resolving crises in global financial institutions 193
Europe's universalist approach to cross-border bank resolution issues 217
Comments on financial institution resolution : cross-border issues 237
Multiple regulators and resolutions 253
The role of the safety net in resolving large financial institutions 275
Comments on key policy challenges in financial institution resolution : additional complexities 307
BCCI & barings : bank resolutions complicated by fraud and global corporate structure 321
Derivatives and systemic risk : what role can the bankruptcy code play? 347
Argentina and Uruguay in the 2000s : two contrasting experiences of banking crisis resolution 365
Comments on lessons from case studies of large insolvencies 391
The reserve bank of New Zealand's creditor recapitalization (BCR) project : an option for resolving large banks? 397
Planning for efficient resolution 407
Resolving a large bank : the FDIC's perspective 415
Arrangements for financial stability in OECD and EU countries 421
Constructive commitments : communicating plans to impose losses on large bank creditors 441
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