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Systemic Banking Crises Database; An Update
Fabian Valencia,Luc Laeven +1 more
TLDR
This article updated the widely used banking crisis 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., fiscal costs, output losses, and increases in public debt).Abstract:
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. fiscal costs, output losses, and increases in public debt). We also update our dating of sovereign debt and currency crises. The database includes all systemic banking, currency, and sovereign debt crises during the period 1970-2011. The data show some striking differences in policy responses between advanced and emerging economies as well as many similarities between past and ongoing crises.read more
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Journal ArticleDOI
An unlikely Phoenix: The recovery of Argentina’s monetary and financial system from its ashes in the 2000s and its lessons
TL;DR: Damill et al. this article presented Damill, Mario, et al., this article, a study of the relationship between the authorship of the authors and the authors of the paper.
Dissertation
Financial institutions, markets and structure linkages with economic performance in selected African countries: Time series evidence
Abstract: As traditional sources of financing such as bank lending have slowed down, the call to mobilise financial resources for the attainment of the SDGs and the Africa Agenda 2063 has grown louder. Consequently, the need for more research to identify and understand untapped and underused sources of economic growth has become even more urgent. Unfortunately, although research on the financegrowth linkage is substantial, there seems to be no agreement on the channels and magnitude through which different institutions influence economic growth. For that reason, and to contribute to the finance-growth discourse, 264 trivariate models were estimated for each country (792 in total) in this thesis, to identify the channels and magnitude through which financial systems influence economic growth. The estimation is based on the cointegration and vector-error correction techniques within the Johansen cointegration framework. Estimating trivariate models enabled us to apply one of the 22 control variables at a time, thus testing the robustness of the relationship under different conditions. To cover different aspects of financial systems, 8 different measures of financial development were used. Also, the study was carried out at country level to avoid problems associated with cross-country studies. The study uses time series data from Africa’s three biggest economies, namely: Egypt, Nigeria and South Africa over the period 1971-2013. The thesis is organised into five empirical chapters. Firstly, results from our analysis show that the link between bank development and economic growth in all the three countries is weak and mixed. Egypt is the only country to report overall results, though weak, which show a positive relationship between bank development and economic growth. The results for Nigeria and South Africa are not only weak, but mixed. Secondly, analysis in respect of the relationship between stock market development and economic growth shows that such a relationship is positive in all three countries, albeit based on different measures. In Egypt, our results show that stock market development positively influences economic growth based on both stock market capitalisation and stock market value-traded measures. Results obtained in respect of Nigeria show that stock market value-traded is likely to positively influence 1 These three countries are the three biggest economies in Africa Stellenbosch University https://scholar.sun.ac.za
Macroeconomic Eects of Bank Recapitalizations Work-in-Progress
TL;DR: In this paper, the authors build a dynamic stochastic general equilibrium model, where both banks' balance sheets and the balance sheets of non-financial firms play a role in macro-financial linkages.
Book ChapterDOI
Aquacity Versus Austerity: The Politics and Poetics of Irish Water
TL;DR: In Ireland, when the government resolved to privatize its water infrastructure in 2013, an unexpectedly strong popular resistance movement took to the streets in protest as mentioned in this paper, and the policies of austerity and privatization enacted by European governments in response to the 2008 financial crisis only brought this fact into sharper relief.