Systemic Banking Crises Revisited

Abstract

Cover -- Contents -- I. Introduction -- II. Definition of a Banking Crisis -- III. Banking Crises Episodes During 1970-2017 -- IV. Crises Sequencing -- V. Policy Response to Banking Crises -- A. Financial Sector Interventions during Crises -- B. Macro Policies -- VI. Crisis Outcomes -- A. Fiscal Costs of Banking Crises -- B. Peak Nonperforming Loans -- C. Systemic Banking Crisis Duration -- D. Output Losses -- VII. Conclusions -- References -- Appendix -- Figures -- 1. Frequency of Systemic Banking Crises Around the World, 1970-2011 -- 2. Systemic Banking Crises Episodes by Income Level 1970-2017 -- 3. Currency and Sovereign Debt Crises Episodes by Income level -- 4. Financial Crises by Type -- 5. Sequencing of Crises -- 6. Containment and Resolution Policies -- 7. Short-term Interest Rates and Fiscal Balances around Banking Crises -- 8. Gross and Net Fiscal Costs of Banking Crises -- 9. Fiscal Costs in Percent of Financial System Assets -- 10. Increases in Public Debt around Banking Crises -- 11. Peak NPLs in Banking Crises Episodes -- 12. Banking Crises Duration -- 13. Output Losses around Banking Crises -- 14. Output and Export Volume Paths around Banking Crises -- Appendix Tables -- 1. Crisis Dates -- 2. Banking Crises Resolution and Outcomes -- 3. Banking Crisis Policy Responses.