Suchergebnisse

Periods of banking distress are often followed by sizable and long-lasting contractions in bank credit. They may be explained by a declined demand by financially impaired borrowers (the conventional financial accelerator) or by lower supply by capital-constrained banks, a ""credit crunch"". This paper develops a bank model to study credit crunches and their real effects. In this model, banks maintain a precautionary level of capital that serves as a smoothing mechanism to avert disruptions in the supply of credit when hit by small shocks. However, for larger shocks, highly persistent credit cr

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.

Cover Page -- Title Page -- Copyright Page -- Contents -- I. Introduction -- II. The Mexican Manufacturing and Energy Sectors, and The Energy Reform -- A. The components of manufacturing growth -- B. The role of energy as an input in production and the structure of the energy sector -- C. The Mexican energy reform and energy prices -- III. Energy Prices and Manufacturing Output -- A. Data description -- B. Estimation of energy price elasticities -- C. Quantitative importance -- IV. Energy Prices in a Panel VAR Framework -- V. Conclusion -- References -- Footnotes

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