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Banking Crises

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The history of banking around the world has been punctuated by frequent systemic crises. As with Tolstoy's unhappy families, not all crises are the same; distinct roles have been played at different times by mismanagement, government interference and macroeconomic shocks. This review identifies common features of crises in recent decades and describes how costly they have been in terms of their fiscal burden and the impact on macroeconomic growth. It proceeds to outline the conceptual issues identified by theoreticians and considers appropriate policy responses. A lull in the new millennium led to optimism that banking crises might be a thing of the past, but the events of 2007-8 have shown such optimism, often characteristic of previous macro upswings, to be unwarranted.

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  • Gerard Caprio & Patrick Honohan, 2008. "Banking Crises," Department of Economics Working Papers 2008-07, Department of Economics, Williams College.
    • Handle: RePEc:wil:wileco:2008-07
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    Cited by:

    1. Patrick Honohan, 2009. "Bank Failures: The Limitations of Risk Modeling," World Scientific Book Chapters, in: Douglas D Evanoff & Philipp Hartmann & George G Kaufman (ed.), The First Credit Market Turmoil Of The 21st Century Implications for Public Policy, chapter 8, pages 103-123, World Scientific Publishing Co. Pte. Ltd..
    2. Honohan, Patrick, 2008. "Risk Management and the Costs of the Banking Crisis," National Institute Economic Review, National Institute of Economic and Social Research, vol. 206, pages 15-24, October.

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