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| Tekijä: | Hoggarth, G. Reis, R. Saporta, V. |
| Otsikko: | Costs of banking system instability: Some empirical evidence |
| Lehti: | Journal of Banking and Finance
2002 : MAY, VOL. 26:5, p. 825-856 |
| Asiasana: | BANKS BANKING CRISES FISCAL POLICY COSTS OUTPUT |
| Kieli: | eng |
| Tiivistelmä: | This paper assesses the cross country 'stylised facts' on empirical measures of the losses incurred during periods of banking crises. The authors first consider the direct resolution costs to the government and then the broader costs to the welfare of the economy - proxied by losses in GDP. The authors find that the cumulative output losses incurred during crisis periods are large, roughly 15-20%, on average, of annual GDP. In contrast to previous research, the authors also find that output losses incurred during crises in developed countries are as high, or higher, on average, than those in emerging-market economies. Moreover, output losses during crisis periods in developed countries also appear to be significantly larger - 10-15% - than in neighboring countries that did not at the time experience severe banking problems. |
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