{"id":1044,"date":"2008-12-13T03:59:18","date_gmt":"2008-12-13T08:59:18","guid":{"rendered":"http:\/\/s265039441.onlinehome.us\/philpaine\/?p=1044"},"modified":"2018-08-10T18:04:34","modified_gmt":"2018-08-10T22:04:34","slug":"17015-%c2%a0%c2%a0-luc-laeven-fabian-valencia-imf-working-paper-systemic-banking-crises-a-new-database%c2%a0-report","status":"publish","type":"post","link":"http:\/\/www.philpaine.com\/?p=1044","title":{"rendered":"17015.&nbsp;(Luc Laeven <span class=\"amp\">&amp;<\/span> Fabian Valencia) <span class=\"caps\">IMF<\/span> Working Paper: Systemic Banking Crises, A New Database&nbsp;[report]"},"content":{"rendered":"<p><!-- @page { margin: 2cm } P { margin-bottom: 0.21cm } --><\/p>\n<p><span style=\"color: #000000;\">This a work\u00ading doc\u00adu\u00adment issued this week by the <span class=\"caps\">IMF<\/span>. It\u2019s essen\u00adtial\u00adly an inter\u00adnal report by their sta\u00adtis\u00adti\u00adcians ana\u00adlyz\u00ading all nation\u00adal liq\u00aduid\u00adi\u00adty crises that have occurred since 1970. There are things worth call\u00ading atten\u00adtion to, in it: There were 124 \u201csys\u00adtemic bank\u00ading crises\u201d spread across dozens of coun\u00adtries between 1970 and 2007. Almost every nation on Earth is in the list \u2014 except Cana\u00adda. We\u2019ve nev\u00ader had&nbsp;one.<!--more--><\/span><\/p>\n<p><span style=\"color: #000000;\">The aver\u00adage fis\u00adcal cost, net of recov\u00ader\u00adies, asso\u00adci\u00adat\u00aded with cri\u00adsis man\u00adage\u00adment can be sub\u00adstan\u00adtial, aver\u00adag\u00ading about 13.3 per\u00adcent of <span class=\"caps\">GDP<\/span>, and can be as high as 55.1 per\u00adcent of <span class=\"caps\">GDP<\/span>. Think of this in rela\u00adtion to the U.S. econ\u00ado\u00admy! There is no end in sight to the line-up of pigs at the trough, and even if the final cost in the U.S. is well below the aver\u00adage, it would make the amount so far look like pock\u00adet change.<\/span><\/p>\n<p><span style=\"color: #000000;\">Out\u00adput loss\u00ades aver\u00adaged about 20 per cent of <span class=\"caps\">GDP<\/span> dur\u00ading the first four years of the cri\u00adsis, and range from zero per cent to a high of 98 per cent of <span class=\"caps\">GDP<\/span>. \u201cThere appears to be a neg\u00ada\u00adtive cor\u00adre\u00adla\u00adtion between out\u00adput loss\u00ades and fis\u00adcal costs, sug\u00adgest\u00ading that the cost of a cri\u00adsis is paid either through fis\u00adcal costs or larg\u00ader out\u00adput loss\u00ades. Fur\u00adther\u00admore \u2026 even in the absence of sig\u00adnif\u00adi\u00adcant gov\u00adern\u00adment inter\u00adven\u00adtion, fis\u00adcal loss\u00ades may be large due to tax rev\u00adenues for\u00adgone because of high\u00ader out\u00adput losses.\u201d<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif; color: #000000;\"><span style=\"font-size: x-small;\"><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This a work\u00ading doc\u00adu\u00adment issued this week by the <span class=\"caps\">IMF<\/span>. It\u2019s essen\u00adtial\u00adly an inter\u00adnal report by their sta\u00adtis\u00adti\u00adcians ana\u00adlyz\u00ading all nation\u00adal liq\u00aduid\u00adi\u00adty crises that have occurred since 1970. There are things worth call\u00ading atten\u00adtion to, in it: There were&nbsp;124&nbsp;\u2026<\/p>\n<p class=\"read-more\"><a href=\"http:\/\/www.philpaine.com\/?p=1044\">Read more \u00bb<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[946,16],"tags":[],"class_list":["post-1044","post","type-post","status-publish","format-standard","hentry","category-b-reading","category-bs-reading-2008"],"_links":{"self":[{"href":"http:\/\/www.philpaine.com\/index.php?rest_route=\/wp\/v2\/posts\/1044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.philpaine.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.philpaine.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.philpaine.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.philpaine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1044"}],"version-history":[{"count":4,"href":"http:\/\/www.philpaine.com\/index.php?rest_route=\/wp\/v2\/posts\/1044\/revisions"}],"predecessor-version":[{"id":8167,"href":"http:\/\/www.philpaine.com\/index.php?rest_route=\/wp\/v2\/posts\/1044\/revisions\/8167"}],"wp:attachment":[{"href":"http:\/\/www.philpaine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.philpaine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1044"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.philpaine.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}