Banking Crises and Short and Medium Term Output Losses in Developing Countries: The Role of Structural and Policy Variables
Banking Crises and Short and Medium Term Output Losses in Developing Countries: The Role of Structural and Policy Variables
复制标题
发展中国家的银行业危机和中短期产出损失：结构和政策变量的作用
DOI：
10.2139/ssrn.1625249
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发表时间：
2010
期刊：
影响因子：
--
通讯作者：
A. Zdzienicka
中科院分区：
文献类型：
--
作者：
D. Furceri;A. Zdzienicka
这项工作的目的是评估银行业危机对发展中经济体的短期和中期影响。本文使用了1970年至2006年159个国家的非平衡面板，表明银行危机在短期和中期都造成了重大的产出损失。影响取决于结构和政策变量。相对较富裕的经济体的产出损失更大，其特点是金融深化程度较高，经常账户失衡较大。人们发现，灵活的汇率、财政和货币政策是减轻危机影响的有效工具。在银行干预政策中，流动性支持是与较低产出损失相关的政策。
The aim of this work is to assess the short and medium term impact of banking crises on developing economies. Using an unbalanced panel of 159 countries from 1970 to 2006, the paper shows that banking crises produce significant output losses, both in the short and in the medium term. The effect depends on structural and policy variables. Output losses are larger for relatively more wealthy economies, characterized by a higher level of financial deepening and larger current account imbalances. Flexible exchange rates, fiscal and monetary policy have been found to be efficient tools to attenuate the effect of the crises. Among banking intervention policies, liquidity support resulted to be the one associated with lower output losses.