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What makes banking crisis resolution difficult? Lessons from Japan and the Nordic Countries

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  • Michael Diemer
  • Uwe Vollmer

Abstract

Banking crisis resolution is often a long-lasting process with large fiscal and social costs. We ask which difficulties authorities face when choosing and implementing resolution packages. We survey the literature analyzing the impact of single resolution instruments on moral hazard and fiscal costs. We argue that no best-practice resolution package exists and that the implementation of a package is subject to coordination failures. Since crisis resolution packages are country-specific, we follow a case-study approach and describe how regulators in Japan and the Nordic countries during the 1990s solved their financial crises. We identify several obstacles the authorities in these countries were faced with and analyse their crisis resolution in the context of moral hazard and fiscal costs. Finally, we use these lessons to reassess the policy reactions in the US and in Europe during the recent financial crisis. Copyright Eurasia Business and Economics Society 2015

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  • Michael Diemer & Uwe Vollmer, 2015. "What makes banking crisis resolution difficult? Lessons from Japan and the Nordic Countries," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 5(2), pages 251-277, December.
    • Handle: RePEc:spr:eurase:v:5:y:2015:i:2:p:251-277
    DOI: 10.1007/s40822-015-0026-5
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    More about this item

    Keywords

    Banking crisis; Resolution instruments; Lender of last resort; Owner of last resort; Political coase theorem; E65; G18; H12; N24; N25;
    All these keywords.

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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