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By Garett Jones

Why do banks cave in? Are monetary platforms extra fragile in contemporary many years? Can guidelines to mend the banking procedure do extra damage than solid? what is the heritage of banking crises? With dozens of short, non-technical articles through economists and different researchers, Banking Crises deals solutions from diversified scholarly viewpoints.

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Extra resources for Banking Crises: Perspectives from the New Palgrave Dictionary of Economics

Sample text

Moreover, the achievement of price stability is likely to be seriously compromised by any serious bout of financial instability – and vice versa, with financial stability adversely affected by price instability. So the removal of individual bank supervision does not absolve the Bank from concern with financial stability issues more widely; indeed, the Bank is specifically charged with maintaining overall systemic stability in the financial system. But exactly what that means when responsibility for the conduct of individual bank supervision is located elsewhere is not yet entirely clear.

Empirical studies of these unprecedented losses concluded that deposit insurance and other policies that protect banks from market discipline, intended as a cure for instability, have become instead the single greatest source of banking instability. The theory behind the problem of destabilizing protection has been well known for over a century, and was the basis for US President Franklin Roosevelt’s opposition to deposit insurance in 1933 (an opposition shared by many). Deposit insurance was seen as undesirable special interest legislation designed to benefit small banks.

Cambridge: Cambridge University Press. S. 1983. Nonmonetary effects of the financial crisis in the propagation of the great depression. American Economic Review 73, 257–76. S. and Gertler, M. 1990. Financial fragility and economic performance. Quarterly Journal of Economics 105, 87–114. Bordo, M. 1985. The impact and international transmission of financial crises: some historical evidence, 1870–1933. Revista di Storia Economica 2(2d), 41–78. , Kwak, S. and Smith, B. 2000. A user’s guide to banking crises.

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