| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7119 |
| DP7119 The Quality-Complementarity Hypothesis: Theory and Evidence from Colombia | |
| Eric A Verhoogen; Maurice Kugler | |
| 发表日期 | 2009-01-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The historical frequency of banking crises is quite similar in high- and middle-to-low-income countries, with quantitative and qualitative parallels in both the run-ups and the aftermath. We establish these regularities using a unique dataset spanning from Denmark?s financial panic during the Napoleonic War to the ongoing global financial crisis sparked by subprime mortgage defaults in the United States. Banking crises dramatically weaken fiscal positions in both groups, with government revenues invariably contracting, and fiscal expenditures often expanding sharply. Three years after a financial crisis central government debt increases, on average, by about 86 percent. Thus the fiscal burden of banking crisis extends far beyond the commonly cited cost of the bailouts. Our new dataset includes housing price data for emerging markets; these allow us to show that the real estate price cycles around banking crises are similar in duration and amplitude to those in advanced economies, with the busts averaging four to six years. Corroborating earlier work, we find that systemic banking crises are typically preceded by asset price bubbles, large capital inflows and credit booms, in rich and poor countries alike. |
| 主题 | International Macroeconomics |
| 关键词 | Bail out Banking Crisis Debt Equity prices House prices |
| URL | https://cepr.org/publications/dp7119 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535956 |
| 推荐引用方式 GB/T 7714 | Eric A Verhoogen,Maurice Kugler. DP7119 The Quality-Complementarity Hypothesis: Theory and Evidence from Colombia. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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