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This paper updates the database on systemic banking crises presented in Laeven and Valencia (2008, 2013). Drawing on 151 systemic banking crises episo...
A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the eff...
An Update
We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including upd...
The Good, the Bad, and the Ugly
This paper presents a new database of systemic banking crises for the period 1970-2009. While there are many commonalities between recent and past cri...
How to Deal with Credit Booms
This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country e...
The appropriate level of bank capital and, more generally, a bankโs capacity to absorb losses, has been at the core of the post-crisis policy debate...
A New Database
We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a nov...
Causes, Consequences, and Policy Responses
The lingering effects of the economic crisis are still visibleโthis shows a clear need to improve our understanding of financial crises. This book s...
This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. We extend our earlier dataset by including recent a...
Cross-country Experience
"The goals of financial restructuring are to reestablish the creditor-debtor relationships on which the economy depends for an efficient allocation of...
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This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this...
Evidence from International Data
"Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new ...
The proposed SDN documents the evolution of bank size and activities over the past 20 years. It discusses whether this evolution can be explained by e...
We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packag...
"Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on the ownership of banks intern...
Rationale and Challenges
Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare....
Evidence from the United States
We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. ...
New Evidence
Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period...
Cross-country Evidence
"There is a wide cross-country variation in the institutional structure of bank failure resolution, including the role of the deposit insurer. The aut...
Policies and Institutions
"Claessens, Klingebiel, and Laeven analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking cris...
"The relationships among competition in the financial sector, access of firms to external financing, and associated economic growth are ambiguous in t...
In episodes of significant banking distress or perceived systemic risk to the financial system, policymakers have often opted for issuing blanket guar...
The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has bro...
Laeven uses a political economy framework to analyze cross-country differences in deposit insurance coverage. He finds supporting evidence of the sign...
This paper examines the impact of bank regulations, concentration, inflation, and national institutions on bank net interest margins using data from o...
The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot be si...
A Timely Update in COVID-19 Times
This paper updates the database on systemic banking crises presented in Laeven and Valencia (2013a). Drawing on 151 systemic banking crises episodes a...
We provide a theoretical foundation for the claim that prolonged periods of easy monetary conditions increase bank risk taking. The net effect of a mo...
This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affil...
Firm-level Evidence from Eastern Europe
The authors study differences in the use of two corporate governance provisions - cumulative voting and proxy by mail voting - in a sample of 224 firm...
What Tools to Use?
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit co...
This paper shows that banks use accounting discretion to overstate the value of distressed assets. Banks' balance sheets overvalue real estate-related...
Evidence From U.S. Banks
This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuati...
This paper presents a model of a multinational firm's optimal debt policy that incorporates international taxation factors. The model yields the predi...
This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest...
Abstract: "Drawing on the recent literature on economic institutions and the origins of economic development, the authors offer a political economy ex...