... Introduction and Outline of the Book 1
References 14
PART 1. WHY ARE THERE SO MANY BANKING CRISES? 19
Chapter 1. Why Are there So Many Banking Crises?
Jean-Charles Rochet 21
1 .1 Introduction 21
1.2 The Sources ... ✐
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Why Are there So Many Banking Crises?
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WHY ARE THERE SO MANY BANKING CRISES? 25
i.e., to provide liquidity assistance to most of the banks on the London
place and it became known as the bankers’ banker. ... ✐
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WHY ARE THERE SO MANY BANKING CRISES? 29
Economists have examined several questions. For exa...
... 0.
(3. 8)
Conditions (3. 7) and (3. 8) are satisfied if the costs of efforts e
0
and e
1
are small and if δ (the increase in the probability of success) and ∆β
(the reduction in the probability of solvency) ... comparative statics of R
∗
(and of the probability
of failure) can be summarized as follows:
(i) R
∗
is a decreasing function of the liquidity r...
... predecessor, the LLR of the twenty-
first century lies at the intersection of monetary policy, supervision and
regulation of the banking industry, and organization of the interbank
market. The issue ... externalities between the CB, interbank
markets, and the banking supervisor. When supervision is not perfect,
so that the insolvent bank cannot be det...
... between the banks and the DIF
on the one hand, and pure public supervision on the other hand.
Proposition 4.3. A purely private organization of the banking sector
leads to too many closures in the ... interbank market:
ˆ
ρ
2
≡ ρ
2
+ρ
21
.
The harder the liquidity shock hitting bank 1, the lower the value of the
interbank loan and the higher the overal...
... the value of the deposits in the other banks. Similarly,
an increase in the fraction of travelers spreads on the other banks a
larger fraction of the loss due to the insolvency of one bank. This ... pass
part of their losses to other banks through the interbank market.
We now compare the two systems for given values of λ and N. We then
compare the exposure t...
... now turn to the other side of the relationship between efficiency and
stability of the banking system, and investigate under which conditions
the closure at time t = 1 of an insolvent bank does not ... Review 81 :497–513.
Calomiris, C. W., and J. R. Mason. 1997. Contagion and bank failures during the
Great Depression: the June 1932 Chicago banking panic. Ameri...
... alleged role of risk-based capital
ratios in the “credit crunch” of the early 199 0s is discussed in Bernanke and Lown ( 199 1),
Berger and Udell ( 199 4), Peek and Rosengren ( 199 5), and Thakor ( 199 6).
3
For ... al. ( 199 9), and
Santos (2000).
6
Discussions of this issue can be found in Berger and Udell ( 199 4), Thakor ( 199 6),
Jackson et al. ( 199 9), and Santo...
... contingent on the level of risk chosen by the bank. Then
they examine the complementarity between two policy instruments of
bank regulators: the level of capital requirements and the intensity of
supervision. ... the increasing
complexity of banking activities, and the impossibility for banking super-
visors to monitor in detail these activities. It is the...
... 1. Why Are there So Many Banking Crises?
Jean-Charles Rochet 21
1.1 Introduction 21
1.2 The Sources of Banking Fragility 23
1.3 The Lender of Last Resort 24
1.4 Deposit Insurance and Solvency Regulations ... deposits against the risk of failure of
their bank.
6
The role of bank supervisors is then to represent
the interests of depositors (or rather...
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... Conjunctions and relative pronouns: grammar exercise
Complete the following sentences using appropriate conjunctions. More than one conjunction may ... will have time I am not sure at the moment.
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... Many and many of | grammar exercise
Both
many
and
many of
are used before countable nouns.
Many
is used before a noun that doesn’t have
another determiner with it.
Many of
is used ... disappointed.
a) Many of
b) Many
c) Either could be used here
3. …………………. them were late.
a) Many of
b) Many
c) Either could be used here
4. There were ……………… children among...