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[PDF] Finance and Stability - Recent Developments in Banking Crises (개인)자료용 글들

Finance and Stability: Recent Developments in Banking Crises

Term paper
Submitted at the
Chair for Business Administration,
especially International Banking and Finance
Professor Dr Reinhart Schmidt / Prof. Franklin Allen, Ph.D
Department of Business Administration and Economics
Johann Wolfgang Goethe University
Frankfurt/Main
By
cand. rer. pol. Kwok-Sing Man
major: business administration
ID:2605131, 8th semester
cand. rer. pol. Jens Kruk
major: business administration
ID:2611248, 7th semester
cand. rer. pol. Ertan Süleyman
major: business administration
ID: 2521862, 8th semester
Abstract

In this paper, we provide some explanations for the occurrence of banking crises. Traditionally, the emergence of banking crises is explained by the panic, fundamental and the moral hazard approach.

We apply these approaches on three different regions that witnessed banking crises: the developed Nordic countries, the emerging Asian countries and the Eastern European countries that experienced an economic and political transformation. Despite being at different stages of economic development all three regions show common ingredients of banking instability. Finally, we focus on modern topics in banking crises. We show how systemic risk arises from financial innovations and from the use of modern regulatory standards.
Table of Contents

List of Figures...........................................................................................................................IV
List of Tables..............................................................................................................................V
List of Abbreviations..................................................................................................................VI
1 Introduction............................................................................................................................1
2 Bank as Financial Intermediaries............................................................................................2
3 Explaining Banking Crises.....................................................................................................3
3.1 Traditional Explanations.................................................................................................4
3.1.1 The PanicApproach..............................................................................................4
3.1.2 The Fundamental Approach.................................................................................5
3.1.3 The Moral Hazard Approach................................................................................5
3.2 Some recent crises..........................................................................................................6
3.2.1 The Nordic Banking Crisis...................................................................................6
3.2.2 The Asian Crisis.................................................................................................11
3.2.2.1 Liberalization of Financial Markets......................................................12
3.2.2.2 Moral Hazard.........................................................................................13
3.2.2.3 Financial Panic......................................................................................14
3.2.2.3.1 Panic vs. Moral Hazard..........................................................15
3.2.2.3.2 The Triggering Moment.........................................................15
3.2.3 The Central and Eastern European Crisis...........................................................16
3.2.3.1 Bad Loans inherited from the Socialist System....................................18
3.2.3.2 Unsound Practices Leading to Moral Hazard........................................19
4 Future challenges..................................................................................................................20
4.1 Systemic Risk and Risk Management Systems............................................................20
4.2 Loading of Systemic Risk in Banks..............................................................................22
4.3 Credit Risk Transfer from Banks to the Insurance Insurance Companies....................24
5 Conclusion...........................................................................................................................28
References...............................................................................................................................29

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