This study examines the impact of disclosure requirements on the resolution costs of failed banks. Consistent with the hypothesis that disclosure requirements mitigate information asymmetries in the auctions for failed banks, I find that when failed banks are subject to more comprehensive disclosure requirements, regulators incur lower costs of closing a bank and retain a lower portion of the f...

In this paper, we study the impact of extreme events on the loan portfolios of the Greek banking system. These portfolios are grouped into three separate groups based on the size of the bank to which they belong, in particular, large, medium, and small size. A series of extreme scenarios was performed and the increase in capital requirements was calculated for each scenario based on the standar...

In a number of transition economies the banking systems are at different stages of the transformation process from mostly planned to market economy structures. But the past turbulent year led to further distinctions in development within these countries. While FSU (the former Soviet Union) countries, in particular Russia, were deeply shattered by the SouthEast Asian financial crisis and have su...

The author develops the first comparative empirical study of bank failures during the nineties between East Asia and Latin America using bank-level data, in order to address the following two questions: (i) To what extent did individual bank conditions explain bank failures? (ii) Did mainly the weakest banks, in terms of their fundamentals, fail in the crisis countries? The main results for Eas...

Article history: Received 16 July 2012 Received in revised form 23 August 2013 Accepted 3 September 2013 Available online 13 September 2013 The global financial crisis has caused controversial discussions about the capital base of the banking industry in Europe. Dividend cuts and omissions have been suggested as one possibility to improve the financial strength of banks by retaining earnings. H...

Ireland's banking system is among the most open in the world, with a significant amount of the industry headquartered in other countries. In this paper we examine the development of the industry in the run up to the recent domestic and international financial crises. We highlight the three distinct categories of banks operating in Ireland, which allows for a more accurate analysis of the intera...

I am delighted to have been invited to speak here at the International Centre for Banking and Monetary Studies in Geneva. I understand that you have in the past had many lectures from central bankers from Europe and the United States, but no one yet from Asia. I therefore feel particularly honoured to be the first Asian central banker to speak to you. This is timely, since banking and monetary ...

The on-going financial crisis results not from a cyclical or managerial failure, but from a structural one. Part of the evidence for this assertion is that there have already been more than 96 other major banking crises over the past 20 years, and that such crashes have happened even under very different regulatory systems as well as, at different stages of economic development. Better solution...

I present a general equilibrium model of banking in which financial crises can be due to panics (i.e., coordination failures that give rise to multiple equilibria) or fundamentals. Crises are systemic, in the sense that many banks are insolvent and subject to runs. A financial crisis is also characterized by a flight to safety-liquidity, and by sales of assets by banks at a depressed price, tha...

This paper explores a pluralist approach to policy with respect to the financial system in the wake of the crisis. We consider first what is involved in a pluralist approach to policy more generally, and how this may be justified. This includes a pluralist stance with respect to different approaches to economic theory, pluralism in the sense of interdisciplinary enquiry, pluralism in terms of r...