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Systemic Crisis (systemic + crisis)
Selected AbstractsPreventing Systemic Crises through Bank TransparencyECONOMIC NOTES, Issue 2 2004Ari Hyytinen The banking system is known to be vulnerable to self-fulfilling crises that are caused by depositors' co-ordination failure. We show that transparency regulation may prevent certain types of systemic crisis by eliminating the possibility of coordination failure. (J.E.L.: G21, G28). [source] Corporate Bankruptcy in Korea: Only the Strong Survive?FINANCIAL REVIEW, Issue 4 2000Paola Bongini G30/G32/G33 Abstract We analyze whether the build-up of financial vulnerabilities led listed Korean companies to bankruptcy. We find that pre-crisis leverage is systematically high for both poor performing/slow growing firms and for profitable/fast-growing firms. Pre-crisis leverage raises the probability of bankruptcy, which is lower for firms: (1) relying more on (renegotiable) bank credit; (2) with less inter-firm debt; and (3) having higher interest coverage ratios. Finally, none of these liquidity variables help predict bankruptcies for chaebol-firms, suggesting that liquidity constraints are more stringent for non-chaebol. Thus, in a systemic crisis it is not only the strong/healthy that survive. [source] How Crisis Shapes Change: New Perspectives on China's Political Economy during the Sino-Japanese War, 1937,19451HISTORY COMPASS (ELECTRONIC), Issue 4 2007Morris L. Bian This article surveys the recent literature on China's political economy during the Sino-Japanese War (1937,45). This literature reveals that the war-triggered sustained systemic crisis brought about the most intensive Nationalist state-building efforts, the danwei designation of political, economic, and administrative organizations, the expansion of state-owned industries and the decline of the private sector, the creation of a state enterprise system, and the formation of an ideology of developmental state. This literature suggests that the elements of post-1949 institutional and structural arrangements and ideological systems developed well before 1949. Therefore, the critical issue is no longer that of establishing institutional, structural, and ideological continuity between the Nationalist and Communist eras; instead, it rests in understanding why and how the Chinese Communists kept intact, built on, and expanded existing institutions, structures, and ideologies in certain key areas of political, economic, and administrative life. [source] The Global Financial Stability Architecture Fails Again: sub-prime crisis lessons for policymakersASIAN-PACIFIC ECONOMIC LITERATURE, Issue 1 2009Sitikantha Pattanaik Every financial crisis leaves behind important lessons, while exposing the limitations of the policy framework for preventing a systemic crisis. The sub-prime crisis has seriously dented the credibility of every institution vested with the responsibility for promoting financial stability. Besides the immediate global policy accent on crisis management in the form of unprecedented bailouts and massive liquidity injections, considerable analysis and policy emphasis has been directed at understanding the crisis in order to identify why and where the international financial stability architecture failed, and how it could be restructured to make it more effective in preventing another major financial crisis in future. The paper outlines the causes of the crisis, highlights the important policy issues that the global policy making community has to address, and discusses several suggestions for improving the global financial stability architecture. [source] | ||||||||||