Politics and the determinants of banking crises: the effects of political checks and balances

There is likely to be little disagreement with the observation that political interference has exacerbated the problems associated with bank insolvencies. Nevertheless, most ot the analytical attention given to bank crises has focused on technocratic mistakes (inappropriate regulatory choices), exog...

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Autor principal: Keefer, Philip
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
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Acceso en línea:https://hdl.handle.net/20.500.12580/3638
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spelling oai-20.500.12580-36382021-04-24T10:56:37Z Politics and the determinants of banking crises: the effects of political checks and balances Keefer, Philip CRISIS FINANCIERA BANCOS There is likely to be little disagreement with the observation that political interference has exacerbated the problems associated with bank insolvencies. Nevertheless, most ot the analytical attention given to bank crises has focused on technocratic mistakes (inappropriate regulatory choices), exogenous shocks, contagion effects, and other purely economic determinants of crisis. The implicit political economy assumption underpinning this work is that politicians in different countries generally respond similarly to politicial sector, so thet one need not control for political parameters when examining financial sector crises. This assumption is helful in isolating the relationships among economic variables. However, as a factual matter, the incentives of political actors differ significantly across countries. One way in which they differ, and which is the focus of this paper, is in the extent of checks and balances that they exhibit in government decisionmaking. 2019-11-01T00:01:36Z 2019-11-01T00:01:36Z 2002 Artículo 956-7421-072 https://hdl.handle.net/20.500.12580/3638 eng Serieson Central Banking, Analysis, and Economic Policies, no. 3 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 85-112 application/pdf Banco Central de Chile
institution Banco Central
collection Banco Central
language eng
topic CRISIS FINANCIERA
BANCOS
spellingShingle CRISIS FINANCIERA
BANCOS
Keefer, Philip
Politics and the determinants of banking crises: the effects of political checks and balances
description There is likely to be little disagreement with the observation that political interference has exacerbated the problems associated with bank insolvencies. Nevertheless, most ot the analytical attention given to bank crises has focused on technocratic mistakes (inappropriate regulatory choices), exogenous shocks, contagion effects, and other purely economic determinants of crisis. The implicit political economy assumption underpinning this work is that politicians in different countries generally respond similarly to politicial sector, so thet one need not control for political parameters when examining financial sector crises. This assumption is helful in isolating the relationships among economic variables. However, as a factual matter, the incentives of political actors differ significantly across countries. One way in which they differ, and which is the focus of this paper, is in the extent of checks and balances that they exhibit in government decisionmaking.
format Artículo
author Keefer, Philip
author_facet Keefer, Philip
author_sort Keefer, Philip
title Politics and the determinants of banking crises: the effects of political checks and balances
title_short Politics and the determinants of banking crises: the effects of political checks and balances
title_full Politics and the determinants of banking crises: the effects of political checks and balances
title_fullStr Politics and the determinants of banking crises: the effects of political checks and balances
title_full_unstemmed Politics and the determinants of banking crises: the effects of political checks and balances
title_sort politics and the determinants of banking crises: the effects of political checks and balances
publisher Banco Central de Chile
publishDate 2019
url https://hdl.handle.net/20.500.12580/3638
work_keys_str_mv AT keeferphilip politicsandthedeterminantsofbankingcrisestheeffectsofpoliticalchecksandbalances
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