Too big to fail: Some empirical evidence on the causes and consequences of public banking interventions in the UK

Journal of International Money and Finance

Volumn 31, Issue 8, 2012, Pages 2038-2051

  Rose, Andrew K ^a   Wieladek, Tomasz ^b  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b BANK OF ENGLAND   (United Kingdom)

Author keywords

Capital injection; Crisis; Data; Empirical; Foreign; Liquidity; Logit; Nationalization

Indexed keywords

EID: 84871717130     PISSN: 02615606     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jimonfin.2012.05.011     Document Type: Article

References (48)

1. Aït-Sahalia Yacine, Andritzky Jochen, Jobst Andreas, Nowak Slywia, Tamirisa Natalia How to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis 2009, IMF Working Paper WP/09/204.
2. Barrell Ray, Davis E.Philip, Karim Dilruba, Liadze Iana Bank Regulation, Property Prices and early Warnings System for Banks in OECD Countries 2010, NIESR Discussion Paper No. 330.
3. Beltratti Andrea, Stulz Rene The Credit Crisis Around the Globe: Why Did Some Banks Perform Better during the Credit Crisis? 2010.
4. Brunnermeier Markus Deciphering the liquidity and credit crunch 2007-2008. Journal of Economic Perspectives 2009, 23(1):77-100.
5. Caprio Gerald, Klingebiel Daniela Bank Insolvency: Bad Luck, Bad Policy, or Bad Banking?" Annual World Bank Conference on Development Economics, 1996 1997, The World Bank, Washington, D.C., pp. 79-104.
6. Christensen Jens, Lopez Jose A., Rudebusch Glenn D. Do Central Bank Liquidity Operations Affect Interbank Lending Rates? 2009, FRBSF Working Paper 2009-2013.
7. Demirgüç-Kunt Ash, Detragiache Enrica The Determinants of Banking Crises: Evidence from Developing and Developed Countries 1998, IMF.
8. Diamond Douglas, Rajan Raghuram The credit crisis: conjectures and causes and remedies. American Economic Review 2009, 99(2):606-610.
9. Ehrmann M., Gambacorta L., Martinez-Pages J., Sevestre P., Worms A. Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area 2001, European Central Bank Working Paper Series 105.
10. Eichengreen, Rose Staying afloat when the wind shifts: external factors and emerging-market banking crises. Money, Factor Mobility and Trade: Essays in Honor of Robert Mundell 2001, MIT Press, Cambridge. G. Calvo, R. Dornbusch, M. Obstfeld (Eds.).
11. Hahm, Joon-Ho, Hyun Song Shin, Kwanho Shin. 2011, Non-core Bank Liabilities and Financial Vulnerability. Unpublished Manuscript.
12. Honohan, Klingebiel The fiscal cost implications of an accommodating approach to banking crises. Journal of Banking and Finance 2003, 27(8):1539-1560.
13. La Porta R., Lopez-de-Silanes F., Shleifer Andrei Government ownership of banks. Journal of Finance 2002, 57(1):265-301.
14. Laeven, Valencia Resolution of Banking Crises: the Good, the Bad and the Ugly 2009, IMF Working Papers 10/146.
15. Levy-Yeyati Eduardo, Micco Alejandro, Panizza Ugo A reappraisal of state-owned banks. Economia 2007, 7(2):209-247.
16. Poghosyan, Cihák Distress in European Banks 2009, IMF Working Paper No. 09/9.
17. Rose Andrew K., Wieladek Tomasz Financial Protectionism 2011, NBER Working Paper No. 17,073.
18. Shin, Song Hyun Reflections on Northern Rock: the Bank run that heralded the global financial crisis. Journal of Economic Perspectives 2009, 23(1):101-119.
19. Stock James H., Yogo Motohiro Testing for weak instruments in IV regression. Identification and Inference for Econometric Models: a Festschrift in Honor of Thomas Rothenberg 2005, 80-108. Cambridge University Press. S. Andrews (Ed.).
20. Taylor John, Williams John C. A Black Swan in the money market. American Economic Journal: Macroeconomics 2009, 1(1):58-83.
21. Tong, Hui, Shang-Jin Wei, 2011. Did Unconventional Interventions Unfreeze the Credit Market? Some International Evidence. Unpublished IMF/CBS Manuscript.
22. Whalen Gary A proportional hazards model of bank failure. FRB Cleveland Review 1991, Q1:21-31.
23. Wheelock David, Wilson Paul Why do Banks disappear: the determinants of US Bank failures and acquisitions. Review of Economics and Statistics 2000, 82(1):127-138.
24. Wu Tao The U.S. money market and the term auction facility in the financial crisis of 2007-2009. The Review of Economics and Statistics 2011, 93(2):617-631.
25. Aït-Sahalia, Yacine, Andritzky, Jochen, Jobst, Andreas, Nowak, Slywia, Tamirisa, Natalia, 2009. How to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis. IMF Working Paper WP/09/204.
26. Barrell, Ray, Davis, E. Philip, Karim, Dilruba, Liadze, Iana, 2010. Bank Regulation, Property Prices and early Warnings System for Banks in OECD Countries. NIESR Discussion Paper No. 330.
27. Beltratti, Andrea, Stulz, Rene, 2010. The Credit Crisis Around the Globe: Why Did Some Banks Perform Better during the Credit Crisis?.
28. Brunnermeier, Markus, 2009. Deciphering the liquidity and credit crunch 2007-2008. Journal of Economic Perspectives 23 (1), 77-100.
29. Caprio Jr., Gerald, Klingebiel, Daniela, 1997. Bank Insolvency: Bad Luck, Bad Policy, or Bad Banking?" Annual World Bank Conference on Development Economics, 1996. The World Bank, Washington, D.C., pp. 79-104.
30. Christensen, Jens, Lopez, Jose A., Rudebusch, Glenn D., 2009. Do Central Bank Liquidity Operations Affect Interbank Lending Rates?. FRBSF Working Paper 2009-2013.
31. Demirgüç-Kunt, Ash, Detragiache, Enrica, 1998. The Determinants of Banking Crises: Evidence from Developing and Developed Countries. IMF.
32. Diamond, Douglas, Rajan, Raghuram, 2009. The credit crisis: conjectures and causes and remedies. American Economic Review 99 (2), 606-610.
33. Ehrmann, M., Gambacorta, L., Martinez-Pages, J., Sevestre, P., Worms, A., 2001. Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area. European Central Bank Working Paper Series 105.
34. Eichengreen, Rose, 2001. Staying afloat when the wind shifts: external factors and emerging-market banking crises. In: Calvo, Guillermo, Dornbusch, Rudiger, Obstfeld, Maurice (Eds.), Money, Factor Mobility and Trade: Essays in Honor of Robert Mundell. MIT Press, Cambridge.
35. Hahm, Joon-Ho, Hyun Song Shin, Kwanho Shin. 2011, Non-core Bank Liabilities and Financial Vulnerability. Unpublished Manuscript.
36. Honohan, Klingebiel, 2003. The fiscal cost implications of an accommodating approach to banking crises. Journal of Banking and Finance 27 (8), 1539-1560.
37. La Porta, R., Lopez-de-Silanes, F., Shleifer, Andrei, 2002. Government ownership of banks. Journal of Finance 57 (1), 265-301.
38. Laeven, Valencia, 2009. Resolution of Banking Crises: the Good, the Bad and the Ugly. IMF Working Papers 10/146.
39. Levy-Yeyati, Eduardo, Micco, Alejandro, Panizza, Ugo, 2007. A reappraisal of state-owned banks. Economia 7 (2), 209-247.
40. Poghosyan, Cihák, 2009. Distress in European Banks. IMF Working Paper No. 09/9.
41. Rose, Andrew K., Wieladek, Tomasz, 2011. Financial Protectionism. NBER Working Paper No. 17,073.
42. Shin, Song, Hyun, 2009. Reflections on Northern Rock: the Bank run that heralded the global financial crisis. Journal of Economic Perspectives 23 (1), 101-119.
43. Stock, James H., Yogo, Motohiro, 2005. Testing for weak instruments in IV regression. In: Andrews, Stock (Ed.), Identification and Inference for Econometric Models: a Festschrift in Honor of Thomas Rothenberg. Cambridge University Press, pp. 80-108.
44. Taylor, John, Williams, John C., 2009. A Black Swan in the money market. American Economic Journal: Macroeconomics 1 (1), 58-83.
45. Tong, Hui, Shang-Jin Wei, 2011. Did Unconventional Interventions Unfreeze the Credit Market? Some International Evidence. Unpublished IMF/CBS Manuscript.
46. Whalen, Gary, 1991. A proportional hazards model of bank failure. FRB Cleveland Review Q1, 21-31.
47. Wheelock, David, Wilson, Paul, 2000. Why do Banks disappear: the determinants of US Bank failures and acquisitions. Review of Economics and Statistics 82 (1), 127-138.
48. Wu, Tao, 2011. The U.S. money market and the term auction facility in the financial crisis of 2007-2009. The Review of Economics and Statistics 93 (2), 617-631.