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《BANKING CRISES WITHOUT PANICS》没有恐慌的银行危机
2 作者信息
Matthew Baron, Emil Verner, and Wei Xiong*
3 时间
August 2020
4 字数
16,542
5 摘要
We examine historical banking crises through the lens of bank equity declines,which cover a broad sample of episodes of banking distress both with and withoutbanking panics. To do this, we construct a new dataset on bank equity returns and
narrative information on banking panics for 46 countries over the period of 1870–2016. We find that even in the absence of panics, large bank equity declines areassociated with substantial credit contractions and output gaps. While panics are an
important amplification mechanism, our results indicate that panics are notnecessary for banking crises to have severe economic consequences. Furthermore,panics tend to be preceded by large bank equity declines, suggesting that panics arethe result, rather than the cause, of earlier bank losses. We also use bank equityreturns to uncover a number of forgotten historical banking crises and to create abanking crisis chronology that distinguishes between bank equity losses and panics.
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