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Working Paper
Bank crises and sovereign defaults in emerging markets: exploring the links
This paper provides a set of stylized facts on the mechanisms through which banking and sovereign distress feed into each other, using a large sample of emerging economies over three decades. We first define ?twin crises? as events where banking crises and sovereign defaults combine, and further distinguish between those banking crises that end up in sovereign debt crises, and vice-versa. We then assess what differentiates ?single? episodes from ?twin? ones. Using an event analysis methodology, we study the behavior around crises of variables describing the balance sheet interconnection ...
Discussion Paper
Banks Runs and Information
The collapse of Silicon Valley Bank (SVB) and Signature Bank (SB) has raised questions about the fragility of the banking system. One striking aspect of these bank failures is how the runs that preceded them reflect risks and trade-offs that bankers and regulators have grappled with for many years. In this post, we highlight how these banks, with their concentrated and uninsured deposit bases, look quite similar to the small rural banks of the 1930s, before the creation of deposit insurance. We argue that, as with those small banks in the early 1930s, managing the information around SVB and ...
Journal Article
Banking Policy Review: Did Dodd–Frank End ‘Too Big to Fail’?
Postcrisis bank reform was intended to end market perceptions that if a big bank fails, the government will have no choice but to bail it out. Ryan Johnston examines the evidence from recent studies.