Banking-Crisis Interventions Across Time and Space

45 Pages Posted: 27 Sep 2021 Last revised: 5 Jul 2023

See all articles by Andrew Metrick

Andrew Metrick

Yale School of Management; National Bureau of Economic Research (NBER); Yale University - Yale Program on Financial Stability

Paul Schmelzing

Boston College - Department of Finance; Stanford University - Hoover Institution

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Date Written: September 2021

Abstract

We present a new database of banking-crisis interventions from the Roman Empire to the present, covering 1,946 interventions in 20 categories across 143 countries. We demonstrate that crisis-intervention patterns are significantly related to income and fiscal variables and to measures of the political system and currency regime. GDP losses following crises are economically significant and are larger for wealthier countries, with some evidence that these losses are mitigated by democratic political systems and liberal currency regimes. Finally, intervention frequencies reached an apex during the post-Bretton Woods era, continuing a secular increase since at least the late 17th century.

Suggested Citation

Metrick, Andrew and Schmelzing, Paul, Banking-Crisis Interventions Across Time and Space (September 2021). NBER Working Paper No. w29281, Available at SSRN: https://ssrn.com/abstract=3931803

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Paul Schmelzing

Boston College - Department of Finance ( email )

Carroll School of Management
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Stanford University - Hoover Institution ( email )

Stanford, CA 94305
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