Why Are there So Many Banking Crises

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WhyArethereSoManyBankingCrises?





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WhyArethereSoManyBankingCrises?ThePoliticsandPolicyofBankRegulationJean-CharlesRochetPRINCETONUNIVERSITYPRESSPRINCETONANDOXFORD





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Copyright©2007byPrincetonUniversityPressPublishedbyPrincetonUniversityPress,41WilliamStreet,Princeton,NewJersey08540IntheUnitedKingdom:PrincetonUniversityPress,3MarketPlace,Woodstock,OxfordshireOX201SYAllRightsReservedISBN-13:978-0-691-?-?(alk.paper)Libr

3、aryofCongressControlNumber:?AcataloguerecordforthisbookisavailablefromtheBritishLibraryThisbookhasbeencomposedinLucidaTypesetbyT&TProductionsLtd,LondonPrintedonacid-freepaper∞press.princeton.eduPrintedintheUnitedStatesofAmerica10987654321





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ContentsP

4、refaceandAcknowledgmentsixGeneralIntroductionandOutlineoftheBook1References14PART1.WHYARETHERESOMANYBANKINGCRISES?19Chapter1.WhyArethereSoManyBankingCrises?Jean-CharlesRochet211.1Introduction211.2TheSourcesofBankingFragility231.3TheLenderofLastResort241.4DepositInsuranceandSolvencyRegula

5、tions271.5LessonsfromRecentCrises281.6TheFutureofBankingSupervision30References33PART2.THELENDEROFLASTRESORT35Chapter2.CoordinationFailuresandtheLenderofLastResort:WasBagehotRightAfterAll?Jean-CharlesRochetandXavierVives372.1Introduction372.2TheModel412.3RunsandSolvency442.4Equilibriumof

6、theInvestors’Game472.5CoordinationFailureandPrudentialRegulation542.6CoordinationFailureandLLRPolicy562.7EndogenizingtheLiabilityStructureandCrisisResolution592.8AnInternationalLLR632.9ConcludingRemarks66References67Chapter3.TheLenderofLastResort:A21st-CenturyApproachXavierFreixas,BrunoM

7、.Parigi,andJean-CharlesRochet71





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viCONTENTS3.1Introduction713.2TheModel753.3EfficientSupervision:DetectionandClosureofInsolventBanks813.4EfficientClosure853.5CentralBankLending893.6EfficientAllocationinthePresenceofGamblingforResurrection