历史视角下的银行危机

IF 5 3区 经济学 Q1 BUSINESS, FINANCE Annual Review of Financial Economics Pub Date : 2023-07-31 DOI:10.1146/annurev-financial-100121-114859
Carola Frydman, Chenzi Xu
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引用次数: 1

摘要

本文调查了最近关于历史银行危机的实证文献,定义为1980年之前发生的事件。数据收集和识别方面的进展为危机的起因和后果提供了新的见解,既可以立即发现,也可以长期发现。我们强调了文献中出现的三个主要线索:首先,金融体系中的杠杆是危机的系统性前兆;第二,危机对实体经济有相当大的负面影响;第三,政府干预可以改善这些影响。历史事件的对比揭示了危机的形成和演变过程在时空上的显著差异。因此,我们还强调了产生这些不同经验的具体制度、法规和历史背景。最后,我们确定了文献中的重要空白,并讨论了未来研究的途径。《金融经济学年度评论》第15卷的最终在线出版日期预计为2023年11月。修订后的估计数请参阅http://www.annualreviews.org/page/journal/pubdates。
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Banking Crises in Historical Perspective
This article surveys the recent empirical literature on historical banking crises, defined as events taking place before 1980. Advances in data collection and identification have provided new insights into the causes and consequences of crises both immediately and over the long run. We highlight three overarching threads that emerge from the literature: First, leverage in the financial system is a systematic precursor to crises; second, crises have sizable negative effects on the real economy; and third, government interventions can ameliorate these effects. Contrasting historical episodes reveals that the process of crisis formation and evolution varies significantly across time and space. Thus, we also highlight specific institutions, regulations, and historical contexts that give rise to these divergent experiences. We conclude by identifying important gaps in the literature and discussing avenues for future research. Expected final online publication date for the Annual Review of Financial Economics, Volume 15 is November 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
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26
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