New PDF release: Coping with Financial Fragility and Systemic Risk

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Extra info for Coping with Financial Fragility and Systemic Risk

Example text

Thus, there is reason to believe that bank failures are less disruptive than are business failures generally. Benefits from bank failures and runs also should be considered. As noted above, the possibility or threat of runs gives bank managers and owners incentives to manage their banks prudently so that they can avoid and survive any run. The potential failure of banks, as with other firms, is desirable for an economic system to achieve efficiency. Actual failure also is an almost inevitable and necessary outcome of beneficial risk taking.

6 He also presents a table listing 37 financial crises that occurred between 1720 and 1976. His text and table descriptions appear to support his thesis. He states that most of the crises were brought under control by an effective lender of last resort. Unfortunately, he does not distinguish clearly between financial expansions that were fueled by bank lending from those driven by increases in base money or by discoveries and inventions. Nor does he clearly identify crises that were caused or exacerbated by exogenous changes in the domestic gold supply, by depositor runs on solvent banks, or those that were due to institutional constraints or fraud.

Thus, as documented by Schwartz (1988), except in the United States, banking panics caused by bank runs have been rare in the last century. 33 228 GEORGE 1. BENSTON AND GEORGE G. KAUFMAN 3. Costs of bank failures, runs, and panics The consequences of a bank failure and a banking panic can be severe. 2, the cost of the failure of several banks. 3, we discuss the risks to the payments system of bank failures and panics. 4. 1. The cost of the failure of a single bank Bank customers (particularly borrowers) who made investments in bank-specific information and for whom making alternative arrangements are costly, might be hurt should their bank fail or have to reduce the extent or scope of its operations as a result of a run.

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