Title The long shadow of the global financial crisis : public interventions in the financial sector / by Deniz Igan, Hala Moussawi, Alexander F. Tieman, Aleksandra Zdzienicka, Giovanni Dell'Ariccia, and Paolo Mauro

Published [Washington, D.C.] : International Monetary Fund, 2019

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Description 1 online resource (91 pages) Series IMF working paper ; WP/19/164 IMF working paper ; WP/19/164. Contents Cover; Contents; I. Introduction; II. Gross Direct Interventions in the Aftermath of the Crisis; A. Data Coverage; B. Bank-Level Interventions: A First Glance; III. Remaining Public Asset Holdings in Financial Institutions; A. Remaining Asset Holdings in 2017; B. Pace of Intervention, Recovery, and Instruments; IV. Other Aspects of Interventions: Impaired Assets and Indirect Costs; A. Current Asset Holdings Including Impaired Assets; B. Fiscal Impact of Direct Interventions; V. Conclusions; References; Tables; 1. Gross Direct Interventions by Year; 2. Asset Purchases by Instrument 3. Initial Government Stake and Bank/Country Conditions4. Peak Government Stake and Bank/Country Conditions; 5. Public Asset Holdings and Bank/Country Conditions; 6. Public Asset Holdings and Bank/Country Conditions: Big Banks; 7. Public Asset Holdings and Bank/Country Conditions: Small/Medium Banks; 8. Fiscal Impact of Government Interventions in the Financial Sector; A1. Selected Economies: Government Interventions in the Financial Sector; A2. Selected Economies: Government Interventions in the Financial Sector; Figures; 1. Cumulative Direct Interventions by Country 2. Initial Public Holdings by Bank Characteristics3. Public Asset Holdings by Instrument; 4. Remaining Public Holdings by Bank Characteristics; 5. Bank Liabilities in Public Hands; 6. Divestment and Macroeconomic Aggregates; 7. Divestment and Financial System Characteristics; 8. Direct Holdings by Instrument Pecking Order; 9. Asset Holdings by Instrument; 10. Recovery Rate; 11. Indirect Fiscal Impact of Government Interventions; 12. Total Fiscal Impact of Government Interventions; A1. Gross Direct Interventions in Country-Level vs Bank-Level Datasets; A2. Public Asset Holdings by Instrument A3. Bank Liabilities in Public Hands-Equity SharesA4. Bank Liabilities in Public Hands-Hybrid Securities; A5. Bank Liabilities in Public Hands-Debt; Boxes; 1. Linking Direct Interventions to Public Finances; 2. Fiscal Impact: Stock-Flow vs Cash-Flow Approaches; Appendices; I. Constructing the Bank-Level Dataset; Methodological Challenges; Case-by-Case Summaries; Australia; Austria; Belgium; Brazil; Bulgaria; Canada; Croatia; Cyprus; Czech Republic; Denmark; Estonia; Finland; France; Germany; Greece; Hungary; Ireland; Italy; Japan; Latvia; Lithuania; Luxembourg; Malta; Netherlands; New Zealand PolandPortugal; Romania; Russia; Slovak Republic; Slovenia; Spain; Sweden; Switzerland; Ukraine; United Kingdom; United States; Cross-Country Cases; II. Fiscal Implications of Gross Direct Interventions by Country; III. Comparing the Two Datasets; IV. Additional Figures Summary We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007-17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to 1.6 trillion dollar (3.5 trillion dollar including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less Bibliography Includes bibliographical references Notes Online resource; title from digital title page (viewed on February 05, 2020) Subject Global Financial Crisis, 2008-2009 -- Government policy Government policy Financial crisis. Government interventions. Form Electronic book Author Moussawi, Hala, author Tieman, Alexander F., author Zdzienicka, Aleksandra, author Dell'Ariccia, Giovanni, author Mauro, Paolo, author ISBN 1513509675 9781513509679 1513508334 9781513508337

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