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The Long Shadow of the Global Financial Crisis
Public Interventions in the Financial Sector

by Deniz O. Igan, Hala Moussawi, Alexander F. Tieman, Aleksandra Zdzienicka, Giovanni Dell'Ariccia, and Paolo Mauro

Series:Working Paper No. 19/164
ISBN 9781513508337
Code: #WPIEA2019164

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
90 pages
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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 ($3.5 trillion 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.
The Long Shadow of the Global Financial Crisis
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 125560 Added: 2019.8.2