Banking-Crisis Interventions, 1257 - 2019

297 Pages Posted: 10 Sep 2021

See all articles by Andrew Metrick

Andrew Metrick

Yale School of Management; National Bureau of Economic Research (NBER); Yale University - Yale Program on Financial Stability

Paul Schmelzing

Yale School of Management

Multiple version iconThere are 2 versions of this paper

Date Written: September 7, 2021

Abstract

We present a new database of banking-crisis interventions since the 13th century. The database includes 1886 interventions in 20 categories across 138 countries, covering interventions during all of the crises identified in the main banking-crisis chronologies, while also cataloguing a large number of interventions outside of those crises. The data show a gradual shift over the past centuries from the traditional interventions of a lender-of-last-resort, suspensions of convertibility, and bank holidays, towards a much more prominent role for capital injections and sweeping guarantees of bank liabilities. Furthermore, intervention frequencies and sizes suggest that the crisis problem in the financial sector has indeed reached an apex during the post-Bretton Woods era – but that such trends are part of a more deeply entrenched development that saw global intervention frequencies and sizes gradually rise since at least the late 17th century.

Keywords: Financial Crises

JEL Classification: G01, G28

Suggested Citation

Metrick, Andrew and Schmelzing, Paul, Banking-Crisis Interventions, 1257 - 2019 (September 7, 2021). Available at SSRN: https://ssrn.com/abstract=3919264 or http://dx.doi.org/10.2139/ssrn.3919264

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Yale University - Yale Program on Financial Stability

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Paul Schmelzing

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