Banking-Crisis Interventions across Time and Space

• 成果类型: Article
• 署名作者: Metrick, Andrew; Schmelzing, Paul
• 署名单位: National Bureau of Economic Research; Boston College
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhaf071
• 发表日期: 2026-04
• 页码: 1054-1076
• 关键词: G01; E60; N20; government interventions; financial crises; ECONOMIC-GROWTH; STABILITY; MARKET; POLICY

摘要

We present a new database of banking-crisis interventions, covering 1,946 interventions in 20 categories across 143 countries. We demonstrate that crisis-intervention patterns are significantly related to income and fiscal variables and to measures of the political system and currency regime. GDP losses following crises are economically significant and are larger for wealthier countries, with some evidence that these losses are mitigated by democratic political systems and liberal currency regimes. Finally, intervention frequencies reached an apex during the post-Bretton Woods era, continuing a secular increase since at least the late seventeenth century.