The Role of the State in Managing and Forestalling Systemic Financial Crises: Some Issues and Perspectives

Charles Adams (sppac@nus.edu.sg)

Working Papers from eSocialSciences

Abstract: This paper reviews recent state interventions in financial crises and draws lessons for crisis management. A number of areas are identified where crisis management could be strengthened, including with regard to the tools and instruments used to involve the private sector in crisis resolution (with a view to reducing the recent enhanced role of official bailouts and the associated moral hazard), to allow for the orderly resolution of systemically important financial firms (to make these firms “safe to fail†), and with regard to achieving better integration with ex ante macroprudential surveillance. The paper proposes the establishment of high level systemic risk councils (SRCs) in each country with responsibility for overseeing systemic risk in both tranquil times and crisis periods and coordinating the activities of key government ministries, agencies, and the central bank. [ADBI Working Paper 242]

Keywords: state; financial crises; crisis management; instruments; financial; government ministries; agencies; central bank (search for similar items in EconPapers)
Date: 2010-09
New Economics Papers: this item is included in nep-ban and nep-rmg
Note: Institutional Papers
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.esocialsciences.org/Download/repecDownl ... &AId=2923&fref=repec

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ess:wpaper:id:2923

Access Statistics for this paper

More papers in Working Papers from eSocialSciences
Bibliographic data for series maintained by Padma Prakash (padmaprakash@esocialsciences.com).