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The dynamics of deposit insurance and the consumption trap

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We investigate a banking system subject to repeated macroeconomic shocks and show that without deposit rate control, the banking system collapses with certainty. Any initial level of reserves will delay the collapse but not avoid it. Even without a banking collapse, the economy still converges to a...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Hauptverfasser: Gersbach, Hans (VerfasserIn) , Wenzelburger, Jan (VerfasserIn)
Dokumenttyp: Book/Monograph Arbeitspapier
Sprache:Englisch
Veröffentlicht: München CESifo 2001
Schriftenreihe:CESifo Working Paper 509
In: CESifo working papers (509)

Schlagworte:
Arbeitspapier
Graue Literatur
Bankenkrise
Einlagensicherung
Finanzintermediäre
Online-Zugang:Resolving-System, Volltext: http://hdl.handle.net/10419/75829
Verlag, Volltext: http://www.cesifo-group.de/ifoHome/publications/working-papers/CESifoWP/CESifoWPdetails?wp_id=14560905
Volltext
Verfasserangaben:Hans Gersbach; Jan Wenzelburger

MARC

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520 |a We investigate a banking system subject to repeated macroeconomic shocks and show that without deposit rate control, the banking system collapses with certainty. Any initial level of reserves will delay the collapse but not avoid it. Even without a banking collapse, the economy still converges to a consumption trap with positive probability. Savings are maximal in the consumption trap, but are used entirely to pay back obligations of banks. No long-term investments can be financed and GDP is minimal. We discuss stronger intervention rules that avoid both a collapse and the consumption trap, confirming that capital requirements are an early indicator signaling when intervention may become necessary. Our analysis provides an explanation why economies which experience a banking crisis may endure long-lasting economic downturns. 
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