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Cambridge University Press 978-1-108-48988-1 — Banks on the Brink Mark Copelovitch , David A

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Cambridge University Press 978-1-108-48988-1 — Banks on the Brink Mark Copelovitch , David A Cambridge University Press 978-1-108-48988-1 — Banks on the Brink Mark Copelovitch , David A. Singer Index More Information Index 3–6-3 plan, 2, 3 Bamberger, Ludwig, 142 bank failures, 1, 2, 4. See also banking Admati, Anat, 190, 191 crises; triggers of bank failures advanced economies in Canada, 100 banking crises in, 24–28 and securities markets, 7 and “global savings glut,” 184 triggers, 4 aggregate gross capital inflows, 31 Bank of Canada, 112, 117, 199 Alberta Stock Exchange, 110 Bank of Montreal, 94, 96 anti-Semitism, 20, 126, 183 Bank of Nova Scotia, 99–100 in Germany, 136, 140, 141, 143–45 Bank of Upper Canada, 94, 96, 97 “Manchesterism,” 142 bank runs, 3, 25, 88 and the Nazi regime, 153–55 banking crises, 2, 3, 4, 5, 6, 18, 22, 43, Arbeitsgemeinschaft der deutschen 44, 57, 64, 65. See also determinants Wertpapierbörsen (Association of of banking crises in OECD countries German Stock Exchanges), 159 Asian financial crisis, 4 Asian financial crisis, 4 bank concentration as determinant of, asset-backed commercial paper (ABCP), 175 59–63 asset price bubbles, 16 and capital inflows, 7, 33–34 asymmetric information, 8, 96 economic consequences of, 22, 23 Australia, 17, 25, 185, 198 “excess saving” view of, 20 authoritarian regimes, and banking and financial market structure, 41–42 crises, 23 GDP, impact on, 22–23 and global capital, 16 Bagehot, Walter, 181 and government debt, 22 bailouts, 2, 6 and government policy, 23 Commerzbank, 177 and gross capital inflows, 31–33 German, 124–25 in industrialized countries, 24–28 Special Fund for Financial Stability and market/bank ratio, 35–37 (Soffin), 175–76 models, 44–45 and the “too big to fail” problem, 194–96 and net capital flows, 29–31 Wells Fargo, 12 Panic of 1907, 4, 5 223 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-48988-1 — Banks on the Brink Mark Copelovitch , David A. Singer Index More Information 224 Index partisanship as determinant of, 63–64 blue–sky laws, 106–8, 109, 112, 123 political consequences of, 23, 24 Boesky, Ivan, 116 precursors to, 16 “bonanzas,” 31, 57 and regulation, 74 bonds, 9–10, 35, 128 Reinhart-Rogoff classifications, 24 Bordo, Michael, 100 Reinhart-Rogoff definition, 26 Britain’s secondary banking crisis of the resolution costs, 22 1970s, 5 and the “too big to fail” problem, 194–96 Brustein, William, 141 banks. See also bailouts; bank failures; Bullard, James, 196 bank runs; banking crises; capital inflows; lending; structure of Caballero, Julián, 31, 45 national financial markets Calomiris, Charles, 98 asymmetric information, 8, 96 Fragile by Design, 188 balance sheet behavior, 67 Canada, 5, 7, 13, 14–15, 19, 20, 25, 35, capital adequacy, 73 76, 77, 88, 126, 130, 158, 161, 171, capital requirements, 190–93 179, 180, 182, 183, 187 chartering, 12 Alberta Stock Exchange, 110 competition from non-bank financial Bank Act (1871), 99, 100, 121 sector, 12 bank chartering, 94–95, 99 and government policy, 12 bank lending, 90–91 incentives to take on risk, 8, 11, 12 Bank of Nova Scotia, 99–100 insolvency risk, 66–73 banking in the nineteenth century, 95 leverage ratio, 120 Beauharnois Canal, 101 loan-loss provisions, 11 Big Five banks, 9 market/bank ratio, 35–37, 47 Black Tuesday, 110 “market-based,” 12 blue–sky laws, 107–9, 112, 123 maturity transformation, 3 capital inflows, 120 off-balance sheet activities, 11 Champlain and St. Lawrence Railroad, “panics,” 1 103 and securities markets, 9–10 Companies Act (1934), 113 size of as determinant of banking crisis, Constitution Act (1867), 92, 98, 106 59 Cornwall Canal, 101 trust in, 1 current account deficits, 119 Wells Fargo, 12 derivatives trading, 117–18 Baring crisis, 144 Dominion companies, 112 Basel Accords, 192 early settlers, 94 Basel Committee, 161, 166, 192 enforcement of market rules, 115, 117 Belgium, 88 Exchange Coffee House, 103 Bennett, Richard, 112 Expert Panel on Securities Regulation, Berlin, 155 114–15 centralization of German banking in, Free Banking Act (1850), 94 134–35 geography, 94, 101 Ritter and Blumenfeld scandal, 144 government policy for securities stock exchange, 135, 158 markets, 149 stock market crash, 136–37 Home Bank, 100 Bernanke, Ben, 184 insider trading, 115 Big Five banks, 9 “It’s Time,” 113 Big Three commercial banks, 151, 156, 169 joint-stock companies, 102–3 binning estimator, 58 Lachine Canal, 101 Black Tuesday, 110 mining industry, 102, 112 Blackbourn, David, 129 Montreal Stock Exchange, 103, 108 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-48988-1 — Banks on the Brink Mark Copelovitch , David A. Singer Index More Information Index 225 Office of the Superintendent of cases, Lymburn v. Mayland, 112 Financial Institutions, 100 central banks, 4, 199–201 Ontario Bank, 100, 101 Bank of Canada, 112 Ontario Securities Commission Reichsbank, 134 (OSC), 114 chartering, 12 passport system, 114 Canadian banks, 95, 99 political origins of its securities Chateau Clique, 96, 98 markets, 101–6 Chile, 28 provincial organization of the banking China, 30 system, 94–97 Chinn, Menzie, 16, 185 provincial securities commissions, 115 Coffee, John, 145, 148 Quebec Conference of 1864, 98 Commercial Bank of Canada, 96 Rebellions of 1837, 98 Commerzbank, 20, 125, 151, 156, regulatory system, 92, 112, 113, 114, 176–77, 178 117, 122–23 acquisitions, 169 securities fraud, 109 commodities, 16 securities markets, 89–90, 118 competition between banks and securities St. Lawrence River, 101, 102 markets, 19, 24, 35, 43, 44 stock exchanges, 103, 104–5 blue-sky laws, 107–8 Toronto Stock Exchange, 108, 110 conditional impact of global market underdeveloped securities markets, 90 integration, 17 and the United States, 93 confidence in the banking system. See universal banking system, 121 crisis of confidence Welland Canal, 101 cooperative banks, 132, 157 Canadian Commercial Bank, 89 Deutsche Girozentrale (DGZ), 132 capital adequacy, 66, 73 credit, 2, 47. See also determinants of capital controls, 193–94 banking crises in OECD countries capital flow cycle, 16 and capital inflows, 64, 65, 66 capital inflows, 7, 9, 15–16, 17, 18, 19, 24, as determinant of banking crisis, 59, 65 25, 29, 34, 35, 41, 42, 43, 44, 45, loan-loss provisions, 11 56–57, 63–66, 67, 68, 73, 74, 92, and quality of bank lending, 73 181–82, 184, 185. See also crisis of confidence, 7 determinants of banking crises current account balances, 19, 29, 38, 46, 65 in OECD countries; structure of national financial markets Danzman, Sarah, 187 and banking crises, 33–34 Deeg, Richard, 132 to Canada, 120 deficits, 29 capital account surplus, 29 Canadian, 119 current account balances, 29 Denmark, stock markets, 35 to emerging market countries, 16 derivatives trading, 117–18 and exchange rate uncertainty, 46 determinants of banking crises in OECD gross flows, 31–33 countries, 44 gross portfolio inflows, 46 bank concentration, 59–63 net flows, 29–31 capital inflows, 45–65 portfolio flows, 31 control variables, 47–48, 57 reversal in “Asian tiger” economies, 184 credit boom/volume channel, 65 spikes, 58 current account balance, 46 sustained, 57 dependent variables, 45–46 and volume of credit, 64, 65, 66 domestic credit growth, 64, 65 capital requirements, 190–93 independent variables, 46–47 Carter, David, 45 market/bank ratio, 47 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-48988-1 — Banks on the Brink Mark Copelovitch , David A. Singer Index More Information 226 Index net capital flows, 45–46 financial stability, 89. See also banking crises partisanship, 63–64 in Germany, 161–62 results of analysis, 48–56 and global imbalances, 184–87 robustness, 57–58 financialization, 9–10 size of the banking system, 59 Finanzplatz Deutschland, 20, 126–27, structure of national financial 147, 162–64, 165, 171, 173, 174–75, markets, 46 178, 179, 180, 183, 189 year-specific factors, 48, 56 floats, 111 Deutsche Bank, 20, 125, 129, 151, 156, foreign capital, 17, 19. See also capital 163, 177–78, 180 inflows acquisitions, 169 foreign direct investment (FDI), 31, 46 Deutsche Girozentrale (DGZ), 132 fragmentation Deutscher Bund, 134 of Canada’s regulatory system, 105, 188 disintermediation, 10 of financial regulation in Germany, 159 Dodd-Frank Wall Street Reform and of Germany’s banking system, 132 Consumer Protection Act (2010), of nineteenth century U.S. banks, 188 198, 201 France, 35, 118, 164, 174 domestic credit growth, 65 Frankfurt, 127, 133, 135, 158, 167 domestic financial market structure, 18, 24 Börse, 128 dot-com bubble, 186 Frankfurt Coalition, 164–66 Dresdner Bank, 125, 129, 156, 176 free trade, 140 Frieden, Jeffrey, 16, 185 economics, capital inflows, 7 functionalism, and financial market emergence of Germany’s “three pillar” development, 38 banking system, 128–32 Funke, Manuel, 23 Raiffeisenbank, 131 emerging market countries, 16, 184 Garrett, Geoffrey, 17 capital inflows, 16 Germany, 5, 14–15, 20, 25, 35, 76, 77, 88, Engels, Friedrich, 141 124, 179, 180, 182, 183 European Union (EU), 20, 162 adoption of the gold standard, 137 Single Supervisory Mechanism, 180 Aktiengesetz (Stock Corporation Act), Eurozone financial crisis, 25, 31 155, 156 “excess saving” view of financial crises, 30 anti-Semitism in, 136, 140, 141, 143, exchange rate, and capital inflows, 16 145, 183 bank failures, 124–25 Family Compact, 96, 98 Berlin, 134, 136–37, 138, 158 far -right political parties, and banking “Big Bank Act” of 1953, 156 crises, 23 Big Three commercial banks, 151, 156, Federal Deposit Insurance
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