Banking Crises: Cases and Issues by Vasudevan Sundararajan , Tomás J. T. Baliño, Editors

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By Vasudevan Sundararajan , Tomás J. T. Baliño, Editors

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After the initial recapitalization and restructuring of weak institutions, complex issues arose in the development of the regulatory and supervisory framework to preserve solvency of the financial system. First, the effectiveness of banking supervision was influenced by the uncertainties in the ©International Monetary Fund. Not for Redistribution 36 • V. T. BALINO quality of the loan portfolio of financial institutions. ) caused cash-flow problems to businesses and raised loan defaults in some of the crises discussed here (Argentina, Chile, the Philippines, and Uruguay).

Benston and others (1986) present a comprehensive discussion of options to make the banking system more resilient. 45 Chile's recent legislation mandates the supervisory authority to publish indicators of the financial condition of individual institutions as a way of facilitating the market's assessment. 46 In a recent article, Randall (1989) casts some doubt on the market's effectiveness in this regard. He suggests that the stock market and bond-rating agencies were too late in identifying the problems in large bank holding companies in the 1980s, and even then underestimated the seriousness of the problems.

I , t . i t i . 1977 1978 1979 1980 1981 1982 1983 1984 1985 Note: Shaded areas indicate crisis periods. ©International Monetary Fund. Not for Redistribution 24 • V. T. BALINO Chart 3 (continued). Banking Crises: Central Bank Credit to Nongovernment Agents (In real terms) 000 Spain A 750 - - 500 - - VA 250 0 . I . . I . . 1974 1972 1973 . . I . . I . . I , , , I It I 1979 1975 1976 1977 1978 I 1980 1981 t i 1 1982 60 40 - 0 I . . 1978 30 I . . I . . I . . I . . I . . I i , . 1i « »1 i i .

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