U.S. Banks, Crises, and Bailouts: From Mexico to LTCM
The impact of crises and bailouts on U.S. bank stock prices are examined to assess some of the issues raised by proponents and opponents of bailouts. First, whether currency crises in emerging markets had a significant impact on banks is investigated. Second, the impact of the largest bailouts is ex...
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| Veröffentlicht in: | The American economic review 2000-05, Vol.90 (2), p.28-31 |
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| creator | Kho, Bong-Chan Lee, Dong Stulz, René M. |
| description | The impact of crises and bailouts on U.S. bank stock prices are examined to assess some of the issues raised by proponents and opponents of bailouts. First, whether currency crises in emerging markets had a significant impact on banks is investigated. Second, the impact of the largest bailouts is examined. It is found that they significantly benefited banks with exposure to the bailed-out country and generally had no significant impact on banks without exposure. Third, the Long Term Capital Management crisis is considered, which is useful to put emerging market crises in perspective since no public funds were used in the bailout. The banks that participated in the LTCM rescue lost dramatically when the LTCM losses became known and when the rescue was announced. |
| doi_str_mv | 10.1257/aer.90.2.28 |
| format | Article |
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First, whether currency crises in emerging markets had a significant impact on banks is investigated. Second, the impact of the largest bailouts is examined. It is found that they significantly benefited banks with exposure to the bailed-out country and generally had no significant impact on banks without exposure. Third, the Long Term Capital Management crisis is considered, which is useful to put emerging market crises in perspective since no public funds were used in the bailout. The banks that participated in the LTCM rescue lost dramatically when the LTCM losses became known and when the rescue was announced.</description><identifier>ISSN: 0002-8282</identifier><identifier>EISSN: 1944-7981</identifier><identifier>DOI: 10.1257/aer.90.2.28</identifier><identifier>CODEN: AENRAA</identifier><language>eng</language><publisher>Menasha, Wis: American Economic Association</publisher><subject>Abnormal returns ; Annual reports ; Bailouts ; Bank accounts ; Bank loans ; Bank markets ; Bank portfolios ; Bank stocks ; Banking crises ; Banking industry ; Banks ; Developing countries ; Economic crisis ; Emerging markets ; Financial bailouts ; Financial crisis ; Impact analysis ; International finance ; International monetary operations ; International monetary policy ; LDCs ; Management of crises ; Prices ; Reserve banking ; Retail banking ; Stock exchanges ; Stock prices ; Studies ; The near Crash of 1998 ; U.S.A</subject><ispartof>The American economic review, 2000-05, Vol.90 (2), p.28-31</ispartof><rights>Copyright 2000 American Economic Association</rights><rights>Copyright American Economic Association May 2000</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c436t-790d8cae15cb46e8d9f78eaea6c323946902ff28bdee80188cd76fca17804b1f3</citedby></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/117186$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/117186$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,776,780,799,3735,27846,27901,27902,57992,58225</link.rule.ids></links><search><creatorcontrib>Kho, Bong-Chan</creatorcontrib><creatorcontrib>Lee, Dong</creatorcontrib><creatorcontrib>Stulz, René M.</creatorcontrib><title>U.S. Banks, Crises, and Bailouts: From Mexico to LTCM</title><title>The American economic review</title><description>The impact of crises and bailouts on U.S. bank stock prices are examined to assess some of the issues raised by proponents and opponents of bailouts. 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The banks that participated in the LTCM rescue lost dramatically when the LTCM losses became known and when the rescue was announced.</description><subject>Abnormal returns</subject><subject>Annual reports</subject><subject>Bailouts</subject><subject>Bank accounts</subject><subject>Bank loans</subject><subject>Bank markets</subject><subject>Bank portfolios</subject><subject>Bank stocks</subject><subject>Banking crises</subject><subject>Banking industry</subject><subject>Banks</subject><subject>Developing countries</subject><subject>Economic crisis</subject><subject>Emerging markets</subject><subject>Financial bailouts</subject><subject>Financial crisis</subject><subject>Impact analysis</subject><subject>International finance</subject><subject>International monetary operations</subject><subject>International monetary policy</subject><subject>LDCs</subject><subject>Management of crises</subject><subject>Prices</subject><subject>Reserve banking</subject><subject>Retail 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First, whether currency crises in emerging markets had a significant impact on banks is investigated. Second, the impact of the largest bailouts is examined. It is found that they significantly benefited banks with exposure to the bailed-out country and generally had no significant impact on banks without exposure. Third, the Long Term Capital Management crisis is considered, which is useful to put emerging market crises in perspective since no public funds were used in the bailout. The banks that participated in the LTCM rescue lost dramatically when the LTCM losses became known and when the rescue was announced.</abstract><cop>Menasha, Wis</cop><pub>American Economic Association</pub><doi>10.1257/aer.90.2.28</doi><tpages>4</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0002-8282 |
| ispartof | The American economic review, 2000-05, Vol.90 (2), p.28-31 |
| issn | 0002-8282 1944-7981 |
| language | eng |
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| source | Jstor Complete Legacy; Business Source Complete; American Economic Association Web; Periodicals Index Online |
| subjects | Abnormal returns Annual reports Bailouts Bank accounts Bank loans Bank markets Bank portfolios Bank stocks Banking crises Banking industry Banks Developing countries Economic crisis Emerging markets Financial bailouts Financial crisis Impact analysis International finance International monetary operations International monetary policy LDCs Management of crises Prices Reserve banking Retail banking Stock exchanges Stock prices Studies The near Crash of 1998 U.S.A |
| title | U.S. Banks, Crises, and Bailouts: From Mexico to LTCM |
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