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Why Are there So Many Banking Crises?
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Why Are there So Many
Banking Crises?
The Politics and Policy of Bank Regulation
Jean-Charles Rochet
PRINCETON UNIVERSITY PRESS
PRINCETON AND OXFORD
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Copyright © 2007 by Princeton University Press
Published by Princeton University Press,
41 William Street, Princeton, New Jersey 08540
In the United Kingdom: Princeton University Press,
3 Market Place, Woodstock, Oxfordshire OX20 1SY
All Rights Reserved
ISBN-13: 978-0-691-?-? (alk. paper)
Library of Congress Control Number: ?
A catalogue record for this book is
available from the British Library
This book has posed in Lucida
Typeset by T&T Productions Ltd, London
Printed on acid-free paper ∞
Printed in the United States of America
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Contents
Preface and Acknowledgments ix
General Introduction and Outline of the Book 1
References 14
PART 1. WHY ARE THERE SO MANY BANKING CRISES? 19
Chapter 1. Why Are there So Many Banking Crises?
Jean-Charles Rochet 21
Introduction 21
The Sources of Banking Fragility 23
The Lender of Last Resort 24
Deposit Insurance and Solvency Regulations 27
Lessons from Recent Crises 28
The Future of Banking Supervision 30
References 33
PART 2. THE LENDER OF LAST RESORT 35
Chapter 2. Coordination Failures and the Lender of Last Resort:
Was Bagehot Right After All?
Jean-Charles Rochet and Xavier Vives 37
Introduction 37
The Model 41
Runs and Solvency 44
Equilibrium of the Investors’ Game 47
Coordination Failure and Prudential Regulation 54
Coordination Failure and LLR Policy 56
Endogenizin