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2012 Awards for Excellence
Article Type: 2012 Awards for Excellence From: Journal of Financial Economic Policy, Volume 5, Issue 1
The following article was selected for this year's Outstanding Paper Award for Journal of Financial Economic Policy
“International comparisons of bank regulation, liberalization, and banking crises”
Puspa AmriSchool of Politics and Economics, Claremont Graduate University, Claremont, California, USA
Apanard P. AngkinandMilken Institute, Santa Monica, California, USA
Clas WihlborgArgyros School of Business and Economics, Chapman University, Orange, California, USA
Purpose – The recurrence of banking crises throughout the 1980s and 1990s, and in the more recent 2008-09 global financial crisis, has led to an expanding empirical literature on crisis explanation and prediction. The purpose of this paper is to provide an analytical review of proxies for and important determinants of banking crises-credit growth, financial liberalization, bank regulation and supervision.
Design/methodology/approach – The study surveys the banking crisis literature by comparing proxies for and measures of banking crises and policy-related variables in the literature. Advantages and disadvantages of different proxies are discussed.
Findings – Disagreements about determinants of banking crises are in part explained by the difference in the chosen proxies used in empirical models. The usefulness of different proxies depends partly on constraints in terms of time and country coverage but also on what particular policy question is asked.
Originality/value – The study offers a comprehensive analysis of measurements of banking crises, credit growth, financial liberalization and banking regulations and concludes with an assessment of existing proxies and databases. Since, the review points to the choice of proxies that best fit specific research objectives, it should serve as a reference point for empirical researchers in the banking crisis area.
Keywords Banking, Financial crisis, Financial economics, Financial institutions, Financial markets, Financial services, Government policy, International financial markets, Regulation
This article originally appeared in Volume 3 Number 4, 2011, pp. 322-39 Journal of Financial Economic Policy
The following articles were selected for this year's Highly Commended Award
“Cross-border financial surveillance: a network perspective”
Marco A. Espinosa-Vega and Juan Solé
This article originally appeared in Volume 3 Number 3, 2011, Journal of Financial Economic Policy
“Classifying international aspects of currency regimes”
Thomas Willett, Eric M.P. Chiu, Sirathorn (B.J.) Dechsakulthorn, Ramya Ghosh, Bernard Kibesse, Kenneth Kim, Jeff (Yongbok) Kim and Alice Ouyang
This article originally appeared in Volume 3 Number 4, 2011, Journal of Financial Economic Policy
“The financial crisis: imperfect markets and imperfect regulation”
Richard J. Buttimer
This article originally appeared in Volume 3 Number 1, 2011, Journal of Financial Economic Policy
Bruce McGoughOregon State University, USA
Ronnie J. ClaytonJacksonville State University, USA