حل و فصل اثربخشی بحران مالی سیستمیک

Systemic crises occur when governmental strategies for preventing and resolving financial-institution insolvencies fail massively. This paper outlines market-mimicking strategies for preventing and managing financial crises. Efficient prevention focuses on enforcing adequate levels of bank capital and being prepared to resolve institutional insolvencies expeditiously when they arise. Efficient crisis management requires officials to develop, staff, rehearse, update, promulgate, and commit themselves irrevocably to a market-mimicking plan for managing systemic banking disasters. By adopting these strategies, a government would make itself accountable for preventing, identifying, and resolving bank insolvencies at miminum long-run social cost.