Download Bank restructuring: lessons from the 1980s by Andrew Sheng PDF

By Andrew Sheng

ISBN-10: 0821335197

ISBN-13: 9780821335192

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Second, the threats of new competition and innovation induced banks to lobby policymakers to deregulate their range of activities to allow them to engage in businesses previously barred to them, such as stock-market trading and funds management. By the early 1980s most OECD countries had embarked on both interest rate liberalization and removal of exchange controls. The United Kingdom began its "big bang" liberalization by removing exchange controls in 1979 and thereafter allowing commercial banks to enter into securities market trading.

In 1989 holders of Argentine broad money lost the equivalent of 27 percent of GDP in real terms, but borrowers gained from the inflation tax (erosion in the value of real debt) to the extent of 16 percent of GDP. Though the twin macroeconomic imbalances of fiscal and current account deficits existed in all eight countries, there was no clear relationship between the size of fiscal or balance of payments deficits and nonperforming loans, partly because of major problems in standardizing the measurement of fiscal deficits and nonperforming loans.

Real estate exposure was particularly evident in a number of countries that exhibited the "Dutch disease," with overvaluation of the exchange rate stimulating domestic spending on nontradables. This was most noticeable in Malaysia, Norway, Sweden, and the United States. Banks in Japan and the United Kingdom also faced high exposure in the real estate and housing sectors. Domestic policy distortions. Most of the banking systems and financial markets in developing countries were unprepared for these structural changes.

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