These researchers have studied 880 banking crises affecting 138 countries during the past eight centuries. Here’s how the recent banking-sector jitters compare with those historical events.
Banking-sector jitters are on the minds of depositors, investors and policy makers, but how do the current problems compare with bank troubles through history? Over the past eight centuries, researchers say, there are few direct parallels for the particular twists and turns of recent weeks.
Out of 880 crises affecting 138 countries, they found 57 events echoing the current moment, where account guarantees and emergency lending were the tools regulators and banks used to calm nerves. “The combination and size of interventions in March 2023 strongly suggest that we are already in the midst of a systemic event,” they wrote.
Although there’s some overlap in the responses now and during the Great Recession, there are differences, too, he said. Both included account guarantees. Almost 6 in 10 people said a lot of the blame for Silicon Valley Bank’s failure is due to bad decisions by the bank’s executives. This week, some of the federal government’s top financial regulators will testify before Senate and House committees about the recent bank failures.The researchers have paying close attention to the chain of events over the past few weeks.
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