Prevention of banking crises in advanced economies with macroprudential and fiscal measures: Case of south Korea

Abstract

The main objective of this study is the analysis of the macroprudential and fiscal measures taken by a sample of ten advanced economies, before and after the recent international financial crisis, aiming the prevention of banking crises, as well as the economic effects on those countries with respect to the mitigation of real estate and credit bubbles. Given its particular significance, it has been analysed the case of South Korea’s experience, which shows that the extensive use of borrower-related macroprudential measures in particular has contributed to prevent the occurrence of a banking crisis episode since 1999, as it has also been confirmed with an econometric analysis

El objetivo principal de este estudio es el análisis de las medidas macroprudenciales y fiscales tomadas por una muestra de diez economías avanzadas, antes y después de la crisis financiera internacional reciente, con el objetivo de prevenir crisis bancarias, así como los efectos económicos en esos países con respecto a la mitigación de burbujas inmobiliarias y de crédito. Dada su significatividad, se ha analizado el caso de la experiencia de Corea del Sur, que muestra que el uso amplio de medidas macroprudenciales de prestatario en particular ha contribuido a prevenir la ocurrencia de episodios de crisis bancarias desde 1999, como también se ha confirmado mediante un análisis econométrico