Publication:
Elections, Special Interests, and the Fiscal Costs of Financial Crisis

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dc.contributor.authorKeefer, Philip
dc.date.accessioned2013-06-26T16:45:01Z
dc.date.available2013-06-26T16:45:01Z
dc.date.issued2004-10
dc.description.abstractThe author proposes a new approach to explain why the costs of crisis are greater in some countries than in others. He begins with the premise that many crises result from the willingness of politicians to cater to special interests, at the expense of broad social interests. A parsimonious model predicts that the less costly it is for average citizens to expel politicians, the more veto players there are; the less important are exogenous shocks, and the more difficult it is for politicians and special interests to forge credible agreements, the lower the costs of crisis are. Though these predictions differ from those in the literature, empirical evidence presented shows that they explain the fiscal costs of financial crisis, even after controlling for the financial sector policies believed to contribute most to the efficient prevention, and resolution of financial crisis.en
dc.identifierhttp://documents.worldbank.org/curated/en/2004/10/5304231/elections-special-interests-fiscal-costs-financial-crisis
dc.identifier.doi10.1596/1813-9450-3439
dc.identifier.urihttps://hdl.handle.net/10986/14204
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, D.C.
dc.relation.ispartofseriesPolicy Research Working Paper;No.3439
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTABILITY
dc.subjectAGRICULTURE
dc.subjectAMBITION
dc.subjectBAILOUT COSTS
dc.subjectBANK ASSETS
dc.subjectBANK DEPOSITS
dc.subjectBANK FAILURES
dc.subjectBANK INSOLVENCY
dc.subjectBANK LIABILITIES
dc.subjectBANK RUN
dc.subjectBANK SIZE
dc.subjectBANKING CRISES
dc.subjectBANKING DEPOSITS
dc.subjectBANKING OPERATIONS
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBANKS
dc.subjectCAMPAIGN CONTRIBUTIONS
dc.subjectCAPITAL FLOWS
dc.subjectCHECKS
dc.subjectCITIZENS
dc.subjectCOMPETITIVENESS
dc.subjectCONSTITUENCIES
dc.subjectCORRUPTION
dc.subjectCURRENCY
dc.subjectCURRENT ACCOUNT
dc.subjectDEBT
dc.subjectDECISION MAKING
dc.subjectDEMOCRACIES
dc.subjectDEMOCRATIC COUNTRIES
dc.subjectDEPOSIT INSURANCE
dc.subjectDEVALUATION
dc.subjectDISCOUNT RATES
dc.subjectDISTRICTS
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC SECTORS
dc.subjectECONOMIC SHOCKS
dc.subjectELECTIONS
dc.subjectEMPIRICAL EVIDENCE
dc.subjectEXOGENOUS SHOCKS
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL POLICIES
dc.subjectFOREIGN EXCHANGE
dc.subjectGDP
dc.subjectGOVERNMENT OFFICIALS
dc.subjectGOVERNMENT SPENDING
dc.subjectILLIQUIDITY
dc.subjectINDEBTEDNESS
dc.subjectINSURANCE
dc.subjectJURISDICTIONS
dc.subjectLEGISLATION
dc.subjectLEGISLATIVE DECISIONS
dc.subjectLEGISLATORS
dc.subjectLEGISLATURE
dc.subjectLENDING PRACTICES
dc.subjectLIQUIDITY
dc.subjectLOBBYING
dc.subjectLOBBYISTS
dc.subjectNATIONAL INCOME
dc.subjectOFFSETTING
dc.subjectPARLIAMENTARY SYSTEMS
dc.subjectPOLICY IMPLEMENTATION
dc.subjectPOLITICAL INSTITUTIONS
dc.subjectPOLITICIANS
dc.subjectPRESIDENTS
dc.subjectPUBLIC SPENDING
dc.subjectREAL INTEREST RATE
dc.subjectRECAPITALIZATION
dc.subjectREGULATORY POLICY
dc.subjectREPRESENTATIVES
dc.subjectSAVINGS
dc.subjectSEPARATION OF POWERS
dc.subjectSMALL BANKS
dc.subjectSOCIAL GROUPS
dc.subjectTERMS OF TRADE
dc.subjectVETO
dc.subjectVETO POWER
dc.subjectVOTERS
dc.titleElections, Special Interests, and the Fiscal Costs of Financial Crisisen
dspace.entity.typePublication
okr.crossref.titleElections, Special Interests, and the Fiscal Costs of Financial Crisis
okr.date.doiregistration2025-04-10T09:23:49.097747Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2004/10/5304231/elections-special-interests-fiscal-costs-financial-crisis
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid619871468761707609
okr.identifier.doi10.1596/1813-9450-3439
okr.identifier.externaldocumentum000012009_20041109150225
okr.identifier.internaldocumentum5304231
okr.identifier.reportWPS3439
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2004/11/09/000012009_20041109150225/Rendered/PDF/WPS3439.pdfen
okr.topicEconomic Theory and Research
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicPublic Sector Development::Decentralization
okr.topicPayment Systems and Infrastructure
okr.topicFinancial Crisis Management and Restructuring
okr.topicGovernance::National Governance
okr.unitOff of Sr VP Dev Econ/Chief Econ (DECVP)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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