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- W765331176 abstract "Financial liberalization in emerging-market countries has renewed questions about the need for deposit insurance to ensure banking-sector stability. While deposit insurance reduces problems of bank runs, it also reduces banks’ incentives to manage risks prudently, suggesting to some that eliminating deposit insurance could increase bank stability. Yet the wisdom of such a course depends on bank runs having no ‘self-fulfilling elements’ –that is, that depositors do not rush to withdraw funds because they fear other depositors will, and so bring on a run. This paper examines a set of runs on Turkey’s Special Finance Houses, an uninsured sub-sector of Islamic banks, during the 2001 financial crisis. We argue that, although fundamental factors were influential in initiating the runs, the magnitude of withdrawals from the SFHs was out of proportion with the risk, suggesting overreaction. We also use detailed data on withdrawals from one SFH to identify informational versus self-fulfilling elements at work in the run. We find evidence of both types of dynamics, suggesting a role for deposit insurance, judiciously used, in ruling out possibilities of runs. ______________________________________________________ We would like to thank Hossein Akhavi-Pour, Paul Kupiec, Alan Isaac, Manijeh Sabi, Haluk Unal, participants in the MEEA session on Microfinance at the 2005 ASSA meetings, and seminar participants at American University and the U.S. Federal Deposit Insurance Corporation for valuable comments on an earlier version of this paper. We are" @default.
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- W765331176 date "2005-01-01" @default.
- W765331176 modified "2023-09-24" @default.
- W765331176 title "Bank Runs in Emerging Market Countries: Turkey's Special Finance Houses" @default.
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