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• W77687050 abstract "In this paper, I develop an approach to evaluate deposit insurance as a contributing factor in banking crises in emerging markets. Deposit insurance, as a government guarantee of the banking system, acts as a subsidy to banks. As banks try to increase this subsidy by growing rapidly and undertaking riskier lending, they create conditions that make banking crises possible. Using an established result that models deposit insurance as a put option on the value of bank assets, I construct a program that maximizes a likelihood function relating the observed equity values of the bank to the unobserved asset values implied by the put option. Results show that the average value of this subsidy to Thai commercial banks between 1992 and 1996 was almost Bt 330 billion or 13 percent of total deposits. The guarantee, while sizeable during 1992-1995 increased sharply in 1996. Large subsidy values prior to 1996 suggest that the crisis had incubated for years and was not solely caused by the sudden fall in the Baht. The increase in the subsidy in 1996 reflects the lower net worth of banks and their greater incentives for risk-taking. Moreover, those banks with the highest insurance subsidies over the sample were the banks that were nationalized by the government or bought by foreign owners in 1998." @default.
• W77687050 created "2016-06-24" @default.
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• W77687050 date "1998-01-01" @default.
• W77687050 modified "2023-09-26" @default.
• W77687050 title "The Put Option Approach to Banking Crises in Emerging Markets: Valuing Implicit Deposit Insurance in Thailand" @default.
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• W77687050 hasPublicationYear "1998" @default.
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