By Andrew Sheng
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Extra resources for Bank restructuring: lessons from the 1980s
Sheng, Andrew. 1dc20 95-49776 CIP Page iii Contents Foreword v Acknowledgments vi Introduction 1 1. Banking Fragility in the 1980s: An Overview Andrew Sheng 5 2. Bank Restructuring Techniques Andrew Sheng 25 3. Resolution and Reform: Supervisory Remedies for Problem Banks Andrew Sheng 49 4. The United States: Resolving Systemic Crisis, 198191 Andrew Sheng 71 5. Bank Restructuring in Spain, 197785 Andrew Sheng 87 6. Structural Weaknesses and Colombia's Banking Crisis, 198288 Fernando Montes-Negret 99 7.
The emergence of credit cards and electronic funds transfer technology made severe inroads into the traditional payments system business of the banking sector. New nonbank competitors-especially money market funds, travel companies, retailers, insurance companies, mortgage specialists, and pension fundsbegan to offer higher-yielding deposit substitutes that eroded the lowcost "captive" deposit base of the banking system. Page 8 On the asset side, innovations in financial engineering pioneered by investment banks created financial instruments that offered lower costs and higher liquidity to borrowerseating into the previously bank-dominated loan market.
Such schemes place enormous burdens on the budget. During financial crises governments are made to assume considerable debt: all external debt (public or private), internal debt (including debt of public enterprises), and losses in the banking system (public or private). In almost all the cases studied financial stability was restored only when governments were able to maintain a sustainable fiscal balance without monetary creation. Banking failures in the 1980s were largely market failures, caused in large part by moral hazard induced through implicit or explicit deposit insurance.
Bank restructuring: lessons from the 1980s by Andrew Sheng