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International Monetary Fund

Abstract

Systemic bank restructing aims to improve bank performance - that is, restore solvency and profitability, improve the banking system's capacity to provide financial intermediation between savers and borrowers, and restore public confidence. The authors of this studyanalyzed the experiences of 24 countries that initiated reforms in the1980s and early 1990s.

Ceyla Pazarbasioglu and Ms. Claudia H Dziobek

score of more than nine); those with moderate progress (countries with a total score of six to nine), and those with slow progress (countries with a total score of five or less). By construction, any one of the performance groups may contain a mixture of industrial, developing, and transition countries. According to this grouping, five countries are included in the substantial progress category (Côte d’lvoire, Peru, Philippines, Spain, and Sweden). The moderate progress category includes seven countries (Chile, Egypt, Finland, Ghana, Hungary, Korea, and Poland

International Monetary Fund

individual bank restructuring operations if necessary. Monitoring is vital because bank restructuring requires a number of years and usually involves large public expenditures. The countries surveyed that made only slow progress all relied excessively on the central bank, using it as lead agency for restructuring, as well as for both immediate liquidity support and medium-term financing. The moderate-progress countries relied significantly less on their central banks, while those making substantial progress used the central bank as lead agency in only a fifth of the

Ceyla Pazarbasioglu and Ms. Claudia H Dziobek
In recent decades, a wide range of countries have experienced banking problems. Their approaches to systemic bank restructuring have varied substantially. This paper analyzes a representative sample of 24 countries and provides a summary of policies judged to be successful. The sample countries were ranked by relative progress in resolving banking sector problems. Based on this ranking, the paper examines the effectiveness of institutional and regulatory measures, assesses the impact of accompanying macroeconomic policies, and examines the extent to which particular restructuring instruments contributed to success. Special emphasis is given to the role of the central bank.
Ms. Claudia H Dziobek and Ceyla Pazarbasioglu

by 7.4 percent of GDP in 1993 (see Table 13 ). This transparent recording of costs, in addition to improving confidence and governance, contributed to the recognition of the need to take offsetting measures and to moderate aggregate demand. Table 12. Cost Estimates of Systemic Bank Restructuring, by Performance Groups (In percent of GDP) 1 Substantial progress countries Côte d’Ivoire 13.0 Peru 0.4 Philippines 4.0 Spain 15.0 Sweden 4.3 Moderate progress countries