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The Relationship between Level of Institutions and Duration of机构与持续时间之间的关系.doc

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The Relationship between Level of Institutions and Duration of机构与持续时间之间的关系

The Relationship between Level of Institutions and Duration of Crises ERASMUS UNIVERSITY ROTTERDAM Erasmus School of Economics Department of Economics Supervisor: Dr. P.A. de Hek Name: N.R.L. Visser Exam number: 308622 E-mail address: 308622nv@student.eur.nl Abstract: This study searches for a connection between the quality level of institutions and the duration of a banking crisis. It does this by examining five different variables: the autocracy and democracy score from the Polity IV dataset, together making the Polity score, central bank independence, and financial liberalization. The dataset covers 108 different crises, divided into systemic and non-systemic crises. The main question is; do any of the variables have an influence on the duration of a crisis? I found that for systemic crises, Polity score and financial liberalization have an influence on the duration of a crisis. Polity score also has an influence on the duration of a non-systemic banking crisis, although it prolongs a crisis, when the Polity score is above zero. Also, central bank independence has an influence on non-systemic crises. When I pool the dataset, Polity score does not have a significant impact anymore, central bank independence and financial liberalization both do have a significant influence. Keywords: Banking Crisis; Duration; Institutions Introduction Since last year, yet another financial crisis has hit the world economy. Due to too much freedom in the financial markets, products have been created that, in hindsight, failed to create a stable growth. The main question that arises, is, due to what underlying reason does the financial system fail, and due to the failure, creates a landslide in output? Is there a way to eliminate the cause of the failure, or make it so, that the financial system doesn’t experience a big downturn in output? The area in which this article will concentrate, is institutions in combination with crisis. Institutions are the norms and rules which regulat