Explaining Responses in Danish and Irish Banking to the Financial Crisis

Publikation: KonferencebidragPaperForskning

Resumé

The 2008 global financial crises produced very different responses in Ireland and Denmark. While both countries embraced depositor guarantee schemes and recapitalization programmes, their design and adoption reveal important variations. Crucially, the Irish state initially assumed full responsibility for sector losses and only later defined terms for industry contributions. In Denmark a negotiated settlement from the onset passed most of the risk associated to banking failures collectively to the sector. Bearing in mind that vital design decisions regarding national schemes were made in the span of a few weeks, the paper assesses three competing explanations for these differences: 1) variations in national vulnerability 2) variations in industry structure and 3) variations in institutional features regarding regulatory and collaborative legacies. The paper concludes that institutional legacies conditioned the Danish solution thus presenting this country with an option not available to Ireland.
OriginalsprogEngelsk
Publikationsdato15 sep. 2010
Antal sider20
StatusUdgivet - 15 sep. 2010
BegivenhedThe Financial Crisis, EMU and the Stability of Currencies and the Financial System - Vitoria, Canada
Varighed: 30 sep. 20102 okt. 2010

Workshop

WorkshopThe Financial Crisis, EMU and the Stability of Currencies and the Financial System
LandCanada
ByVitoria
Periode30/09/201002/10/2010

Emneord

  • Financial Crises
  • Ireland
  • Denmark
  • Banking

Citer dette

Kluth, M. F., & Lynggaard, K. (2010). Explaining Responses in Danish and Irish Banking to the Financial Crisis. Afhandling præsenteret på The Financial Crisis, EMU and the Stability of Currencies and the Financial System, Vitoria, Canada.
Kluth, Michael Friederich ; Lynggaard, Kennet. / Explaining Responses in Danish and Irish Banking to the Financial Crisis. Afhandling præsenteret på The Financial Crisis, EMU and the Stability of Currencies and the Financial System, Vitoria, Canada.20 s.
@conference{79671fbe9d39463ca0ebaf0f421f15fb,
title = "Explaining Responses in Danish and Irish Banking to the Financial Crisis",
abstract = "The 2008 global financial crises produced very different responses in Ireland and Denmark. While both countries embraced depositor guarantee schemes and recapitalization programmes, their design and adoption reveal important variations. Crucially, the Irish state initially assumed full responsibility for sector losses and only later defined terms for industry contributions. In Denmark a negotiated settlement from the onset passed most of the risk associated to banking failures collectively to the sector. Bearing in mind that vital design decisions regarding national schemes were made in the span of a few weeks, the paper assesses three competing explanations for these differences: 1) variations in national vulnerability 2) variations in industry structure and 3) variations in institutional features regarding regulatory and collaborative legacies. The paper concludes that institutional legacies conditioned the Danish solution thus presenting this country with an option not available to Ireland.",
keywords = "Financial Crises, Ireland, Denmark, Banking",
author = "Kluth, {Michael Friederich} and Kennet Lynggaard",
year = "2010",
month = "9",
day = "15",
language = "English",
note = "null ; Conference date: 30-09-2010 Through 02-10-2010",

}

Kluth, MF & Lynggaard, K 2010, 'Explaining Responses in Danish and Irish Banking to the Financial Crisis' Paper fremlagt ved The Financial Crisis, EMU and the Stability of Currencies and the Financial System, Vitoria, Canada, 30/09/2010 - 02/10/2010, .

Explaining Responses in Danish and Irish Banking to the Financial Crisis. / Kluth, Michael Friederich; Lynggaard, Kennet.

2010. Afhandling præsenteret på The Financial Crisis, EMU and the Stability of Currencies and the Financial System, Vitoria, Canada.

Publikation: KonferencebidragPaperForskning

TY - CONF

T1 - Explaining Responses in Danish and Irish Banking to the Financial Crisis

AU - Kluth, Michael Friederich

AU - Lynggaard, Kennet

PY - 2010/9/15

Y1 - 2010/9/15

N2 - The 2008 global financial crises produced very different responses in Ireland and Denmark. While both countries embraced depositor guarantee schemes and recapitalization programmes, their design and adoption reveal important variations. Crucially, the Irish state initially assumed full responsibility for sector losses and only later defined terms for industry contributions. In Denmark a negotiated settlement from the onset passed most of the risk associated to banking failures collectively to the sector. Bearing in mind that vital design decisions regarding national schemes were made in the span of a few weeks, the paper assesses three competing explanations for these differences: 1) variations in national vulnerability 2) variations in industry structure and 3) variations in institutional features regarding regulatory and collaborative legacies. The paper concludes that institutional legacies conditioned the Danish solution thus presenting this country with an option not available to Ireland.

AB - The 2008 global financial crises produced very different responses in Ireland and Denmark. While both countries embraced depositor guarantee schemes and recapitalization programmes, their design and adoption reveal important variations. Crucially, the Irish state initially assumed full responsibility for sector losses and only later defined terms for industry contributions. In Denmark a negotiated settlement from the onset passed most of the risk associated to banking failures collectively to the sector. Bearing in mind that vital design decisions regarding national schemes were made in the span of a few weeks, the paper assesses three competing explanations for these differences: 1) variations in national vulnerability 2) variations in industry structure and 3) variations in institutional features regarding regulatory and collaborative legacies. The paper concludes that institutional legacies conditioned the Danish solution thus presenting this country with an option not available to Ireland.

KW - Financial Crises

KW - Ireland

KW - Denmark

KW - Banking

M3 - Paper

ER -

Kluth MF, Lynggaard K. Explaining Responses in Danish and Irish Banking to the Financial Crisis. 2010. Afhandling præsenteret på The Financial Crisis, EMU and the Stability of Currencies and the Financial System, Vitoria, Canada.