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Getting what you want: Information and crisis management in Ireland and Korea

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  • Getting what you want: Information and crisis management in Ireland and Korea
  • Gandrud, Christopher; O’Keeffe, Michael
  • City University London


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Title Getting what you want: Information and crisis management in Ireland and Korea
Similar Titles
Material Type Reports
Author(English)

Gandrud, Christopher; O’Keeffe, Michael

Publisher

[London, U.K.]:City University London

Date 2012-04
Pages 32
Subject Country South Korea(Asia and Pacific)
Ireland(Europe)
Language English
File Type Link
Subject Economy < Economic Administration
Holding SSRN

Abstract

Governments have a range of policy options for managing banking crises, but it can be difficult for them to determine and choose policies that will best further their aims. During banking crises, policymakers must rely on information from bureaucrats and actors in the financial system with different preferences. Moreover, initial crisis containment choices can constrain future resolution options. The 2008/09 banking crisis in Ireland and the following effective nationalization of the banking sector reminds us that it can be diffcult to actually choose policies that will successfully manage a crisis in a preferred direction. Our paper contrasts the Irish case with South Korea’s 1997 experience, where guarantee and ownership policy choices more closely matched decision-maker’s preferences. We build on Satyanath’s (2006) signaling approach to create a model of how decision-makers could be influenced to make nonpreferred choices. (The rest omitted)