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Crisis wave in banking system of USA and Switzerland in March 2023
https://doi.org/10.26354/bb.5.2.91.2023
Abstract
The aim of the article is to present the genesis and course of the liquidity crisis in March 2023, which affected American banks providing services to entities operating on the new technology market, and which then covered the Swiss bank Credit Suisse. The article presents the characteristics of banks and actions taken by safety net authorities, including new facilities worked out to deal with liquidity problem. With the continuous development of the economy and semergence of new, not yet fully explored areas of non-banking business activity, such as trading in digital assets, separate risks may arise, the materialization of which may unexpectedly penetrate the banking system, and through the run on deposits may create a threat to financial stability. Electronic means of communication and social media has become a strong catalyst for such events. Experience from March 2023 shows that ultimately the stabilization of the system is guaranteed by the central bank, and the fiscal backstop for extraordinary liquidity assistance should not be limited by unnecessary conditions.
Keywords:
central bank , liquidity , liquidity risk , emergency liquidity assistance , ELA , run on deposits , restructuring , resolutionJEL Codes
E58, E63, G01, G18, G21, G28, G33, H12, H32, H81, K23Download files
Licence
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
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Jarosław Michalewicz
jaroslaw.michalewicz@gmail.comhttps://orcid.org/0000-0002-8846-3442
Vol. 91 No. 2 (2023)
Published: 2023-07-31
10.26354
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.