"Claessens, Klingebiel, and Laeven analyze the role of institutions in resolving systemic banking crises for a broad …, explicit government guarantees on financial institutions' liabilities, and forbearance from prudential regulations are used …. Higher fiscal outlays do not, however, accelerate the recovery from a crisis. Better institutions--less corruption, improved …

, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and … vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has made clear that … increasingly financially integrated world …