International Financial Crises Homepage

Research Papers & Resources



Welcome to International Financial Crises. This page is dedicated the study of financial crises, especially currency and banking crises. It is a part of the International Economics Network.

Since the 1980s, the march of globalisation and concomitant increases in flows of capital and trade have led to high volatility in international financial markets. Some of these have erupted into crises, in the form of runs on banks - both national and multinational - as well as attacks on currencies. Resultant effects have included the significant increase in contagion and the collapse of both venerable private banks as well as national institutions. Whereas research on specific episodes of currency crises are better found elsewhere, this page is more general in nature and collects research on the phenomenon of financial crises.

The literature is constantly expanding, and it can be impossible to maintain an updated list of all contributions in the field. Hence, I would appreciate any suggestions and/or nominations (drop the 'spam' at the end of the address), even if the work should be your own. Given variations in individual judgement and the difficulty in divorcing the different elements of the subject matter, there is necessary some overlap in the (admittedly) artificial taxonomy that has been applied to organise the various works into manageable headings.


Web Resources

Financial Crises in Emerging Markets   Recommended!
The NBER has gathered all material written by its associates into a convenient resource location. Many of these working papers have formed the basis for published papers in the field.

Theoretical Studies & Models of Currency Collapse
Part of the Global Macroeconomic and Financial Policy website: other related collections here are Empirical Papers on Crises, Crisis Resolution, Studies of Contagion, Capital Controls, and Banking Crises.

Financial Crises
World Bank studies on financial crises. The Bank also researches on Contagion and International Capital Flows.

The Golembe Reports Library
The focus of the Golembe Report is mainly on U.S. financial policy; occasional reports do address banking crises. Unfortunately, the library only contains summaries of the actual reports.

Home | Back | Index

Print Resources

The Macroeconomics of Self-Fulfilling Prophecies, 2nd Edition   Recommended!
Farmer, R. (1999)

Abstract: For many years it was fashionable to treat macroeconomics and microeconomics as separate subjects without looking too deeply at the relationship between the two. But in the 1970s there occurred an episode of high inflation and high unemployment, which was inconsistent with orthodox theory. As a result, macroeconomists began to pay much greater attention to the microfoundations of their subject. In this book Roger E. A. Farmer takes a somewhat controversial point of view, arguing for the future of macroeconomics as a branch of applied general equilibrium theory. His main theme is that macroeconomics is best viewed as the study of equilibrium environments in which the welfare theorems break down. This approach makes it possible to discuss the role of government policies in a context in which policy may serve some purpose. Since the publication of the first edition in 1993, self-fulfilling prophecies has become a major competitor to the real business-cycle view of economic fluctuations. The second edition has been updated in three ways: (1) problems are included at the end of every chapter, and a study guide containing sample answers to all of the problems is available; (2) a new chapter discusses research from the past five years on business fluctuations in multisector models; and (3) the chapter on representative agent growth models now includes an appendix that explains the transversality condition.

In Defense of Free Capital Markets
De Rosa, David (2000)

Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies
Hunter, W.C., G.G. Kaufman & M. Pomerleano (editors) (2003)

Financial Crises, Liquidity, and the International Monetary System   Recommended!
Tirole, J. (2002)

Abstract: Once upon a time, economists saw capital account liberalization--the free and unrestricted flow of capital in and out of countries--as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades--from Latin America in the early 1980s to Scandinavia a decade later to Mexico, Southeast Asia, Russia, and, quite lately, Argentina--have shattered the consensus. In this remarkably clear and pithy volume, one of Europe's leading economists examines these crises, the reforms being undertaken to prevent them, and how global financial institutions might be restructured to this end. Jean Tirole first analyzes the current views on the crises and on the reform of the international financial architecture. Reform proposals often treat the symptoms rather than the fundamentals, he argues, and sometimes fail to reconcile the objectives of setting effective financing conditions while ensuring that a country "owns" its reform program. A proper identification of market failures is essential to reformulating the mission of an institution such as the IMF, he emphasizes. Next he adapts the basic principles of corporate governance, liquidity provision, and risk management of corporations to the particulars of country borrowing. Building on a "dual- and common-agency perspective," he revisits commonly advocated policies and considers how multilateral organizations can help debtor countries reap enhanced benefits while liberalizing their capital accounts.

Capital Flows and Crises   Recommended!
Eichengreen, B. (2003)

Abstract: The implications of capital mobility for growth and stability are some of the most contentious and least understood contemporary issues in economics. In this book Barry Eichengreen discusses historical, theoretical, empirical, and policy aspects of the effects, both positive and negative, of capital flows. He focuses on the connections between capital flows and crises as well as on those between capital flows and growth. Eichengreen argues that international financial liberalization, like other forms of economic liberalization, can positively affect the efficiency of resource allocation and the rate of economic growth. But analyses of both recent and historical experience also show an undeniable association between capital mobility and crises, especially when domestic institutions are weak and the harmonization of capital account liberalization and other policy reforms is inadequate. In his conclusion, Eichengreen makes suggestions for policy design to maximize the benefits of international financial liberalization while minimizing the risks of financial instability.

Turbulent Waters: Cross-Border Finance and International Governance
Bryant, R.C. (2003)

IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development   Recommended!   Acrobat Required
Fischer, S. (2004)

Abstract: The first deputy managing director of the International Monetary Fund during the international crises of the last decade reflects on international monetary policy and the role of the IMF.

From Capital Surges to Drought: Seeking Stability for Emerging Economies   Recommended!
Ffrench-Davis, R. & S. Griffith-Jones (editors) (2004)

Abstract: This book analyzes the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and cyclical factors. Senior bankers, regulators, and well-known academics explain the behaviour of different players. The book breaks new ground by showing in detail how such behaviour has contributed to the decline of flows and their volatility. The book suggests what coping mechanisms developing countries could adopt to deal with crisis situations; what measures should be taken at the national and international levels to make recipient countries less vulnerable to international financial instability; how such instability can be reduced; and what can be done on the source countries to encourage larger more stable capital flows to developing countries.

Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies   Recommended!
Roubini, N. & B. Setser (2004)

Abstract: Roughly once a year, the managing director of the International Monetary Fund, the U.S. treasury secretary and in some cases the finance ministers of other G-7 countries will get a call from the finance minister of a large emerging market economy. The emerging market finance minister will indicate that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets and, perhaps, that is has lost the confidence of its own citizens. Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country’s banks that the government has guaranteed. This book looks at these situations and the options available to alleviate the problem. It argues for a policy that recognizes that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt.

Crisis Prevention and Prosperity Management for the World Economy: Pragmatic Choices for International Financial Governance I
Bryant, R.C. (2004)

Financial Crises: Lessons from the Past, Preparation for the Future   Recommended!   CONFERENCE VOLUME
Caprio, G., J.A. Hanson & R.E. Litan (editors) (2005)

Abstract: Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn.

Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?   Recommended!
Calvo, G.A. (2005)

Abstract: Analysis of financial crises in emerging market economies, including Mexico, Argentina, and Russia; traces the evolution of crisis theory and challenges the conventional wisdom.

Home | Back | Index

Banking & Financial Crises

Banking crises in emerging economies: origins and policy options
Goldstein, M. & P. Turner (1996)

Is our Current International Economic Environment Unusually Crisis Prone?   Acrobat Required
Bordo, M. & B. Eichengreen (1999)

Transparency, Liberalization and Financial Crises   Acrobat Required
Mehrez, G. & D. Kaufmann (1999)

Who Recovers First? Banking Crisis Resolution in Developing Countries
Montinola, G. (2000)

Solvency Runs, Sunspot Runs, and International Bailouts | Published   Acrobat Required   ScienceDirect Required
Spiegel, M.M. (2000)

Banking Crises and Exchange Rate Regimes: Is There a Link? | Published   ScienceDirect Required
Domac, I., M.S.M. Peria (2000)

Crises and Liquidity - Evidence and Interpretation   Acrobat Required
Detragiache, E. & A. Spilimbergo (2001)

On the welfare gains of reducing the likelihood of economic crises   Acrobat Required
Chatterjee, S. & D. Corbae (2001)

Development Financing during a Crisis: Securitization of Future Receivables
Ketkar, S. & D. Ratha (2001)

Currency Crises and the Real Economy - The Role of Banks
Disyatat, P. (2001)

Has 1997 Asian Crisis Increased Information Flows Between International Markets?   Acrobat Required
Climent, F.J. & V. Meneu (2001)

Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia
Dekle, R. & K.M. Kletzer (2001)

The interbank market during a crisis
Furfine, C. (2001)

Financial Restructuring in Banking and Corporate Sector Crises: What Policies to Pursue?
Claessens, S., D. Klingebiel & L. Laeven (2001)

Post-Resolution Treatment of Depositors at Failed Banks: Implications for the Severity of Banking Crises, Systemic Risk, and Too-Big-To-Fail
Kaufman, G.G. & S.A. Seelig (2001)

Labor, financial crises, and globalization   Acrobat Required
Diwan, I. (2001)

Financial Liberalization and Banking Crises in Emerging Economies | Published   Acrobat Required   ScienceDirect Required
Daniel, B.C. & J.B. Jones (2001/07)

The Market for Crash Risk
Bates, D.S. (2001)

Financial Contagion Through Capital Connections: A Model of the Origin and Spread of Bank Panics   Acrobat Required   Recommended!
Dasgupta, A. (2001)

Abstract: Financial contagion is modeled as an equilibrium phenomenon in a dynamic setting with incomplete information and multiple banks. The equilibrium probability of bank failure is uniquely determined. We explore how the cross holding of deposits motivated by imperfectly correlated regional liquidity shocks can lead to contagious effects conditional on the failure of a financial institution. We show that contagious bank failure occurs with positive probability in the unique equilibrium of the economy and demonstrate that the presence of such contagion risk can lead to endogenously incomplete insurance against liquidity shocks.

Moral Hazard and International Crisis Lending: A Test
Dell'Ariccia, G., I. Gödde & J. Zettelmeyer (2001)

Financial Instability and Monetary Regulation   Acrobat Required
Aglietta , M. (2001)

Systemic Financial Crises, Balance Sheets, and Model Uncertainity
Stone, M.R. & M. Weeks (2001)

Financial Institutions, Financial Contagion, and Financial Crises   Acrobat Required
Huang, H. & C. Xu (2001)

Foreign Currency Credit Ratings for Emerging Market Economies
Mulder, C.B. & R. Perrelli (2001)

Financial Liberalization and Banking Crises in Emerging Economies   Acrobat Required
Daniel, B. & J.B. Jones (2001)

Banking Crises in Emerging Markets: Presumptions and Evidence   Acrobat Required
Eichengreen, B. & C. Arteta (2001)

Corporate Governance in the Asian Financial Crisis   Acrobat Required
Johnson, S., P. Boone, A. Breach & E. Friedman (2001)

Financial Crises, Poverty, and Income Distribution
Baldacci, E., L.R. De Mello Jr. & M.G. Inchauste Comboni (2002)

Managing the Real and Fiscal Effects of Banking Crises   Acrobat Required
Claessens, S., D. Klingebiel, L. Laeven, P. Honohan & G. Caprio (2002)

Common determinants of bond and stock market liquidity: the impact of financial crises, monetary policy, and mutual fund flows   Acrobat Required
Chordia, T., A. Sarkar & A. Subrahmanyam (2002)

Banking, financial integration, and international crises : an overview   Acrobat Required   SURVEY PAPER
Hernández, L. & K. Schmidt-Hebbel (2002)

Financial Crises, Financial Dependence, and Industry Growth
Laeven, L., D. Klingebiel & R. Kroszner (2002)

Monetary Policy in a Financial Crisis
Christiano, L.J., C. Gust & J. Roldos (2002)

Excessive Risk-Taking, Banking Sector Fragility, and Banking Crises   Adobe Acrobat Required!
Kibritcioglu, A. (2002)

Exchange rate regimes and financial dollarization: does flexibility reduce bank currency mismatches?   Adobe Acrobat Required!>
<BR><I>Arteta, C.O.</I> (2002)
<P><A HREF=Crisis Prevention and Crisis Management: The Role of Regulatory Governance
Das, U.S. & M.G. Quintyn (2002)

Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending
Cottarelli, C. & C. Giannini (2002)

Liquidity provision vs. deposit insurance: Preventing bank panics without moral hazard?   Adobe Acrobat Required!
Martin, A. (2002)

Decentralized Creditor-Led Corporate Restructuring: Cross-Country Experience   Adobe Acrobat Required
Dado, M. & D. Klingebiel (2002)

"Original Sin," Balance Sheet Crises and the Roles of International Lending
Zettelmeyer, J. & O. Jeanne (2003)

Gaucho Banking Redux
della Paolera, G. & A.M. Taylor (2003)

Availability of Financial Soundness Indicators   SURVEY PAPER
Slack, G. (2003)

Financial Crises as Herds: Overturning the Critiques | Published   ScienceDirect Required
Chari, V.V. & P.J. Kehoe (2003)

Economic growth, liquidity, and bank runs   Adobe Acrobat Required
Ennis, H. & T. Keister (2003)

Bank Concentration and Crises | Alternative | Published   ScienceDirect Required   Recommended!
Beck, T., A. Demirgüç-Kunt, and R. Levine (2003/06)

Abstract: Motivated by public policy debates about bank consolidation and conflicting theoretical predictions about the relationship between the market structure of the banking industry and bank fragility, this paper studies the impact of bank concentration, bank regulations, and national institutions on the likelihood of suffering a systemic banking crisis. Using data on 70 countries from 1980 to 1997, we find that crises are less likely in economies with (i) more concentrated banking systems, (ii) fewer regulatory restrictions on bank competition and activities, and (iii) national institutions that encourage competition.

Transparency, Risk Management and International Finacial Fragility
Draghi, M., F. Giavazzi & R.C. Merton (2003)

Propping and Tunneling
Friedman, E., S. Johnson & T. Mitton (2003)

Debt maturity structure with pre-emptive creditors   Adobe Acrobat Required
Gai, P. & H.S. Shin (2003)

Liberalization, Growth and Financial Crises | Alternative   Adobe Acrobat Required
Tornell, A., F. Westermann & L. Martinez (2003)

Crisis in Competitive versus Monopolistic Banking Systems
Boyd, J.H., G. De Nicolo & B.D. Smith (2003)

Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters
Eichengreen, B., R. Hausmann & U. Panizza (2003)

On the welfare gains of eliminating a small likelihood of economic crises: A case for stabilization policies?
Chatterjee, S. & D. Corbae (2003)

Financial Instability under Floating Exchange Rates   Acrobat Required
Vranceanu, R. & D. Besancenot (2003)

Liquidity Shortages and Banking Crises
Diamond, D.W. & R.G. Rajan (2003)

Crises and Growth: A Re-Evaluation
Ranciere, R., A. Tornell & F. Westermann (2003)

Systematic Financial Distress: Containment and Resolution   Recommended!   CONFERENCE VOLUME
Various Authors (2003)

Abstract: The resolution of a systemic financial crisis involves many policy choices ranging from macroeconomic (including monetary and fiscal policy) to microeconomic (including recapitalization of financial institutions, closure, capital adequacy rules and corporate governance requirements), with reforms varying in depth. These choices involve tradeoffs, including the amount of government resources needed to resolve the crisis, the speed of recovery, and the recovery’s sustainability. Despite considerable analysis, these tradeoffs are not well known—an oversight that leads to conflicting policy advice and larger than necessary economic costs. Even less is known about the political economy factors that make governments choose certain policies. Policies enacted during crises importantly shape the financial sector and have important long-term impact on financial sector development. The objective of this conference on “Systemic Financial Distress: Containment and Resolution” is to discuss and add to existing knowledge about the tradeoffs involved in policies related to systemic financial restructuring and to review how policies have been used. The conference complements the World Bank’s Global Bank Insolvency Initiative where the focus is more on the legal and institutional aspects of bank insolvency, not necessarily being of systemic importance. The conference proceedings will be published in a book.

Bank Portfolio Restrictions and Equilibrium Bank Runs | Published   Adobe Acrobat Required
Shell, K. & J. Peck (2003)

International Financial Crises   Recommended!   Adobe Acrobat Required
Dornbusch, R. & S. Fischer (2003)

Abstract: Our friend and colleague Rudiger Dornbusch passed away before he was able to complete his book based on the Munich Lectures in Economics that he gave in November 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universitaet. The lectures contain a fascinating overview of the mechanics and history of international financial crises showing the breadth and ingenuity of this eminent scholar. The lectures were lively and provocative, full of important insights and observations. Interestingly enough, Dornbusch expressed a substantial mistrust in the actions of political decision makers, supervisory agencies and central banks in the game that leads to the crisis and even collapse of financial systems, and he advocated supranational supervisory actions as a remedy. CES has decided to prepare a transcript of the lectures, which are also available in the Internet as full length-videos. I am grateful to Paul Kremmel for his assistance.

Government Guarantees, Investment, and Vulnerability to Financial Crises   Wiley Interscience Required
Irwin, G. & D. Vines (2003)

Banks, Liquidity Crises and Economic Growth   Acrobat Required
Gaytan, A. & R. Ranciere (2003)

Balance Sheet Effects, Bailout Guarantees and Financial Crises | Published   Wiley Interscience Required   Acrobat Required
Schneider, M. & A. Tornell (2003)

Improving the Availability of Trade Finance during Financial Crises   Acrobat Required
Auboin, M. & M. Meier-Ewert (2003)

Distributional Effects of Crises: The Role of Financial Transfers
Halac, M. & S. Schmukler (2003)

The Effects of Financial Crises on International Trade
Ma, Z. & L. Cheng (2003)

Financial Crises and the Presence of Foreign Banks   Acrobat Required
Tschoegl, A.E. (2003)

Characterizing Global Investors' Risk Appetite for Emerging Market Debt During Financial Crises
Dungey, M., R. Fry, B. Gonzalez-Hermosillo & V. Martin (2003)

Fundamentals, Panics, and Bank Distress During the Depression   Ingenta Select Required
Calomiris, C.W. & J.R. Mason (2004)

Lending booms, sharp reversals and real exchange rate dynamics   ScienceDirect Required
Gopinath, G. (2004)

Currency crises and contingent liabilities   ScienceDirect Required
Burnside, C. (2004)

Financial Development and the Instability of Open Economies | Published   Recommended!   ScienceDirect Required
Aghion, P., P. Bacchetta & A. Banerjee (2004)

Abstract: This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good produced with capital and a country-specific factor. We also assume that firms face credit constraints, with the constraint being tighter at a lower level of financial development. A basic implication of this model is that economies at an intermediate level of financial development are more unstable than either very developed or very underdeveloped economies. This is true both in the sense that temporary shocks have large and persistent effects and also in the sense that these economies can exhibit cycles. Thus, countries that are going through a phase of financial development may become more unstable in the short run. Similarly, full capital account liberalization may destabilize the economy in economies at an intermediate level of financial development: phases of growth with capital inflows are followed by collapse with capital outflows. On the other hand, foreign direct investment does not destabilize.

Timing of International Bailouts
Kim, S-J. (2004)

Liquidity and Financial Market Runs   Ingenta Select Required
Bernardo A.E. & I. Welch (2004)

Rational Speculation, Financial Crises, and Optimal Policy Responses
Surti, J. (2004)

Slow Recoveries
Bergoeing, R., N. Loayzaw & A. Repetto (2004)

Abstract: Economies respond differently to aggregate shocks that reduce output. While some countries rapidly recover their pre-crisis trend, others stagnate. Recent studies provide empirical support for a link between aggregate growth and plant dynamics through its effect on productivity: the entry and exit of firms and the reallocation of resources from less to more efficient firms explain a relevant part of transitional productivity dynamics. In this paper we use a stochastic general equilibrium model with heterogeneous firms to study the effect on aggregate short-run growth of policies that distort the process of birth, growth and death of firms, as well as the reallocation of resources across economic units. Our findings show that indeed policies that alter plant dynamics can explain slow recoveries. We also find that output losses associated to delayed recoveries are large.

Liquidity, Efficiency, and Bank Bailouts   Ingenta Select Required
Gorton, G. & L. Huang (2004)

Bank Runs and Investment Decisions Revisited | Published   Acrobat Required   ScienceDirect Required
Keister, T. & H.M. Ennis (2004/06)

Currency mismatch, uncertainty and debt maturity structure   Recommended!   Acrobat Required
Bussičre, M., M. Fratzscher & W. Koeniger (2004)

Abstract: The academic literature has so far little to say about the underlying causes of the large structural asset and liability imbalances of emerging markets that frequently contributed to financial crises. The aim of the paper is to contribute to filling this gap by proposing a theoretical model that links currency and maturity mismatches with real volatility in the economy. We show that if (i) a significant share of the debt is denominated in foreign currency-creating a currency mismatch- and (ii) borrowing is constrained by solvency, then currency mismatch can create and exacerbate a maturity mismatch. An important feature of the model is that higher economic or political uncertainty tightens solvency constraints and tilts the debt profile towards short term debt, thereby increasing the volatility of output. Taking the model implications to the data, we find empirical support for the model’s predictions using data for 28 emerging market economies.

Market imperfections and the instability of open economies   ScienceDirect Required
Meng, Q. & A. Velasco (2004)

Resolving Systemic Financial Crises: Policies and Institutions
Klingebiel, D., S. Claessens & L. Laeven (2004)

Why Do Emerging Economies Borrow Short Term?
Broner, F., G. Lorenzoni & S. Schmukler (2004)

Bailouts and Bank Runs in a Model of Crony Capitalism
Femminis, G. & L. Ruggerone (2004)

Market Discipline under Systemic Risk: Evidence from Bank Runs in Emerging Economies
Levy Yeyati, E., M.S.M. Peria & S. Schmukler (2004)

Money Market Pressure and the Determinants of Banking Crises
Ho, T-K. & J. von Hagen (2004)

The efficient resolution of capital account crises: how to avoid moral hazard   Acrobat Required
Irwin, G. & D. Vines (2004)

Financial Liberalization, Banking Crises and Growth: Assessing the Links   Acrobat Required
Bonfiglioli, A. & C. Mendicino (2004)

Crises and Prices: Information Aggregation, Multiplicity and Volatility
Angeletos, G-M. & I. Werning (2004)

Information Dynamics and Equilibrium Multiplicity in Global Games of Regime Change
Angeletos, G-M., C. Hellwig & A. Pavan (2004)

Managing Confidence in Emerging Market Bank Runs
Kim, S-J. & A. Mody (2004)

Systemic Crises and Growth
Ranciere, R., A. Tornell & F. Westermann (2005)

Policies for Banking Crises: A Theoretical Framework
Repullo, R. (2005)

Financial Crises, 1880-1913: The Role of Foreign Currency Debt | Published   ScienceDirect Required
Bordo, M. & C. Meissner (2005/06)

The Real Effect of Banking Crises
Dell'Aricia, G., E. Detragiache & R. Rajan (2005)

Aftermath of banking crises: Effects on real and monetary variables   Recommended!   ScienceDirect Required
Gupta, P. (2005)

Abstract: This paper models the effects of a banking crisis, and in particular distinguishes between a short-term crisis, such as a banking panic, and a longer-term crisis, such as a banking insolvency. Using an optimizing framework, it shows that depositors shift from deposits into cash in both types of crises, which results in an increase in the interest rates on deposits and loans, and a contraction in output and consumption. However, when the crisis is resolved in a finite time period, there is an intertemporal substitution of consumption, and consumption is postponed until the crisis is resolved. This in turn results in a further decline in the demand for money, availability of credit and output.

Do Risk Premia Protect from Banking Crises?
Gersbach, H. & J. Wenzelburger (2005)

Private sector involvement in the resolution of financial crises: How do markets react?   ScienceDirect Required
Tillmann, P. (2005)

Globalization and Emerging Markets: With or Without Crash?
Martin, P. & H. Rey (2005)

Banking Sector Crisis and Inequality
Honohan, P. (2005)

Maturity Matches and Financial Crises: Evidence from Emerging Market Corporations
Bleakley, H. & K. Cowan (2005)

Synchronization of Financial Crises   Acrobat Required
Dungey, M., J.P.A.M. Jacobs & Lestano (2005)

The 35 Most Tumultuous Years in Monetary History: Shocks, the Transfer Problem, and Financial Trauma
Aliber, R.Z. (2005)

Banking Sector Strength and the Transmission of Currency Crises   Adobe Acrobat Required
Bruinshoofd, A., B. Candelon & K. Raabe (2005)

Trade Credit and Bank Credit: Evidence from Recent Financial Crises
Preve, L.A., I. Love & V. Sarria-Allende (2005)

Corporate bankruptcies and official bail-outs: A cost–benefit analysis   ScienceDirect Required
Kenca, T., A. Ozkanb & F.G. Ozkan (2005)

The Effect of Banking Crisis on Bank-Dependent Borrowers | Published   ScienceDirect Required
Chava, S. & A.K. Purnanandam (2005/10)

Cash-in-the-Market Pricing and Optimal Bank Bailout Policy
Acharya, V.V. & T. Yorulmazer (2005)

Financial crashes as endogenous jumps: estimation, testing and forecasting   ScienceDirect Required
Fernandes, M. (2005)

Crises and Capital Requirements in Banking   Ingenta Select Required
Morrison, Alan D.; White, Lucy (2005)

The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997
Bordo, M.D. & C.M. Meissner (2005)

Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises | Published   Ingenta Select Required
Calvo, G.A., A. Izquierdo & E. Talvi (2006)

Money and Modern Banking without Bank Runs   Recommended!
Skeie, D.R. (2006)

Abstract: In the literature, bank runs take the form of withdrawals of real demand deposits that deplete a fixed reserve of goods in the banking system. However, in a modern banking system, large withdrawals take the form of electronic payments that shift balances among banks within a clearinghouse system, with no analog of a depletion of a scarce reserve. In a model of nominal demand deposits repayable in money within a clearinghouse, the author shows that interbank lending and monetary prices imply that traditional bank runs do not occur. This finding suggests that deposit insurance may not be needed to prevent bank runs in a modern economy.

Flight to Quality and Collective Risk Management
Caballero, R. & A. Krishnamurthy (2006)

Banking Crises, Financial Dependence and Growth | Published   ScienceDirect Required
Kroszner, R.S., L.A. Laeven & D. Klingebiel (2006/07)

Inside the crisis: An empirical analysis of banking systems in distress   ScienceDirect Required
Demirgüç-Kunt, A., E. Detragiache & P. Gupta (2006)

Bank panics and the endogeneity of central banking   ScienceDirect Required
Gorton, G. & L. Huang (2006)

Distance-to-Default in Banking: A Bridge Too Far?
Chan-Lau, J.A. & A.N.R. Sy (2006)

Decomposing the effects of financial liberalization: Crises vs. growth   ScienceDirect Required
Ranciere, R., A. Tornell & F. Westermann (2006)

Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses
Feltenstein, A. & C. Rochon (2006)

Trade credit and bank credit: Evidence from recent financial crises   ScienceDirect Required
Love, I., L.A. Preve & V. Sarria-Allende (2007)

A Cardan's discriminant approach to predicting currency crashes   ScienceDirect Required
Koh, S.K., W.M. Fong & F. Chan (2007)

Responding to Financial Crises
Frankel, J.A. (2007)

Exchange rate regimes, banking and the non-tradable sector   ScienceDirect Required
Kawamura, E. (2007)

Suspension of payments, bank failures, and the nonbank public's losses   ScienceDirect Required
Dwyer Jr., J.P. & I. Hasan (2007)

Fetters of Debt, Deposit, or Gold during the Great Depression? The International Propagation of the Banking Crisis of 1931
Richardson, G. & P. Van Horn (2007)

Crises and Growth: A Latin American Perspective
Edwards, S. (2007)

Re-Accessing International Capital Markets after Financial Crises: Some Empirical Evidence
Zanforlin, L. (2007)

Stiglitz Versus the IMF on the Asian Debt Crisis: An Intertemporal Model with Real Exchange Rate Overshooting
Kirsanova, T., G. Menzies & D. Vines (2007)

Emerging Market Liquidity and Crises   Acrobat Required
Levy Yeyati, E., S. Schmukler & N. Van Horen (2007)

Optimal Portfolio Liquidation for CARA Investors   Acrobat Required
Schied, A. & T. Schöneborn (2007)

The Everyday Social Sources of Economic Crises: From "Great Frustrations" to "Great Revelations" in Interwar Britain   Wiley Interscience Required
Seabrooke, L. (2007)

Quantifying and understanding the economics of large financial movements   ScienceDirect Required
(2007)
Gabaix, X., P. Gopikrishnan, V. Plerou & H.E. Stanley (2007)

GDP at risk in a DSGE model: an application to banking sector stress testing   Acrobat Required
Jokivuolle, E., J. Kilponen & T. Kuusi (2008)

Financial Innovation, Macroeconomic Stability and Systemic Crises   Wiley Interscience Required
Gai, P., S. Kapadia, S. Millard & A. Perez (2008)

This Time is Different: A Panoramic View of Eight Centuries of Financial Crises
Reinhart, C.M. & K.S. Rogoff (2008)

The Anatomy of Banking Crises | Published   ScienceDirect Required
Duttagupta, R. & P. Cashin (2008/11)

Reserve Requirements, the Maturity Structure of Debt, and Bank Runs
Al-Zein, Eza (2008)

Macroeconomic Crises since 1870
Barro, R.J. & J.F. UrsĂşa (2008)

Financial constraints on investment in an emerging market crisis   ScienceDirect Required
Blalock, G., P.J. Gertler & D.I. Levine (2008)

Liquidity runs with endogenous information acquisition   ScienceDirect Required
Zwart, S. (2008)

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data
Mendoza, E.G. & M.E. Terrones (2008)

Bank incentives, economic specialization, and financial crises in emerging economies   ScienceDirect Required
Gande, A., K. John & L.W. Senbet (2008)

Bank incentives, contract design and bank runs   ScienceDirect Required
Andolfatto, D. & E. Nosal (2008)

Injecting rational bubbles   ScienceDirect Required
Kocherlakota, N. (2008)

Bank runs, foreign exchange reserves and credibility: When size does not matter   ScienceDirect Required
Miller, V. (2008)

Systemic Banking Crises: A New Database
Laeven, L. & F. Valencia (2008)

A Model of Capital and Crises
He, Z. & A. Krishnamurthy (2008)

The Use of Blanket Guarantees in Banking Crises | Published   ScienceDirect Required
Laeven, L. & F. Valencia (2008/12)

Banks' Precautionary Capital and Credit Crunches
Valencia, F. (2008)

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market   Ingenta Select Required
Khwaja, A.I. & A. Mian (2008)

Borrower runs   ScienceDirect Required
Bond, P. & A.S. Rai (2008)

The anatomy of financial crises: Evidence from the emerging ADR market   ScienceDirect Required
Pasquariello, P. (2008)

What Happens During Recessions, Crunches, and Busts? | Published   Wiley Interscience Required
Claessens, S., M.A. Kose & M. Terrones (2008/10)

Banking Crises: An Equal Opportunity Menace | Published   ScienceDirect Required
Reinhart, C.M. & K.S. Rogoff (2008/13)

Deciphering the Liquidity and Credit Crunch 2007-08
Brunnermeier, M.K. (2008)

Financial Globalization and Banking Crises in Emerging Markets   Acrobat Required
Joyce, J.P. (2008)

Banking regulation and the output cost of banking crises   ScienceDirect Required
Angkinand, A.P. (2008)

Banking industry volatility and banking crises   ScienceDirect Required
Moshirian, F. & Q. Wu (2008)

The Aftermath of Financial Crises
Reinhart, C.M. & K.S. Rogoff (2009)

External constraint and financial crises with balance sheet effects   Acrobat Required
Dai, M. (2009)

Fiscal Trends and Self-Fulfilling Crises   Wiley Interscience Required
Doblas-Madrid, A. (2009)

Deleveraging After Lehman--Evidence from Reduced Rehypothecation
Singh, M. & J. Aitken (2009)

Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation
Aizenman, J. & G.K. Pasricha (2009)

The Revenge of Purchasing Power Parity on Carry Trades during Crises
Bričre, M. & B. Drut (2009)

The Crisis: Basic Mechanisms and Appropriate Policies
Blanchard, O.J. (2009)

Complexity and Financial Panics
Caballero, R.J. & A. Simsek (2009)

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008   Ingenta Select Required
Obstfeld, M., J.C. Shambaugh & A.M. Taylor (2009)

Information, Liquidity, and the (Ongoing) Panic of 2007   Ingenta Select Required
Gorton, G. (2009)

Is Monetary Policy Effective during Financial Crises?   Ingenta Select Required
Mishkin, F.S. (2009)

The Credit Crisis: Conjectures about Causes and Remedies   Ingenta Select Required
Diamond, D.W. & R.G. Rajan (2009)

A Model of a Systemic Bank Run | Published   ScienceDirect Required
Uhlig, H. (2009/10)

Bank runs as coordination failures: An experimental study   ScienceDirect Required
Garratt, R. & T. Keister (2009)

Risk Allocation, Debt Fueled Expansion and Financial Crisis
Beaudry, P. & A. Lahiri (2009)

Banking Crises and Crisis Dating: Theory and Evidence
Boyd, J.H., G. De Nicoló & E. Loukoianova (2009)

Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts | Published
Farhi, E. & J. Tirole (2009/12)

The Impact of Credit Protection on Stock Prices in the Presence of Credit Crunches
Hale, G., A. Razin & H. Tong (2009)

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds
Cassola, N., A. Hortacsu & J. Kastl (2009)

How Effective is Fiscal Policy Response in Systemic Banking Crises?
Baldacci, E., S. Gupta & C. Mulas-Granados (2009)

A Monetary Model of Banking Crises   Acrobat Required
Kobayashi, K. (2009)

Securitized Banking and the Run on Repo | Published   ScienceDirect Required
Gorton, G.B. & A. Metrick (2009/12)

Banking crises and exports: lessons from the past |   Acrobat Required   ScienceDirect Required
Iacovone, L. & V. Zavacka (2009/19)

Haircuts
Gorton, G.B. & A. Metrick (2009)

When Everyone Runs for the Exit
Pedersen, L.H. (2009)

Bank Runs and Institutions: The Perils of Intervention   Ingenta Select Required
Ennis, H.M. & T. Keister (2009)

Credit Crises, Money and Contractions: an historical view | Published   ScienceDirect Required
Bordo, M.D. & J.G. Haubrich (2009/10)

Accounting Discretion of Banks During a Financial Crisis | Published   ScienceDirect Required
Huizinga, H. & L. Laeven (2009/12)

Growth After the Crisis
Rodrik, D. (2009)

Banking Crises and the Rules of the Game
Calomiris, C. (2009)

Optimal taxation in the presence of bailouts | Published   ScienceDirect Required
Panageas, S. (2009/10)

Crises and Liquidity in Over-the-Counter Markets | Published   ScienceDirect Required
Lagos, R., G. Rocheteau & P-O. Weill (2009/11)

Financial Crises and Economic Activity
Cecchetti, S.G., M. Kohler & C. Upper (2009)

Predicting recoveries and the importance of using enough information
Cai, X. & W. Den Haan (2009)

The Global Financial Crisis and Offshore Dollar Markets
Coffey, N., W.B. Hrung, H-L. Nguyen & A. Sarkar (2009)

Efficient Recapitalization
Philippon, T. & P. Schnabl (2009)

Gini’s Transvariation Analysis: An Application on Financial Crises in Developing Countries   Acrobat Required
Bragoli, D., P. Ganugi & G. Ianulardo (2009)

What's the Damage? Medium-term Output Dynamics After Banking Crises
Abiad, A., R. Balakrishnan, P. Koeva Brooks, D. Leigh & I. Tytell (2009)

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008 | Published
Schularick, M. & A.M. Taylor (2009/12)

Trade Finance in a Liquidity Crisis
Ellingsen, T. & J. Vlachos (2009)

The Heavenly Liquidity Twin: The Increasing Importance of Liquidity Risk
Montes-Negret, F. (2009)

Are Financial Crises Alike?
Dungey, M., R. Fry, B. González-Hermosillo, V. Martin & C. Tang (2010)

Financial crisis, exchange rate and stock market integration   Acrobat Required
Yoshida, Y. (2009)

Credit Crunch in a Small Open Economy   Acrobat Required
Brzoza-Brzezina, M. & K. Makarski (2009)

Deposit insurance and money market freezes   ScienceDirect Required
Bruche, M. & J. Suarez (2010)

Responding to Banking Crises: Lessons from Cross-Country Evidence
Detragiache, E. & G. Ho (2010)

Bailouts, the incentive to manage risk, and financial crises   ScienceDirect Required
Panageas, S. (2010)

Recovery Determinants of Distressed Banks: Regulators, Market Discipline, or the Environment?
Koetter, M., T. Kick & T. Poghosyan (2010)

The lender of last resort: liquidity provision versus the possibility of bail-out
Eijffinger, S.C.W. & R. Nijskens (2010)

How Debt Markets Have Malfunctioned in the Crisis
Krishnamurthy, A. (2010)

When Safe Proved Risky: Commercial Paper during the Financial Crisis of 2007-2009
Kacperczyk, M. & P. Schnabl (2010)

The Failure Mechanics of Dealer Banks
Duffie, D. (2010)

Credit Default Swaps and the Credit Crisis
Stulz, R.M. (2010)

Did Fair-Value Accounting Contribute to the Financial Crisis?
Laux, C. & C. Leuz (2010)

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs
Goldberg, L.S., C. Kennedy & J. Miu (2010)

Lessons and Policy Implications from the Global Financial Crisis
Claessens, S., G. Dell'Ariccia, D. Igan & L. Laeven (2010)

This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises   Recommended!
Reinhart, C.M. (2010)

Abstract: This Chartbook provides a pictorial history, on a country-by-country basis, of public debt and economic crises of various forms. It is a timeline of a countrys creditworthiness and financial turmoil. The analysis, narrative, and illustrations in Reinhart and Rogoff (2009), This Time is Different: Eight Centuries of Financial Folly, were primarily organized around themes (serial default, inflation, etc.), although detailed tables in the book chronicled country-specific information on the dating, frequency, incidence, etc. of specific crises episodes by country. The Chartbook compliments the thematic analysis with individual country histories, and provides the grounds for a systematic analysis of the temporal patterns of debt cycles, banking and sovereign debt crises, hyperinflation, and, for the post World War II period, the reliance on IMF programs.

Optimal Interventions in Markets with Adverse Selection
Philippon, T. & V. Skreta (2010)

Credit Conditions and Recoveries from Recessions Associated with Financial Crises | Published   ScienceDirect Required
Kannan, P. (2010/12)

The role of household and business credit in banking crises   ScienceDirect Required
Büyükkarabacak, B. & N.T. Valev (2010)

The intraday interest rate under a liquidity crisis: The case of August 2007   ScienceDirect Required
Baglioni, A. & A. Monticini (2010)

Financial crises and interacting heterogeneous agents   ScienceDirect Required
Huang, W., H. Zheng & W-M. Chia (2010)

Gold and the U.S. Dollar: Tales from the Turmoil   Acrobat Required
Marzo, M. & P. Zagaglia (2010)

Repo runs
Martin, M., D. Skeie & E-L. von Thadden (2010)

Banking crises, Output Loss and Fiscal Policy
Röger, W., I. Székely & A.A. Turrini (2010)

Banking panics and policy responses   ScienceDirect Required
Ennis, H.M. & T. Keister (2010)

Could making banks hold only liquid assets induce bank runs?
Peck, P. & K. Shell (2010)

Liquidity problems in the FX liquid market: Ask for the "BIL"   Acrobat Required
Borgy, V., I. Idier & G. Le Fol (2010)

Self-Fulfilling Credit Market Freezes
Bebchuk, L.A. & I. Goldstein (2010)

Are Leading Indicators of Financial Crises Useful for Assessing Country Vulnerability? Evidence from the 2008-09 Global Crisis
Frankel, J.A. & G. Saravelos (2010)

Adverse Selection, Reputation and Sudden Collapses in Secondary Loan Markets
Chari, V.V., A. Shourideh & A. Zetlin-Jones (2010)

Resolution of Banking Crises: The Good, the Bad, and the Ugly
Laeven, L. & F. Valencia (2010)

Overborrowing, Financial Crises and 'Macro-prudential' Taxes | Optimal Time-Consistent Macroprudential Policy | Published   Acrobat Required   UChicago Journals Required
Bianchi, J. & E.G. Mendoza (2010/14/18)

Banking Crises and Short and Medium Term Output Losses in Developing Countries: The Role of Structural and Policy Variables | Published   Acrobat Required   ScienceDirect Required
Furceri, D. & A. Zdzienicka (2010/12)

Portfolio manager behavior and global financial crises   ScienceDirect Required
Feldman, T. (2010)

Self-Fulfilling Risk Panics
Bacchetta, P., C. Tille & E. van Wincoop (2010)

Managing Markets for Toxic Assets
House, C.L. & Y. Masatlioglu (2010)

Is the Distance to Default a Good Measure in Predicting Bank Failures? Case Studies
Harada, K., T. Ito & S. Takahashi (2010)

Amplification Mechanisms in Liquidity Crises
Krishnamurthy, A. (2010)

Self-Fulfilling Risk Panics
Bacchetta, P., C. Tille & E. van Wincoop (2010)

The Impact of Financial Crises on Trade Flows: A Developing Country Perspective
Macias, J.B., I. Massa & M.J. Salois (2010)

Maturity mismatch and financial crises: Evidence from emerging market corporations   ScienceDirect Required
Bleakley, H. & K. Cowan (2010)

Are Banks Too Big to Fail or Too Big to Save? International Evidence from Equity Prices and CDS Spreads
Demirguc-Kunt, A. & H. Huizinga (2010)

The size of banking crises in credible fixed exchange rate regimes   ScienceDirect Required
Miller, V. & L. Vallée (2010)

Restoring Debt Sustainability After Crises: Implications for the Fiscal Mix
Baldacci, E., S. Gupta & C. Mulas-Granados (2010)

Larger crises cost more: Impact of banking sector instability on output growth   ScienceDirect Required
Serwa, D. (2010)

What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks? | Published
Kalemli-Ozcan, S., H. Kamil & C. Villegas-Sanchez (2010/16)   MIT Press Subscription Required

Inequality, Leverage and Crises | Published
Kumhof, M., R. Ranciere & P. Winant (2010/15)

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons
Jorda, O., M. Schularick & A.M. Taylor (2010)

How Does Trade Evolve in the Aftermath of Financial Crises?
Abiad, A., P. Mishra & P. Topalova (2010)

The term structure of banking crisis risk in the United States: A market data based compound option approach   ScienceDirect Required
Eichler, S., A. Karmann & D. Maltritz (2011)

Currency and Financial Crises of the 1990s and 2000s
Razin, A. & S. Rosefielde (2011)

The Real Effects of Financial Sector Interventions During Crises
Laeven, L. & F. Valencia (2011)

Creditless Recoveries
Abiad, A., G. Dell'Ariccia & B. Li (2011)

A Bad-Asset Theory of Financial Crises   Acrobat Required
Kobayashi, K. (2011)

Leverage as a Predictor for Real Activity and Volatility
Kollmann, R. & S. Zeugner (2011)

Where It All Began: Lending of Last Resort and the Bank of England during the Overend, Gurney Panic of 1866
Flandreau, M. & S. Ugolini (2011)

The Diamond-Rajan Bank Runs in a Production Economy   Acrobat Required
Kobayashi, K. (2011)

Time series analysis for financial market meltdowns   ScienceDirect Required
Kim, Y.S., S.T. Rachev, M.L. Bianchi, I. Mitov & F.J. Fabozzi (2011)

Global Liquidity: Availability of Funds for Safe and Risky Assets
Matsumoto, A. (2011)

Credit Ratings and Security Prices in the Subprime MBS Market
Ashcraft, A., P. Goldsmith-Pinkham, P. Hull & J. Vickery (2011)

Credit Ratings and the Evolution of the Mortgage-Backed Securities Market
He, J., J. Qian & P.E. Strahan (2011)

Why Does the Economy Fall to Pieces after a Financial Crisis?
Hall, R.E. (2011)

Illiquidity and All Its Friends
Tirole, J. (2011)

Government, taxes and banking crises   ScienceDirect Required
Hasman, A., A.L. López & M. Samartin (2011)

Stories of the Twentieth Century for the Twenty-First | Published
Gourinchas, P-O. & M. Obstfeld (2011/12)

The Bright and the Dark Side of Cross-Border Banking Linkages
Cihák, M. & S. Muńoz (2011)

Repo Runs: Evidence from the Tri-Party Repo Market
Copeland, A., A. Martin & M. Walker (2011)

Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System | Published   ScienceDirect Required
Cukierman, A. & Y. Izhakian (2011/15)

House Prices, Home Equity–Based Borrowing, and the US Household Leverage Crisis
Mian, A. & A. Sufi (2011)

International Financial Crises and the Multilateral Response: What the Historical Record Shows
Barkbu, B., B. Eichengreen & A. Mody (2011)

On the impact of fundamentals, liquidity, and coordination on market stability   Wiley Interscience Required
Daníelsson, J. & F. Peńaranda (2011)

Banking Flows and Financial Crisis—Financial Interconnectedness and, Basel III Effects
Ghosh, S.R., N. Sugawara & J. Zalduendo (2011)

Do Phoenix Miracles Exist? Firm-Level Evidence from Financial Crises
Ayyagari, M., A. Demirguc-Kunt & V. Maksimovic (2011)

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis
Benmelech, E. & E. Dvir (2011)

Financial Sector Ups and Downs and the Real Sector: Big Hindrance, Little Help
Aizenman, J., B. Pinto & V. Sushko (2011)

Financial Flows, Financial Crises, and Global Imbalances
Obstfeld, M. (2011)

Complementing Bagehot: Illiquidity and insolvency resolution
Eijffinger, S.C.W. & R. Nijskens (2011)

The Costs of Financial Crises: Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis
Sandleris, G. & M.L.J. Wright (2011)

Contingent convertibles. Solving or seeding the next banking crisis?   ScienceDirect Required
Koziol, C. & J. Lawrenz (2011)

Financial crises in efficient markets: How fundamentalists fuel volatility   ScienceDirect Required
Szafarz, A. (2011)

When bigger isn't better: bailouts and bank behavior
Li, H.H., M. Miller & L. Zhang (2011)

Crises, rescues, and policy transmission through international banks   Acrobat Required
Buch, C.M.. C.T. Koch & M. Koetter (2011)

Incentives to innovate and financial crises   ScienceDirect Required
Thakor, A.V. (2011)

What is really common in the run-up to banking crises?   ScienceDirect Required
Roy, S. & D.M. Kemme (2011)

Private sector risk and financial crises in emerging markets   Wiley Interscience Required
Daniel, B.C. (2011)

When Credit Bites Back: Leverage, Business Cycles, and Crises
Jorda, O., M.H.P. Schularick & A.M. Taylor (2011)

Credit Crises, Precautionary Savings, and the Liquidity Trap | Published   Oxford Journals Required
Guerrieri, V. & G. Lorenzoni (2011/17)

The impact of financial crises and tolerance for uncertainty   ScienceDirect Required
Inklaar, R. & J. Yang (2012)

Aggregate Implications of a Credit Crunch | Published
Buera, F.J. & B. Moll (2011/15)

Liquidity when it matters: QE and Tobin’s q   Acrobat Required
Driffill, J. & M. Miller (2011)

Fiscal Policy in a Financial Crisis: Standard Policy vs. Bank Rescue Measures
Kollmann, R., W. Roeger & J. in't Veld (2012)

Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates
Matvos, G. & A. Seru (2012)

Fiscal Policy in a Financial Crisis: Standard Policy vs. Bank Rescue Measures   Acrobat Required
Kollmann, R., R. Werner & J. in't Veld (2011)

Financial flows, financial crises, and global imbalances   ScienceDirect Required
Obstfeld, M. (2012)

The flight home effect: Evidence from the syndicated loan market during financial crises   ScienceDirect Required
Giannetti, M. & L. Laeven (2012)

Tranching, CDS, and Asset Prices: How Financial Innovation Can Cause Bubbles and Crashes   Recommended!
Fostel, A. & J. Geanakoplos (2012)

Abstract: We show how the timing of financial innovation might have contributed to the mortgage bubble and then to the crash of 2007-2009. We show why tranching and leverage first raised asset prices and why CDS lowered them afterward. This may seem puzzling, since it implies that creating a derivative tranche in the securitization whose payoffs are identical to the CDS will raise the underlying asset price, while the CDS outside the securitization lowers it. The resolution of the puzzle is that the CDS lowers the value of the underlying asset since it is equivalent to tranching cash.

Financial crises and liquidity shocks a bank-run perspective   ScienceDirect Required
Calvo, G. (2012)

Getting Up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide   SURVEY PAPER
(2012)

Reading about the Financial Crisis: A Twenty-One-Book Review   SURVEY PAPER
Lo, A.W. (2012)

Optimal banking contracts and financial fragility   Acrobat Required
Keister, T. & H. Ennis (2011)

Efficient Bailouts? | Published   Acrobat Required
Bianchi, J. (2012/16)

Financial Frictions and Total Factor Productivity: Accounting for the Real Effects of Financial Crises | Published   Acrobat Required   ScienceDirect Required
Pratap, S. & C. Urrutia (2012)

Fire-Sale FDI? The Impact of Financial Crisis on Foreign Direct Investment   Acrobat Required
Bogach, O. & I. Noy (2012)

Liquidity Hoarding   Acrobat Required
Gale, D. & T. Yorulmazer (2012)

Financial crises and regime-dependent dynamics   ScienceDirect Required
Huang, W. & H. Zheng (2012)

Illiquidity or credit deterioration: A study of liquidity in the US corporate bond market during financial crises   ScienceDirect Required
Friewald, N., R. Jankowitsch & M.G. Subrahmanyam (2012)

Rollover risk, network structure and systemic financial crises   ScienceDirect Required
Anand, K., P. Gai & M. Marsili (2012)

Global Banks and Crisis Transmission | Published   ScienceDirect Required
Kalemli-Ozcan, S., E. Papaioannou & F. Perri (2012/13)

What causes banking crises? An empirical investigation
Le, V.P.M., D. Meenagh & P. Minford (2012)

Do Surges in International Capital Inflows Influence the Likelihood of Banking Crises? Cross-Country Evidence on Bonanzas in Capital Inflows and Bonanza-Boom- Bust Cycles | Published   Acrobat Required   Wiley Interscience Required
Caballero, J. (2012/14)

Financial crisis and extreme market risks: Evidence from Europe   ScienceDirect Required
Orlowski, L.T. (2012)

Financial Crisis Resolution   Acrobat Required
Schroth, J. (2012)

A bank runs model with a continuum of types   ScienceDirect Required
Azrieli, Y. & J. Peck (2012)

Systemic Banking Crises Database: An Update
Laeven, L. & F. Valencia (2012)

Monetary policy under financial uncertainty   ScienceDirect Required
Williams, N. (2012)

Circuit Theory Extended: The Role of Speculation in Crises
Lancastle, N. (2012)

Models of Speculative Attacks and Crashes in International Capital Markets
Marini, G. & G. Piersanti (2012)

Do Social Networks Prevent Bank Runs? | Published   Acrobat Required   ScienceDirect Required
Kiss, H.J., I. Rodriguez-Lara & A. Rosa-Garcia (2012/14)

Reserve Accumulation, Growth and Financial Crises   Acrobat Required
Benigno, G. & L. Fornaro (2012)

Runs, Panics and Bubbles: Diamond Dybvig and Morris Shin Reconsidered   Acrobat Required
Smith, E. & M. Shubik (2012)

Financial crisis, structure and reform   ScienceDirect Required
Allen, F., X. Gu & O. Kowalewski (2012)

Fiscal Policy, Banks and the Financial Crisis
Veld, J.I., R. Kollmann, M. Ratto & W. Roeger (2012)

Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Approach
Williamson, S.D. (2012)

Individual investor perceptions and behavior during the financial crisis   ScienceDirect Required
Hoffmann, A.O.I., T. Post & J.M.E. Pennings (2012)

Macroeconomic Adjustment and the History of Crises in Open Economies
Aizenman, J. & I. Noy (2012)

Credit Shocks Harm the Unprepared - Financing Constraints and the Financial Crisis   Acrobat Required
Hetland, O.R. & A. Mjřs (2012)

Self-fulfilling credit cycles | Published   Acrobat Required   Oxford Journals Required
Azariadis, C., L. Kaas & Y. Wen (2012/16)

Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks
Iyer, R. & M. Puri (2012)

Credit information sharing and banking crises: An empirical investigation   ScienceDirect Required
Büyükkarabacak, B. & N. Valev (2012)

The effect of financial crises on potential output: New empirical evidence from OECD countries   ScienceDirect Required
Furceri, D. & A. Mourougane (2012)

Asymmetric Information in Credit Markets, Bank Leverage Cycles and Macroeconomic Dynamics   Acrobat Required
Rannenberg, A. (2012)

The Role of Consumer Leverage in Generating Financial Crises   Acrobat Required
Dimova, D. (2012)

Market concentration and the likelihood of financial crises   ScienceDirect Required
Bretschger, L., V. Kappel & T. Werner (2012)

On the Real Effects of Bank Bailouts: Micro Evidence from Japan
Giannetti, M. & A. Simonov (2013)

A Model of Moral-Hazard Credit Cycles   JSTOR Required
Myerson, R.B. (2013)

Review of Theories of Financial Crises   SURVEY PAPER
Goldstein, I. & A. Razin (2013)

Macroprudential Regulation Versus Mopping Up After the Crash | Published   Oxford Journals Required
Jeanne, O. & A. Korinek (2013/20)

TFP during a credit crunch   ScienceDirect Required
Petrosky-Nadeau, N. (2013)

Sunspot bank runs in competitive versus monopolistic banking systems   ScienceDirect Required
Matsuoka, T. (2013)

Rescue packages and bank lending   ScienceDirect Required
Brei, M., L. Gambacorta & G. von Peter (2013)

Financial Crises Explanations, Types, and Implications   SURVEY PAPER
Claessens, S. & M. Kose (2013)

The effects of financial crisis on fiscal positions   ScienceDirect Required
Tagkalakis, A. (2013)

Predicting financial crises: the (statistical) significance of the signals approach   ScienceDirect Required
El-Shagi, M., T. Knedlik & G. von Schweinitz (2013)

The Real Effect of Banking Crises: Finance or Asset Allocation Effects? Some International Evidence   ScienceDirect Required
Fernández, A.I., F. González & N. Suárez (2013)

Speculative Runs on Interest Rate Pegs | Published   ScienceDirect Required
Bassetto, M. & C. Phelan (2013/15)

IMF Lending and Banking Crises   Acrobat Required
Papi, L., A.F. Presbitero & A. Zazzaro (2013)

Understanding Financial Crises: Causes, Consequences, and Policy Responses   Acrobat Required
Claessens, S., M.A. Kose, L. Laeven & F. Valencia (2013)

Equilibrium Unemployment during Financial Crises   Acrobat Required
Fernandez, A. & J. Herreno (2013)

Does inequality lead to a financial crisis?   ScienceDirect Required
Bordo, M.D. & C.M. Meissner (2013)

How central banks prepare for financial crises - An empirical analysis of the effects of crises and globalisation on international reserves   ScienceDirect Required
Steiner, A. (2013)

The Macroeconomics of Modigliani-Miller
Gersbach, H., H. Haller & J. Müller (2013)

The Consequences of Banking Crises for Public Debt   Wiley Interscience Required
Furceri, D. & A. Zdzienicka (2013)

Balance Sheet Strength and Bank Lending During the Global Financial Crisis
Kapan, T. & C. Minoiu (2013)

Market liquidity in the financial crisis: The role of liquidity commonality and flight-to-quality   ScienceDirect Required
Rösch, C.G. & C. Kaserer (2013)

External Liabilities and Crises | Published   ScienceDirect Required
Catăo, L. & G-M. Milesi-Ferretti (2013/14)

Bank Bailouts, Competition, and the Disparate Effects for Borrower and Depositor Welfare
Calderon, C. & K. Schaeck (2013)

Credit and growth after financial crises
Takáts, E. and C. Upper (2013)

Rapid Credit Growth and Current Account Deficit as the Leading Determinants of Financial Crises
Ganioglu, A. (2013)

Banking, Liquidity and Bank Runs in an Infinite-Horizon Economy | Published
Gertler, M. & N. Kiyotaki (2013/15)

Experimental evidence of bank runs as pure coordination failures   ScienceDirect Required
Arifovic, J., J.H. Jiang & Y. Xu (2013)

A macroeconomic model of liquidity crises   Acrobat Required
Kobayashi, K. & T. Nakajima (2013)

Bank leverage cycles | Published   Acrobat Required
Nuńo, G. & C. Thomas (2013/17)

Booms and systemic banking crises   Acrobat Required
Boissay, F., F. Collard & F. Smets (2013)

Post-mortem examination of the international financial network   ScienceDirect Required
Chinazzi, M., G. Fagiolo, J.A. Reyes & S. Schiavo (2013)

Financial crisis risk, ECB "non-standard" measures, and the external value of the euro   ScienceDirect Required
Eichler, S. (2013)

Trust and Financial Crisis Experiences   Acrobat Required
van der Cruijsen, C., J. de Haan & D-J. Jansen (2013)

How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007
Acharya, V.V., G. Afonso & A. Kovner (2013)

Relationship and Transaction Lending in a Crisis | Published   Oxford Journals Required
Bolton, P., X. Freixas, L. Gambacorta & P.E. Mistrulli (2013/16)

Credit Crunches as Markov Equilibria   ScienceDirect Required
Azariadis, C. & K.J. Choi (2013)

Leveraged borrowing and boom-bust cycles   ScienceDirect Required
Pintus, P.A. & Y. Wen (2013)

A Model of Slow Recoveries from Financial Crises | Published   Recommended!   Acrobat Required   ScienceDirect Required
Queraltó, A. (2013/20)

Abstract: This paper documents highly persistent effects of financial crises on output, labor productivity and employment in a sample of emerging economies. To address these facts, it introduces a quantitative macroeconomic model that includes endogenous TFP growth through firm creation. Firm creators obtain funding from a financial intermediation sector which is subject to frictions. These frictions become especially severe in a financial crisis, increasing the cost of credit for firm creators and thereby lowering the growth rate of aggregate TFP. As a consequence, the model produces medium-run dynamics following crises that are in line with the data.

Efficient Financial Crises   Acrobat Required
Zetlin-Jones, A. (2013)

Recessions, growth and banking crises   ScienceDirect Required
Dwyer, G.P., J. Devereux, S. Baier & R. Tamura (2013)

Managing Financial Crises: Lean or Clean?   Acrobat Required
Tsuruga, T., R. Kato & M. Katagiri (2013)

Banking crises, labor reforms, and unemployment   ScienceDirect Required
Bernal-Verdugo, L.E., D. Furceri & D. Guillaume (2013)

On the welfare equivalence of asset markets and banking in Diamond Dybvig economies   ScienceDirect Required
Zimper, A. (2013)

Financial Crises and Economic Growth   ScienceDirect Required
Jarrow, R.A. (2013)

Inequality, Leverage and Crises: The Case of Endogenous Default
Kumhof, M., R. Ranciere & P. Winant (2013)

Does Financial Connectedness Predict Crises?
Minoiu, C., C. Kang, V.S. Subrahmanian & A. Berea (2013)

Vulnerability, Crises and Debt Maturity: Do IMF Interventions Increase Reliance on Short-Term Debt?   Wiley Interscience Required
Saravia, D. (2013)

Banking, Liquidity and Bank Runs in an Infinite Horizon Economy
Gertler, M. & N. Kiyotaki (2013)

Optimal Diamond-Dybvig mechanism in large economies with aggregate uncertainty   ScienceDirect Required
Sultanum, B. (2014)

What factors drive systemic risk during international financial crises?   ScienceDirect Required
Weiß, G.N.F., D. Bostandzic & S. Neumann (2014)

Systemic risk and bank consolidation: International evidence   ScienceDirect Required
Weiß, G.N.F., S. Neumann & D. Bostandzic (2014)

Recovery from Financial Crises: Evidence from 100 Episodes
Reinhart, C.M. & K.S. Rogoff (2014)

Financial Crises and Exchange Rate Policy | Published   Acrobat Required   ScienceDirect Required
Fornaro, L. (2012/15)

Social Implications of Fiscal Policy Responses During Crises
Vegh, C.A. & G. Vuletin (2014)

Crises and Confidence: Systemic Banking Crises and Depositor Behavior   ScienceDirect Required
Osili, U.O. & A. Paulson (2014)

Collateral Crises
Gorton, G. & G. Ordonez (2014)

Leverage, Default, and Forgiveness: Lessons from the American and European Crises   ScienceDirect Required
Geanakoplos, J. (2014)

Anatomy of a Credit Crunch: From Capital to Labor Markets
Buera, F.J., R. Fattal-Jaef & Y. Shin (2014)

Financial Crises in DSGE Models: Selected Applications of MAPMOD
Benes, J., M. Kumhof & D. Laxton (2014)

Financial Crises in DSGE Models: A Prototype Model
Benes, J., M. Kumhof & D. Laxton (2014)

Correlated Bank Runs, Interbank Markets and Reserve Requirements   ScienceDirect Required
Cańón, C. & P. Margaretic (2014)

The Flight from Maturity
Gorton, G.B., A. Metrick & L. Xie (2014)

Monetary Policy in a Downturn: Are Financial Crises Special?   Wiley Interscience Required
Bech, M.L., L. Gambacorta & E. Kharroubi (2014)

Reserve Accumulation and Financial Crises: From Individual Protection to Systemic Risk   ScienceDirect Required
Steiner, A. (2014)

A theoretical model of bank lending: Does ownership matter in times of crises?   ScienceDirect Required
Brei, M. & A. Schclarek (2014)

Liquidity, Leverage, and Lehman: A Structural Analysis of Financial Institutions in Crisis   ScienceDirect Required
Chen, R-R., N.K. Chidambaran, M.B. Imerman & B.J. Sopranzetti (2014)

Credit booms, banking crises, and the current account   Acrobat Required
Davis, J.S., A. Mack, W. Phoa & A. Vandenabeele (2014)

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops | Published   Oxford Journals Required
Farhi, E. & J. Tirole (2014/18)

House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again   Recommended!
Mian, A. & A. Sufi (2014)

Abstract: The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession-that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.

How does macroprudential regulation change bank credit supply?
Kashyap, A.K., D.P. Tsomocos & A.P. Vardoulakis (2014)

The Effect of Ecuador's 1999 Economic Crisis on Early Childhood Development   JSTOR Required
Hidrobo, M. (2014)

Gates, Fees, and Preemptive Runs   Acrobat Required
Cipriani, M., A. Martin, P.E. McCabe & B. Parigi (2014)

Equilibrium Bank Runs Revisited   Acrobat Required
Nosal, E., B. Sultanum & D. Andolfatto (2014)

Determinants of stock returns: Factors or systematic co-moments? Crisis versus non-crisis periods   ScienceDirect Required
Hung, C-H.D., A.S.M. Sohel Azad & V. Fang (2014)

Accounting for Crises
Nagar, V. and G. Yu (2014)

Financial liberalization, disaggregated capital flows and banking crisis: Evidence from developing countries   ScienceDirect Required
Hamdi, H. & N.B. Jlassi (2014)

Bank Risk Within and Across Equilibria
Agur, I. (2014)

The effect of the financial crisis on TFP growth: a general equilibrium approach   Acrobat Required
Millard, S. & A. Nicolae (2014)

Drivers of Systemic Banking Crises: The Role of Financial Account Structure and Financial Integration   Wiley Interscience Required
Ahrend, R. & A. Goujard (2014)

Banking crises: Identifying dates and determinants   ScienceDirect Required
Jutasompakorn, P., R. Brooks, C. Brown & S. Treepongkaruna (2014)

Preventing bank runs   Acrobat Required
Andolfatto, D., E. Nosal & B. Sultanum (2014)

The risk of financial crises: Is it in real or financial factors? | Published   Acrobat Required   ScienceDirect Required
Kirschenmann, K., T. Malinen & H. Nyberg (2014/16)

Determinants of the real impact of banking crises: A review and new evidence   Acrobat Required
Wilms, P., J. Swank & J. de Haan (2014)

Banking crises and sovereign defaults in emerging markets: exploring the links   Acrobat Required
Balteanu, I. & A. Erce (2014)

How to foresee banking crises? A survey of the empirical literature   ScienceDirect Required   SURVEY PAPER
Kauko, K. (2014)

The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jorda, O., M. Schularick & A.M. Taylor (2014)

Financial crises and the composition of cross-border lending | Published   Acrobat Required   ScienceDirect Required
Cerutti, E., G. Hale & C. Minoiu (2014/15)

Financial Business Cycles   Acrobat Required
Iacoviello, M. (2014)

Bank lending procyclicality and credit quality during financial crises   ScienceDirect Required
Caporale, G.M., S. Di Colli & J.S. Lopez (2014)

Too Correlated to Fail
Chari, V.V. & C. Phelan (2014)

Banking risk and macroeconomic fluctuations   ScienceDirect Required
Jin, Y. & Z. Zeng (2014)

Time to produce and emerging market crises   ScienceDirect Required
Schwartzman, F. (2014)

Financial globalization or great financial expansion? The impact of capital flows on credit and banking crises   Acrobat Required
Frost, J. & R. van Tilburg (2014)

Liquidity Traps and Monetary Policy: Managing a Credit Crunch | Published
Buera, F. & J.P. Nicolini (2014/20)

The financial meltdown: a model with endogenous default probability
Ferrari, M. (2014)

Cross-hedging strategies between CDS spreads and option volatility during crises   ScienceDirect Required
Da Fonseca, J. & K. Gottschalk (2014)

Endogenous Uncertainty and Credit Crunches   Acrobat Required
Ulbricht, R. & L. Straub (2014)

Debt-Overhang Banking Crises   Acrobat Required
Occhino, F. (2014)

Financial globalization or great financial expansion? The impact of capital flows on credit and banking crises   Acrobat Required
Frost, J. & R. van Tilburg (2014)

Banks, Capital Flows and Financial Crises   Acrobat Required
Akinci, O. & A. Queraltó (2014)

Systematic Bailout Guarantees and Tacit Coordination   De Gruyter Journals Required
Bertsch, C., C. Calcagno & M. Le Quement (2014)

Correlated observations, the law of small numbers and bank runs   Acrobat Required
Horváth, G. & H.J. Kiss (2014)

A network view on interbank market freezes   Acrobat Required
Gabrieli, S. & C.-P. Georg (2014)

Banking panics and protracted recessions   Acrobat Required
Sanches, D.R. (2014)

Financial Crises and Systemic Bank Runs in a Dynamic Model of Banking   Acrobat Required
Robatto, R. (2014)

A Note on Banking and Housing Crises and the Strength of Recoveries   Acrobat Required
Boysen-Hogrefe, J., N. Jannsen & C. Patrick Meier (2015)

Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries | Published   ScienceDirect Required
Levine, R., C. Lin & W. Xie (2015)

Curbing The Credit Cycle   Wiley Interscience Required
Aikman, D., A.G. Haldane & B.D. Nelson (2015)

Banking crises and financial integration: Insights from networks science   ScienceDirect Required
Caballero, J. (2015)

IMF Lending and Banking Crises
Papi, L., A. Presbitero & A. Zazzaro (2015)

Post-Crisis Slow Recovery and Monetary Policy   Acrobat Required
Ikeda, D. & T. Kurozumi (2015)

Bank competition and crises revisited: New results   ScienceDirect Required
Diallo, B. (2015)

Rare Events, Financial Crises, and the Cross-Section of Asset Returns
Bianchi, F. (2015)

New Evidence on the Impact of Financial Crises in Advanced Countries
Romer, C.D. & D.H. Romer (2015)

The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s
Rajan, R. & R. Ramcharan (2015)

Cross-border resolution of global banks   Acrobat Required
Faia, E. & B. Weder di Mauro (2015)

Banking crises and the lender of last resort: How crucial is the role of information?   ScienceDirect Required
Naqvi, H. (2015)

Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises
Adler, G. & E. Cerutti (2015)

International Financial Shocks in Emerging Markets   Acrobat Required
Brei, M. & A. Buzaushina (2015)

Banking panics and deflation in dynamic general equilibrium   Acrobat Required
Carapella, F. (2015)

Private Sector Deleveraging and Growth Following Busts
Chen, S., M. Kim, M. Otte, K. Wiseman & A. Zdzienicka (2015)

The effects of systemic banking crises in the inter-war period   ScienceDirect Required
da Rocha, B.T. & S. Solomou (2015)

An Assessment of TARP Assistance to Financial Institutions
Calomiris, C.W. & U. Khan (2015)

Legal, Political, and Institutional Constraints on the Financial Crisis Policy Response
Swagel, P. (2015)

The Dynamics of Business Investment Following Banking Crises and Normal Recessions   Acrobat Required
Jannsen, N. (2015)

Assessing emerging markets' vulnerability to financial crisis   ScienceDirect Required
Pitterle, I., F. Haufler & P. Hong (2015)

The finance-growth nexus in crisis   ScienceDirect Required
Breitenlechner, M., M. Gachter & F. Sindermann (2015)

Securities Transactions Taxes and Financial Crises   Acrobat Required
Carmichael, B., J.A. Gnagne & K. Moran (2015)

The impact of financial crises on the risk-return tradeoff and the leverage effect   ScienceDirect Required
Christensen, B.J., M.O. Nielsen & J. Zhu (2015)

A New History of Banking Panics in the United States, 1825-1929: Construction and Implications
Jalil, A.J. (2015)

Fire-Sale FDI or Business as Usual?   Acrobat Required
Alquist, R., R. Mukherjee & L.L. Tesar (2015)

Financialization and the Financial and Economic Crises: The Case of Greece   Acrobat Required
Varoufakis, Y. & L. Tserkezis (2015)

Capital stock management during a recession that freezes credit markets   ScienceDirect Required
Caulkins, J.P., G. Feichtinger, D. Grass, R.F. Hartl, P.M. Kort & A. Seidl (2015)

The Antecedents and Aftermath of Financial Crises as told by Carlos F. Diaz Alejandro
Reinhart, C.M. (2015)

Too Unexpected to Fail: Bail-Out Policy and Sudden Freezes   Acrobat Required
Daripa, A. (2015)

From Systemic Banking Crises to Fiscal Costs: Risk Factors
Amaglobeli, D., N. End, M. Jarmuzek & G. Palomba (2015)

Economic Effects of Runs on Early "Shadow Banks": Trust Companies and the Impact of the Panic of 1907   JSTOR Required
Frydman, C., E. Hilt & L.Y. Zhou (2015)

Financial Crises and Labor: Does Tight Money Loosen Labor Rights?   ScienceDirect Required
Blanton, R.G., S.L. Blanton & D. Peksen (2015)

Why are bank runs sometimes partial?
Kiema, I. & E. Jokivuolle (2015)

Bank Sovereign Bond Holdings, Sovereign Shock Spillovers, and Moral Hazard durning the European Crisis
Beltratti, A. & R.N. Stulz (2015)

Identifying banking crises using money market pressure: New evidence for a large set of countries   ScienceDirect Required
Jing, Z., J. de Haan, J. Jacobs & H. Yang (2018)

How does financial market structure affect the impact of a banking crisis?   ScienceDirect Required
Bijlsma, M., A. Dubovik & B. Straathof (2015)

Characterising the financial cycle: a multivariate and time-varying approach   Acrobat Required
Hiebert, P., Y.S. Schüler & T.A. Peltonen (2015)

Are Islamic Banks More Resilient during Financial Panics?
Farooq, M. & S. Zaheer (2015)

Capital Unemployment, Financial Shocks, and Investment Slumps   Acrobat Required
Ottonello, P. (2015)

Inequality Indebtedness and Financial Crises   Acrobat Required
Scognamillo, A. (2015)

Shadow economies at times of banking crises: Empirics and theory   ScienceDirect Required
Colombo, E., L. Onnis & P. Tirelli (2015)

Bank runs and self-insured bank deposits   ScienceDirect Required
Jarrow, R. & L. Xu (2015)

Bank Profitability and Risk-Taking
Martynova, N., L. Ratnovski & R. Vlahu (2015)

Financial crises, unconventional monetary policy exit strategies, and agents? expectations   ScienceDirect Required
Foerster, A.T. (2015)

Credit booms, financial fragility and banking crises   ScienceDirect Required
Fielding, D. & J. Rewilak (2015)

Selling Failed Banks   Acrobat Required
Granja, J., G. Matvos & A. Seru (2015)

Credit supply disruptions: from credit crunches to financial crisis   Acrobat Required
Peek, J. & E.S. Rosengren (2015)

Insecure debt
Matta, R. & E. Perotti (2015)

Saving and the long shadow of macroeconomic shocks   ScienceDirect Required
Aizenman, J. & I. Noy (2015)

Identifying early warning indicators for real estate-related banking crises   Acrobat Required
Ferrari, S., M. Pirovano & W. Cornacchia (2015)

Global banking, global crises? The role of the bank balance-sheet channel for the transmission of financial crises   ScienceDirect Required
Ahrend, R. & A. Goujard (2015)

The Persistence of a Banking Crisis   Acrobat Required
Huber, K. (2015)

How Central Banks End Crises   Acrobat Required
Ordonez, G. & G. Gorton (2015)

Double Bank Runs and Liquidity Risk Management | Published   Acrobat Required   ScienceDirect Required
Ippolito, F., J.L. Peydró, A. Polo & E. Sette (2015/16)

Financial crisis begets financial reform? The origin of the crisis matters   ScienceDirect Required
Waelti, S. (2015)

Bureaucratic corruption and the dynamic interaction between monetary and fiscal policy   ScienceDirect Required
Dimakou, O. (2015)

Political economy of fiscal unions   ScienceDirect Required
Fidrmuc, J. (2015)

Financialisation and crisis in an agent based macroeconomic model   ScienceDirect Required
Riccetti, L., A. Russo & M. Gallegati (2015)

Financial Cycles and Fiscal Cycles   Acrobat Required
Bénétrix, A.S. & P.R. Lane (2015)

What do we Learn from the Financial Flows of the 2008-2009 Crisis?   Acrobat Required
Begenau, J., S. Bigio & J. Majerovitz (2015)

On Zombie Banks and Recessions after Systemic Banking Crises
Homar, T. & S. van Wijnbergen (2015)

Financial liberalization, insurance market, and the likelihood of financial crises   ScienceDirect Required
Lee, C-C., C-W. Lin & J-H. Zeng (2016)

Banking Crisis, Moral Hazard and Fiscal Policy Responses   Acrobat Required
Cheng, K., M. Dai amp; F. Dufourt (2016)

Good Booms, Bad Booms | Published   Oxford Journals Required
Gorton, G. & G. Ordonyez (2016/20)

Do Surges in International Capital Inflows Influence the Likelihood of Banking Crises?   Wiley Interscience Required
Caballero, J.A. (2016)

Booms and Banking Crises
Boissay, F., F. Collard & F. Smets (2016)

How Did Pre-Fed Banking Panics End?
Gorton, G. & E.W. Tallman (2016)

The early warnings of banking crises: Interaction of broad liquidity and demand deposits   ScienceDirect Required
Lang, M. & P.G. Schmidt (2016)

Wholesale Banking and Bank Runs in Macroeconomic Modeling of Financial Crises   Acrobat Required
Gertler, M., N. Kiyotaki & A. Prestipino (2016)

Labour reallocation and productivity dynamics: financial causes, real consequences
Borio, C., E. Kharroubi, C. Upper & F. Zampolli (2016)

The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles
Benmelech, E., R.R. Meisenzahl & R. Ramcharan (2016)

Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit | Published   Cambridge Online Required
Levine, R., C. Lin & W. Xie (2016/18)

Can a bank run be stopped? Government guarantees and the run on Continental Illinois
Carlson, M.A. & J. Rose (2016)

Inequality and Financial Fragility | Published   Acrobat Required   ScienceDirect Required
Mitkov, Y. (2016/20)

Predicting bank failures: The leverage versus the risk-weighted capital ratio   Acrobat Required
Yang, X. (2016)

A Blessing in Disguise? Banking Crises and Institutional Change   ScienceDirect Required
Andersson, F.N.G. (2016)

CEO overconfidence and financial crisis: Evidence from bank lending and leverage   ScienceDirect Required
Ho, P-H., C-W. Huang, C-Y. Lin & J-F. Yen (2016)

Bank opacity and financial crises   Acrobat Required
Jungherr, J. (2016)

Breaking the spell with credit-easing: self-confirming credit crises in competitive search economies | Published   Acrobat Required   ScienceDirect Required
Gaballo, G. & R. Marimon (2016/21)

Too-Big-to-Fail before the Fed
Gorton, G. & E.W. Tallman (2016)

Long Term Debt and Credit Crisis in a Liquidity Constrained Economy   Acrobat Required
Berriel, T. & R. Abreu (2016)

Expectations vs. fundamentals-driven bank runs: When should bailouts be permitted?   ScienceDirect Required
Keister, T. & V. Narasiman (2016)

Reallocation effects of recessions and financial crises: an industry-level analysis   De Gruyter Journals Required
Coricelli, F., A.E. Karadimitropoulou & M.A. Leon-Ledesma (2016)

Taming the Basel leverage cycle
Aymanns, C., F. Caccioli; J.D. Farmer & V.W.C. Tan (2016)

Does one size fit all at all times? The role of country specificities and state dependencies in predicting banking crises   Acrobat Required
Ferrari, S. & M. Pirovano (2016)

Leverage dynamics and the burden of debt   Acrobat Required
Juselius, M. & M. Drehmann (2016)

On the Economics of Crisis Contracts
Elias, A., H. Gersbach & B. Volker (2016)

Financial Crises and the Role of Debt Maturity for Emerging Economies   Acrobat Required
Shen, H. (2016)

A Quantitative Model of "Too Big to Fail,"' House Prices, and the Financial Crisis   Acrobat Required
Acikgoz, O. & J. Kahn (2016)

Saving Wall Street or main street   Acrobat Required
Haavio, M., A. Ripatti & T. Takalo (2016)

The Aftermath of Financial Crises: A Look on Human and Social Wellbeing   ScienceDirect Required
Mohseni-Cheraghlou, A. (2016)

A National Wealth Approach to Banking Crises and Financial Stability
Frecaut, O. (2017)

Anticipated Banking Panics   Acrobat Required
Prestipino, A., N. Kiyotaki & M. Gertler (2016)

Credit market competition and liquidity crises | Published   Acrobat Required   Oxford Journals Required
Carletti, E. & A. Leonello (2016/19)

Runs on Money Market Mutual Funds
Schmidt, L., A. Timmermann & R. Wermers (2016)

Bank fundamentals, economic conditions, and bank failures in East Asian countries   ScienceDirect Required
Lin, C-C. & S-L. Yang (2016)

Crises and rescues: liquidity transmission through international banks
Buch, C., C. Koch & M. Koetter (2016)

Liquidity Runs
Matta, R. & E.C. Perotti (2016)

Asset Price Support Policy During Crises: How Aggressive Should it Be?   Acrobat Required
Ranciere, R., A. Tornell & Y. Kalantzis (2016)

Self-Fulfilling and Fundamentals Based Speculative Attacks: A Theoretical Interpretation of the Euro Area Crisis   De Gruyter Journals Required
Posta, P.D. (2016)

Optimal Bailout of Systemic Banks   Acrobat Required
Nolan, C., P. Sakellaris &amnp; J.D. Tsoukalas (2016)

Hoarding and short-squeezing in times of crisis: Evidence from the Euro overnight money market   ScienceDirect Required
Brossard, O. & S. Saroyan (2016)

External Liabilities, Domestic Institutions and Banking Crises in Developing Economies |

Published   Acrobat Required   Wiley Interscience Required
Jlassi, B.N., H. Hamdi & J. Joyce (2016/18)

Banks Interconnectivity and Leverage
Barattieri, A., L. Moretti & V. Quadrini (2016)

Credit Expansion and Neglected Crash Risk
Baron, M. & W. Xiong (2016)

Endogenous Growth, Firm Heterogeneity and the Long-run Impact of Financial Crises | Published   Acrobat Required   ScienceDirect Required
Schmitz, T. (2016/21)

Firm's precautionary savings and employment during a credit crisis   Acrobat Required
Melcangi, D. (2016)

Financial crises, limited asset market participation, and banks balance sheet constraints   Acrobat Required
Beqiraj, E., G. Di Bartolomeo & M. Di Pietro (2016)

Fighting Crises
Gorton, G. & G. Ordonyez (2016)

What determines output losses after banking crises?   ScienceDirect Required
Devereux, J. & G.P. Dwyer (2016)

Credit Spreads, Financial Crises, and Macroprudential Policy
Akinci, O. & A. Queralto (2016)

Fire buys of central bank collateral assets   Acrobat Required
de Roure, C. (2016)

Lending Relationships, Banking Crises and Optimal Monetary Policies
Wong, R., C. Zhang & G. Rocheteau (2016)

Estimating Macroeconomic Models of Financial Crises: An Endogenous Regime Switching Approach | Alternative   Acrobat Required
Otrok, C., A. Foerster, A. Rebucci & G. Benigno (2016)

What explains the speed of recovery from banking crises?   ScienceDirect Required
Ambrosius, C. (2017)

Banking business models and the nature of financial crisis   ScienceDirect Required
Hryckiewicz, A. & L. Kozlowski (2017)

Productivity during recessions with banking crises: Inter-Industry evidence   ScienceDirect Required
Rioja, F., F. Rios-Avila & N. Valev (2017)

Banking Crises and the Performance of MIFs
Rui, C. & H. Hartarska (2017)

Global Booms, Domestic Busts: The Global Dimension of Banking Crise   Acrobat Required
Cesa-Bianchi, A., F.E. Martin & G. Thwaites (2017)

Pandemic crises in financial systems: a simulation-model to complement stress-testing frameworks   Acrobat Required
Idier, J. & T. Piquard (2017)

Economic freedom and crashes in financial markets   ScienceDirect Required
Blau, B.M. (2017)

Search for Yield   Wiley Interscience Required
Martinez-Miera, D. & R. Repullo (2017)

Excessive Private Sector Leverage and Its Drivers: Evidence from Advanced Economies
Jarmuzek, M. & R. Rozenov (2017)

Monetary easing and financial instability
Acharya, V. & G> Plantin (2017)

Bank Panics and Scale Economies
Andolfatto, D. & E. Nosal (2017)

Countercyclicality of financial crisis interventions in an open economy with credit constraint   Acrobat Required
Vargas, C.O. & J.A. Parra-Polania (2017)

Financial Integration and Liquidity Crises
Castiglionesi, F., F. Feriozzi & G. Lorenzoni (2017)

Flight to liquidity and systemic bank runs   Acrobat Required
Robatto, R. (2017)

Do Demand or Supply Factors Drive Bank Credit, in Good and Crisis Times?   Acrobat Required
Jiménez, G., S. Ongena, J-L. Peydró & J. Saurina (2017)

Bank sectoral concentration and (systemic) risk: Evidence from a worldwide sample of banks
Beck, T., O. De Jonghe & K. Mulier (2017)

The fiscal costs of systemic banking crises   Wiley Interscience Required
Amaglobeli, D., N. End, M. Jarmuzek & G. Palomba (2017)

Early warning models of banking crises applicable to non-crisis countries   Acrobat Required
Banbula, P. & M. Pietrzak (2017)

Financial Crises and Risk Premia   Oxford Journals Required
Muir, T. (2017)

Speculator-triggered crisis and interventions   ScienceDirect Required
Yi, M. (2017)

Origins of Too-Big-to-Fail Policy   Acrobat Required
Prescott, E.S. & G. Nurisso (2017)

Panic bank runs | Published   Acrobat Required   ScienceDirect Required
Kiss, H.J., I. Rodriguez-Lara & A. Rosa-Garcia (2017/18)

Credit Market Freezes
Benmelech, E. & N.K. Bergman (2017)

Capital inflow-terms of trade 'nexus': Does it lead to financial crisis?   ScienceDirect Required
Basak, G.K., P.K. Das & A. Rohit (2017)

A Price-Differentiation Model of the Interbank Market and Its Application to a Financial Crisis   Acrobat Required
Kim, K. (2017)

Liquidity shocks, business cycles and asset prices   Acrobat Required
Bigio, S. & A. Schneider (2017)

Assessing the robustness of the relationship between financial reforms and banking crises   ScienceDirect Required
Gluzmann, P. & M. Guzman (2017)

Resolution of financial distress under agency frictions   ScienceDirect Required
Moreno-Bromberg, S. & Q-A. Vo (2017)

When Gambling for Resurrection is Too Risky
Kirti, D. (2017)

Bank Panics with Scale Economies   Acrobat Required
Andolfatto, D. & E. Nosal (2017)

Fiscal Multipliers and Financial Crises   Acrobat Required
Faria-e-Castro, M. (2017)

Catching the mirage: The shadow impact of financial crises   ScienceDirect Required
Abdel-Latif, H., B. Ouattara & P. Murphy (2017)

Determinants of Repo Haircuts and Bankruptcy   Acrobat Required
Bottazzi, J-M., M. Pascoa & G. Ramirez (2017)

Competition and Bank Fragility   Acrobat Required
Marsh, B. & R. Sengupta (2017)

Interest rates and financial fragility   ScienceDirect Required
Li, Y. (2017)

Burning Money? Government Lending in a Credit Crunch   Acrobat Required
Jiménez, G., J-L. Peydró, R. Repullo & J. Saurina (2017)

Banking Panics and Output Dynamics | Published   Acrobat Required   ScienceDirect Required
Sanches, D.R. (2017/18)

When Prime Depositors Run on the Banks: A Behavioral Approach   Acrobat Required
Waraney, N., G. Massie & C. Nuryakin (2017)

New Evidence on the Aftermath of Financial Crises in Advanced Countries
Romer, C.D. & D.H. Romer (2017)

Capital Requirements and Bailouts   Acrobat Required
Perri, F. & G. Stefanidis (2017)

How Credit Cycles across a Financial Crisis
Krishnamurthy, A. & T. Muir (2017)

Flight to What?---Dissecting Liquidity Shortage in Financial Crisis
Dong, F. &l Y. Wen (2017)

Credit crunches from occasionally binding bank borrowing constraints   Acrobat Required
Holden, T.D., P. Levine & J.M. Swarbrick (2017)

Bank Acquisitiveness and Financial Crisis Vulnerability   Acrobat Required
Aziz, S., M. Dowling & J-J. Lilti (2017)

Banking Panics and Liquidity in a Monetary Economy   Acrobat Required
Matsuoka, T. & M. Watanabe (2017)

Historical Patterns of Inequality and Productivity around Financial Crises   Acrobat Required
Paul, P. (2017)

A Macroeconomic Model with Occasional Financial Crises | Published   ScienceDirect Required
Paul, P. (2017/20)

Undermined market discipline: The role of bank rescues and bailout expectations | Published   Acrobat Required   ScienceDirect Required
Hett, F. & J. Kasinger (2017)

Bank Capital Regulation in a Model of Modern Banking Crises   Acrobat Required
Zhang, X. & J. Poeschl (2017)

Towards an understanding of credit cycles: do all credit booms cause crises?   Acrobat Required
Barrell, R. D. Karim & C. Macchiarelli (2017)

The impact of liquidity crises on cash flow sensitivities   ScienceDirect Required
Drobetz, W., R. Haller, I. Meier & V. Tarhan (2017)

Financial Crises and Lending of Last Resort in Open Economies
Bocola, L. & G. Lorenzoni (2017)

Financial Crises, Bank Lending, and Trade Credit: Evidence from Chinese Enterprises   Acrobat Required
Liu, Y. & K. Fujiwara (2017)

Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications
Cerra, V. & S.C. Saxena (2017)

Bank run psychology   ScienceDirect Required
Dijk, O. (2017)

Financial Development, Growth, and Crisis: Is There a Trade-Off?   SURVEY PAPER
Loayza, N., A. Ouazad & R. Ranciere (2017)

An Equilibrium Search Model of Fire Sales   Acrobat Required
Platt, B. & N. Akin (2017)

The Macroeconomic Impact of Money Market Freezes   Acrobat Required
Hoerova, M., H. Uhlig & F. De Fiore (2017)

A Dual Early Warning Model of Bank Distress | >Published   Acrobat Required   ScienceDirect Required
Papanikolaou, N.I. (2017/18)

Regulation, financial crises, and liberalization traps   Acrobat Required
Marchionne, F., B. Pisicoli & M. Fratianni (2017)

A Model to Assess the Probabilities of Growth, Fiscal, and Financial Crises
Basu, S.S., M. Chamon & C.W. Crowe (2017)

A Macroeconomic Model with Financial Panics
Gertler, M., N. Kiyotaki & A. Prestipino (2017)

Does Size Matter? Bailouts with Large and Small Banks
Davila, E. & A. Walther (2017)

The Welfare Costs of Self-Fulfilling Bank Runs   Acrobat Required
Mattana, E. & E. Panetti (2017)

To Be Bailed Out or To Be Left to Fail? A Dynamic Competing Risks Hazard Analysis   Acrobat Required
Papanikolaou, N.I. (2017)

A macro approach to international bank resolution   Acrobat Required
Schoenmaker, D. (2017)

Foreign booms, domestic busts: The global dimension of banking crises
Cesa-Bianchi, A., F.E. Martin & G. Thwaites (2017)

Income Inequality, Financial Crises and Monetary Policy   Acrobat Required
Cairo, I. & J. Sim (2017)

Bank efficiency and industry growth during financial crises   ScienceDirect Required
Diallo, B. (2018)

How Much Do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data   UChicago Journals Required
Weinstein, D.E. & M. Amiti (2018)

Market Illiquidity, Credit Freezes and Endogenous Funding Constraints   Acrobat Required
Bachmann, M. (2018)

Bank liquidity and the cost of debt   Acrobat Required
Miller, S. & R. Sowerbutts (2018)

Collateral Damage
Gorton, G.B. & T. Laarits (2018)

Shadow Bank run: The Story of a Recession   Acrobat Required
Ghiaie, H. (2018)

Financial Crisis, Monetary Base Expansion and Risk   Acrobat Required
Tsiaras, S. (2018)

Testing for self-excitation in jumps   ScienceDirect Required
Boswijk, H.P., R.J.A. Laeven & X. Yang (2018)

Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties
Huber, K. (2018)

Is Credit Easing Viable in Emerging and Developing Economies? An Empirical Approach
Jacome H., L.I., T.S. Sedik & A. Ziegenbein (2018)

The objective function of government-controlled banks in a financial crisis   ScienceDirect Required
Ogura, Y. (2018)

Forecasts in Times of Crises
Eicher, T.S., D.J. Kuenzel, C. Papageorgiou & C. Christofides (2018)

Financial Development, Growth, and Crisis: Is There a Trade-Off?
Loayza, N., A. Ouazad & R. Ranciere (2018)

Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis
Ruzzante, M. (2018)

Interbank market turmoils and the macroeconomy   Acrobat Required
Kopiec, P. (2018)

Credit crunches, individual heterogeneity and the labor wedge   ScienceDirect Required
Zhang, L. (2018)

Geographic diversification and bank lending during crises | Published   Acrobat Required   ScienceDirect Required
Doerr, S. & P. Schaz (2018/21)

Does income inequality lead to banking crises in developing countries? Empirical evidence from cross-country panel data   ScienceDirect Required
Rhee, D-E. & H. Kim (2018)

Policy uncertainty and bank bailouts   ScienceDirect Required
Caliendo, F.N., N.L. Guo & J.M. Smith (2018)

Learning from History: Volatility and Financial Crises   Oxford Journals Required
Danielsson, J., M. Valenzuela & I. Zer (2018)

What Macroeconomic Conditions Lead Financial Crises? | Published   Acrobat Required   ScienceDirect Required
Kiley, M..T (2018/21)

Commodity Price Movements and Banking Crises
Eberhardt, M. & A. Presbitero (2018)

Who Pays for Financial Crises? Price and Quantity Rationing of Different Borrowers by Domestic and Foreign Banks
Berger, A.N., T. Makaew & R. Turk-Ariss (2018)

Commodity Price Movements and Banking Crises
Eberhardt, M. & A. Presbitero (2018)

Who Pays for Financial Crises? Price and Quantity Rationing of Different Borrowers by Domestic and Foreign Banks
Berger, A.N., T. Makaew & R. Turk-Ariss (2018)

The Run on Repo and the Fed's Response
Gorton, G., T. Laarits & A. Metrick (2018)

Bank runs, prudential tools and social welfare in a global game general equilibrium model   Acrobat Required
Daisuke, I. (2018)

Learning Financial Shocks and the Great Recession | Published   Acrobat Required   ScienceDirect Required
Pintus, P. & J. Suda (2018/19)

Cross-border spillovers of monetary policy: what changes during a financial crisis?   Acrobat Required
Everett, M., D. Bonfim, L. Barbosa & S. Costa (2018)

Bank runs without sequential service   Acrobat Required
Andolfatto, D. & E. Nosal (2018)

Banks and liquidity crises in emerging market economies   ScienceDirect Required
Matsuoka, T. (2018)

Managing stigma during a financial crisis   ScienceDirect Required
Anbil, S. (2018)

Systemic Banking Crises Revisited
Laeven, L. & F. Valencia (2018)

Net External Position, Financial Development, and Banking Crisis
Ganioglu, A. (2018)

Private Money Creation, Liquidity Crises, and Government Intervention
Benigno, P. & R. Robatto (2018)

Diversification and Systemic Bank Runs   Acrobat Required
Liu, X. (2018)

Commodity market based hedging against stock market risk in times of financial crisis: The case of crude oil and gold   ScienceDirect Required
Junttila, J., J. Pesonen & J. Raatikainen (2018)

A Model of Endogenous Loan Quality and the Collapse of the Shadow Banking System
Ferrante, F. (2018)

The Morning After--The Impact on Collateral Supply After a Major Default
Turing, D. & M. Singh (2018)

Refinancing Risk and Debt Maturity Choice during a Financial Crisis   Acrobat Required
Chala, A.T. (2018)

Gambling Traps   Acrobat Required
Ari, A. (2018)

Bank Runs and Asset Price Collapses   Acrobat Required
Toyoda, H. (2018)

Overconfidence and Bailouts   Acrobat Required
Gietl, D. (2018)

Financial Intermediation, Capital Accumulation and Crisis Recovery
Gersbach, H., J-C. Rochet & M. Scheffel (2019)

Contractual imperfections and the impact of crises on trade: Evidence from industry-level data   ScienceDirect Required
Castellares, R. & J. Salas (2019)

1930: First Modern Crisis
Gorton, G., T. Laarits & T. Muir (2019)

Financial sector bailouts, sovereign bailouts, and the transfer of credit risk   ScienceDirect Required
Greenwood-Nimmo, M., J. Huang & V.H. Nguyen (2019)

Banking Panics and the Lender of Last Resort in a Monetary Economy   Acrobat Required
Watanabe, M. & T. Matsuoka (2019)

Banking Crises in Developing Countries-What Crucial Role of Exchange Rate Stability and External Liabilities?   Acrobat Required
Gaies, B., S. Goutte & K. Guesmi (2019)

Fighting Financial Crises: Learning from the Past   Recommended!
Gorton, G.B. & E.W. Tallman (2019)

Abstract: If you’ve got some money in the bank, chances are you’ve never seriously worried about not being able to withdraw it. But there was a time in the United States, an era that ended just over a hundred years ago, in which bank customers had to pay close attention to whether the banking system would remain solvent, knowing they might have to rush to retrieve their savings before the bank collapsed. During the National Banking Era (1863–1913), before the establishment of the Federal Reserve, widespread banking panics were indeed rather common. Yet these pre-Fed banking panics bear striking similarities to our recent financial crisis. In both cases, something happened to make depositors--whether individual customers or corporate investors--“act differently” and find reason to question the value of their bank debt. Fighting Financial Crises thus turns to the past for a fuller understanding of our uncertain present, investigating how panics during the National Banking Era played out and how they were eventually quelled and prevented. Gorton and Tallman open with a survey of the period’s “information environment,” tracing the development of national bank notes, checks, and clearing houses to show how the key to keeping order was to disseminate information very carefully. Identifying the most effective responses based on the framework of the National Banking Era, they then consider the Fed’s and the SEC’s reactions to the recent crisis, building an informative new perspective on how the modern economy works.

Credit crunches, asset prices and technological change   ScienceDirect Required
Araujo, L., Q. Cao, R. Minetti & P. Murro (2019)

Bank runs as a coordination problem within a two-bank set-up: Who will survive?   ScienceDirect Required
Shakina, E. (2019)

Monetary policy and large crises in a financial accelerator agent-based model   ScienceDirect Required
Giri, F., L. Riccetti, A. Russo & M. Gallegati (2019)

Predatory cells and puzzling financial crises: Are toxic products good for the financial markets?   ScienceDirect Required
Mesly, O., I. Chkir & F-E. Racicot (2019)

Do better institutions offset the adverse effect of a financial crisis on investment? Evidence from East Asia   ScienceDirect Required
Eslamloueyan, K. & M. Jafari (2019)

Informality and the labor market effects of financial crises   ScienceDirect Required
Colombo, E., L. Menna & P. Tirelli (2019)

Fiscal Space and the Aftermath of Financial Crises: How It Matters and Why
Romer, C.D. & D.H. Romer (2019)

After the Panic: Are Financial Crises Demand or Supply Shocks? Evidence from International Trade | Published   Recommended!
Benguria, F. & A.M. Taylor (2019/20)

Abstract: Are financial crises a negative shock to demand or a negative shock to supply? This is a fundamental question for both macroeconomics researchers and those involved in real-time policymaking, and in both cases the question has become much more urgent in the aftermath of the recent financial crisis. Arguments for monetary and fiscal stimulus usually interpret such events as demand-side shortfalls. Conversely, arguments for tax cuts and structural reform often proceed from supply-side frictions. Resolving the question requires models capable of admitting both mechanisms, and empirical tests that can tell them apart. We develop a simple small open economy model, where a country is subject to deleveraging shocks that impose binding credit constraints on households and/or firms. These financial crisis events leave distinct statistical signatures in the empirical time series record, and they divide sharply between each type of shock. Household deleveraging shocks are mainly demand shocks, contract imports, leave exports largely unchanged, and depreciate the real exchange rate. Firm deleveraging shocks are mainly supply shocks, contract exports, leave imports largely unchanged, and appreciate the real exchange rate. To test these predictions, we compile the largest possible crossed dataset of 200+ years of trade flow data and event dates for almost 200 financial crises in a wide sample of countries. Empirical analysis reveals a clear picture: after a financial crisis event we find the dominant pattern to be that imports contract, exports hold steady or even rise, and the real exchange rate depreciates. History shows that, on average, financial crises are very clearly a negative shock to demand.

Modeling financial contagion using mutually exciting jump processes   ScienceDirect Required
Aďt-Sahalia, Y., J. Cacho-Diaz & R.J.A. Laeven (2019)

Inefficient Fire-Sales in Decentralized Asset Markets
Ebrahimy, E. (2019)

Arbitrage Crashes, Financial Accelerator, and Sudden Market Freezes   Acrobat Required
Zhang, A. (2019)

Renegotiation Frictions and Financial Distress Resolution: Evidence from CDS Spreads   Oxford Journals Required
Campello, M., T. Ladika & R. Matta (2019)

Do Distressed Banks Really Gamble for Resurrection?
Ben-David, I., A.A. Palvia & R.M. Stulz (2019)

Liquidation, bailout, and bail-in: Insolvency resolution mechanisms and bank lending   Acrobat Required
Lambrecht, B. & A. Tse (2019)

Real estate prices and systemic banking crises   ScienceDirect Required
Deng, Y., Y. Zeng & Z. Li (2019)

Bailouts, Bail-ins and Banking Crises   Acrobat Required
Keister, T. & Y. Mitkov (2019)

An assets-liabilities dynamical model of banking system and systemic risk governance   Acrobat Required
Fatone, L. & F. Mariani (2019)

Externalities and financial crisis - enough to cause collapse?   Acrobat Required
Miller, M. & L. Zhang (2019)

On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, R.J. & G. Kamber (2019)

Banking Crises, Bail-ins and Money Holdings   Acrobat Required
Brown, M., I.S. Evangelou & H. Stix (2019)

The Information View of Financial Crises
Dang, T.V., G.B. Gorton & B.R. Holmstrom (2019)

Banking Panic Risk and Macroeconomic Uncertainty   Acrobat Required
Mikkelsen, J. & J. Poeschl (2019)

Externalities and financial crisis - enough to cause collapse?   Acrobat Required
Miller, M. & L. Zhang (2019)

When the bank is closed, the cash is king; ... not!   Acrobat Required
Nikolopoulos, K. & K. Litsiou (2019)

Crises: Equilibrium Shifts and Large Shocks
Morris, S. & M. Yildiz (2019)

Default, Bailouts and the Vertical Structure of Financial Intermediaries | Published   Acrobat Required   ScienceDirect Required
Damjanovic, T., V. Damjanovic & C. Nolan (2019/20)

Lending Standards, Productivity and Credit Crunches   Acrobat Required
Swarbrick, J. (2019)

An Early Warning System for banking crises: From regression-based analysis to machine learning techniques   Acrobat Required
Casabianca, E.J., M. Catalano, L. Forni, E. Giarda & S. Passeri (2019)

Tools for the Rescue of Banks in Crisis   Acrobat Required
Kenesey, Z. & T. Kovács (2019)

Money Runs
Donaldson, J.R. & G. Piacentino (2019)

Anticipating individual bank rescues   ScienceDirect Required
Correia, R., T. Dubiel-Teleszynski & J. Población (2019)

Haircut Cycles   Acrobat Required
Tong, Z. (2019)

A behavioral model of the credit cycle   ScienceDirect Required
Annicchiarico, B., S. Surricchio & R.J. Waldmann (2019)

Banking crises and liquidity in a monetary economy   ScienceDirect Required
Matsuoka, T. & M. Watanabe (2019)

Machine Learning and Causality: The Impact of Financial Crises on Growth
Tiffin, A.J. (2019)

Bank Capital Regulation and Endogenous Shadow Banking Crises   Acrobat Required
Poeschl, J. & X. Zhang (2019)

What Does Financial Crisis Tell Us About Exporter Behavior and Credit Reallocation?   Acrobat Required
Jiao, Y. & Y. Wen (2019)

Systemic banking panics, liquidity risk, and monetary policy   ScienceDirect Required
Robatto, R. (2019)

Does experience of banking crises affect trust in banks?   Acrobat Required
Fungácová, Z., E. Kerola & L. Weill (2019)

Financial Risk Capacity
Bigio, S. & A. d'Avernas (2019)

Strategic uncertainty and the power of extrinsic signals- evidence from an experimental study of bank runs   ScienceDirect Required
Arifovic, J. & J.H. Jiang (2019)

News-based Sentiment Indicators
Huang, C., S. Simpson, D. Ulybina & A. Roitman (2019)

The Dynamics of Non-Performing Loans during Banking Crises: A New Database
Ari, A., S. Chen & L. Ratnovski (2019)

Income inequality and banking crises: Testing the level hypothesis directly   ScienceDirect Required
Bellettini, G., F. Delbono, P. Karlström & S. Pastorello (2019)

Debt Is Not Free
Moreno Badia, M., P. Medas, P. Gupta & Y. Xiang (2019)

Systematic Banking Crises: The Relationship Between Concentration and Interbank Connections   Acrobat Required
Calef, A. (2019)

Information Management in Times of Crisis   Acrobat Required
Anderson, H. & A. Copeland (2019)

Banking crisis prediction with differenced relative credit   Acrobat Required
Kauko, K. & E. Tölö (2019)

Anticipating the Financial Crisis: Evidence from Insider Trading in Banks   Acrobat Required
Akin, O., J.M. Marín & J-L. Peydró (2019)

Predicting banking crises based on credit, housing and capital booms   Wiley Interscience Required
Shen, C-H., Y-H. Lee & H. Fang (2020)

Bad bank resolutions and bank lending
Brei, M., L. Gambacorta, M. Lucchetta & M. Lucchetta (2020)

Firm or bank weakness? Access to finance since the European sovereign debt crisis   Acrobat Required
Corbisiero, G. & D. Faccia (2020)

Perceived vs actual financial crisis and bank credit standards: is there any indication of self-fulfilling prophecy?   Acrobat Required
Anastasiou, D., Z. Bragoudakis & S. Giannoulakis (2020)

The anatomy of financial vulnerabilities and banking crises   ScienceDirect Required
Lee, S.J., K.E. Posenau & V. Stebunovs (2020)

Managing Systemic Banking Crises: New Lessons and Lessons Relearned   Acrobat Required
Moretti, M., M.C. Dobler & A.P. Chavarri (2020)

Global Corporate Debt during Crises : Implications of Switching Borrowing across Markets | Published   Acrobat Required   ScienceDirect Required
Cortina Lorente, J.J., Didier Brandao, T. & S.L. Schmukler (2020/21)

Debt and financial crises   Acrobat Required
Koh, W.C., M.A. Kose, P.S. Nagle, F.L. Ohnsorge & N. Sugawara (2020)

Financial Crises and Innovation | Published   ScienceDirect Required
Harcy, B. & C. Sever (2020/21)

Banking Crises without Panics | Published   Oxford Journals Required
Baron, M., E. Verner & W. Xiong (2020/21)

Bank Runs: The Predeposit Game   Cambridge Online Required
Shell, K. & Y. Zhang (2020)

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry   UChicago Journals Required
Foley-Fisher, N., B. Narajabad & S. Verani (2020)

Estimating Macroeconomic Models of Financial Crises: An Endogenous Regime-Switching Approach
Benigno, G., A. Foerster, C. Otrok & A. Rebucci (2020)

Financial Crisis and Slow Recovery with Bayesian Learning Agents   Acrobat Required
Horii, R. & Y. Ono (2020)

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
Krishnamurthy, A. & W. Li (2020)

Worldwide economic recoveries from financial crises through the decades   ScienceDirect Required
Barthélémy, S., M-E. Binet & J-S. Pentecôte (2020)

Currency Swap Agreements and Financial Crises in Small Open Economies   Acrobat Required
Ikeda, A. (2020)

Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation   Oxford Journals Required
Santioni, R., F. Schiantarelli & P.E. Strahan (2020)

Margin Trading and Comovement During Crises   Oxford Journals Required
Kahraman, B. & H. Tookes (2020)

Systemic Banking Crises Database: A Timely Update in COVID-19 Times
Laeven, L. & F. Valencia (2020)

Credit Booms, Financial Crises and Macroprudential Policy | Published   ScienceDirect Required
Gertler, M., N. Kiyotaki & A. Prestipino (2020)

Catch, Restrict, and Release: The Real Story of Bank Bailouts
Tsyplakov, S., A.N. Berger, S. Ongena & S. Nistor (2020)

Shadow Bank Runs   Acrobat Required
Andolfatto, D. & E. Nosal (2020)

Trading for Bailouts   Acrobat Required
Ahnert, T., C. Machado & A.E. Pereira (2020)

Financial Crises, Dollarization, and Lending of Last Resort in Open Economies
Bocola, L. & G. Lorenzoni (2020)

Credit Market Disruptions and Liquidity Spillover Effects in the Supply Chain   UChicago Journals Required
Costello, A.M. (2020)

The rationality of irrationality in times of financial crises   ScienceDirect Required
Huck, N., H. Mavoori & O. Mesly (2020)

Riding out of a financial crisis: The joint effect of trust and corporate ownership   Acrobat Required
Amore, M.D. & M. Epure (2020)

A Liquidity Crunch in an Endogenous Growth Model with Human Capital   Acrobat Required
Salas, S. (2020)

Financial crises, macroprudential policy and the reliability of credit-to-GDP gaps   Acrobat Required
Alessandri, P., P. Bologna & M. Galardo (2020)

Stock market listing and the persistence of bank performance across crises   ScienceDirect Required
Garel, A., J.M. Martín-Flores & A. Petit-Romec (2020)

Dividend Payouts and Rollover Crises   Oxford Journals Required
Juelsrud, R.E. & P.T. Nenov (2020)

The Epidemiology of Economic and Financial Crises
Bird, G. & E. Pentecost (2020)

Payments Crises and Consequences
Chen, Q., C. Koch, P. Sharma, and Gary Richardson (2020)

Which credit gap is better at predicting financial crises? A comparison of univariate filters
Drehmann, M. & J. Yetman (2020)

Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times   Acrobat Required
Agarwal, S., R. Correa, B. Morais, J. Roldán & C. Ruiz (2020)

Money, Banking, and Financial Markets   ScienceDirect Required
Andolfatto, D., A. Berentsen & F.M. Martin (2020)

Demand deposit contracts and bank runs with present biased preferences   ScienceDirect Required
Kang, M. (2020)

Financial crises and economic recovery: Cross-country heterogeneity and cross-sectional dependence   ScienceDirect Required
Bakas, D. & I. Mendieta-Muńoz (2020)

A Markov-Chain Measure of Systemic Banking Crisis Frequency   Acrobat Required
Tambakis, D. (2020)

Financial constraints and collateral crises   ScienceDirect Required
Araujo, L., B. Guimaraes & D. Rodrigues (2020)

Fighting Crises with Secrecy
Gorton, G. & G. Ordońez (2020)

Monetary Policy Cooperation/Coordination and Global Financial Crises in Historical Perspective
Bordo, M.D. (2020)

Disastrous Defaults | Published   Acrobat Required   Oxford Journals Required
Christian, G., M. Alain, M. Sarah & R. Jean-Paul (2020/21)

Bank partnership and liquidity crisis   ScienceDirect Required
Choi, S., Y.K. Gam, J. Park & H. Shin (2020)

Is market liquidity less resilient after the financial crisis? Evidence for US Treasuries   ScienceDirect Required
Broto, C. & M. Lamas (2020)

Foreign bank lending during a crisis: The impact of financial regulations   ScienceDirect Required
Hsieh, M-F. & C-C. Lee (2020)

Allocating Losses: Bail-ins, Bailouts and Bank Regulation   Acrobat Required
Keister, T. & Y. Mitkov (2020)

Unexpected Effects of Bank Bailouts: Depositors Need Not Apply and Need Not Run   Acrobat Required
Berger, A.N., M. Lamers, R.A. Roman & K. Schoors (2020)

Capital Regulations and the Management of Credit Commitments during Crisis Times
Pelzl, P. & M.T. Valderrama (2020)

Banking Concentration and Financial Crises   Acrobat Required
Barrell, R. & D. Karim (2020)

Unconventional Monetary Policy, Leverage & Default Dynamics   Acrobat Required
Palombo, E. (2020)

Managerial Overconfidence and Bank Bailouts   ScienceDirect Required
Gietl, D. & B. Kassner (2020)

Risky Mortgages and Bank Runs   Acrobat Required
Turdaliev, N. & Y. Zhang (2020)

Recapitalization, bailout, and long-run welfare in a dynamic model of banking   Acrobat Required
Modena, A. (2020)

Banking Crises under a Central Bank Digital Currency (CBDC)   Acrobat Required
Bitter, L. (2020)

Risk mitigating versus risk shifting: evidence from banks security trading in crises   Acrobat Required
Peydró, J-L., A. Polo & E. Sette (2020)

Liquidity in resolution: estimating possible liquidity gaps for specific banks in resolution and in a systemic crisis   Acrobat Required
Parisi, L., D. Chalamandaris, R. Amamou, P. Torstensson & A. Baumann (2020)

The cost of banking crises: Does the policy framework matter?   ScienceDirect Required
Levieuge, G., Y. Lucotte & F. Pradines-Jobet (2020)

Macroprudential policy and the probability of a banking crisis   ScienceDirect Required
Nakatani, R. (2020)

Does more finance mean more inequality in times of crisis?   ScienceDirect Required
Mathonnat, C. & B. Williams (2020)

Sophisticated and Unsophisticated Runs
Cipriani, M. & G. La Spada (2020)

Answering the Queen: Machine Learning and Financial Crises
Fouliard, J., M. Howell & H. Rey (2020)

A Model of Bank-Note Runs   Acrobat Required
Tomura, H. (2020)

Optimizing Credit Gaps for Predicting Financial Crises: Modelling Choices and Tradeoffs   Acrobat Required
Beltran, D.O. & M.R. Jahan-Parvar (2021)

Optimizing Policymakers' Loss Functions in Crisis Prediction: Before, Within, or After?   Cambridge Online Required
Sarlin, P. & G. von Schweinitz (2021)

On the distributional effects of bank bailouts   ScienceDirect Required
Schroth, J. (2021)

Preventing runs with fees and gates   ScienceDirect Required
Voellmy, L. (2021)

Procyclical Leverage and Crisis Probability in a Macroeconomic Model of Bank Runs   Acrobat Required
Ikeda, D. & H. Matsumoto (2021)

Corporate Governance and Banking Systemic Risk: A Test of the Bundling Hypothesis   ScienceDirect Required
Addo, K.A., N. Hussain & J. Iqbal (2021)

Three Decades of International Financial Crises: What Have We Learned and What Still Needs to be Done?   Acrobat Required
Buckley, R., E. Avgouleas & D. Arner (2021)

Financial Crises and Shadow Banks: A Quantitative Analysis
Rottner, M. (2021)

Collateral Runs   Oxford Journals Required
Infante, S. & A.P. Vardoulakis (2021)

Commodity Prices and Banking Crises | Published   Acrobat Required   ScienceDirect Required
Eberhardt, M. & A. Presbitero (2021)

The Resilience of the U.S. Corporate Bond Market During Financial Crises
Becker, N. & E. Benmelech (2021)

Investing in crises   Acrobat Required
Baron, M., L. Laeven, J. Pénasse & Y. Usenko (2021)

Securitization and crash risk: Evidence from large European banks   ScienceDirect Required
Battaglia, F., B.G. Buchanan, F. Fiordelisi & O. Ricci (2021)

Should regulators always be transparent? A bank run experiment   ScienceDirect Required
Chakravarty, S., L. Choo, M.A. Fonseca & T.R. Kaplan (2021)

Memory, Multiple Equilibria and Emerging Market Crises   Acrobat Required
Pierri, D. & K. Reffett (2021)

Measuring the impact of a bank failure on the real economy: an EU-wide analytical framework   Acrobat Required
Vacca, V.P., F. Bichlmeier, P. Biraschi, N. Boschi, A.J. Álvarez, L. Di Primio, A. Ebner, S. Hoeretzeder, E.L. Ballesteros, C. Miani, G. Ricci, R. Santioni, S. Schellerer & H. Westman (2021)

Bailouts in Financial Networks   Acrobat Required
Egressy, B. & R. Wattenhofer (2021)

Crisis and non-crisis short selling and bank enforcement actions   ScienceDirect Required
Boni, L., J.C. Leach & R.S. White (2021)

Bank Runs, Bank Competition and Opacity   Acrobat Required
Ahnert, T. & D. Martinez-Miera (2021)

The rich, the poor, and the middle class: banking crises and income distribution   Acrobat Required
El Herradi, M. & A. Leroy (2021)

The carrot and the stick: Bank bailouts and the disciplining role of board appointments   Acrobat Required
Mücke, C., L. Pelizzon, V. Pezone & A.V. Thakor (2021)

Anatomy of a liquidity crisis: Corporate bonds in the COVID-19 crisis   ScienceDirect Required
O'Hara, M. & X.A. Zhou (2021)

Do financial crises increase income inequality?   ScienceDirect Required
Bodea, C., C. Houle & H. Kim (2021)

Market Freezes
Gu, C., G. Menzio, R. Wright & Y. Zhu (2021)

Sunspot bank runs and fragility: The role of financial sector competition   ScienceDirect Required
Gao, J. & R.R. Reed (2021)

Banking-Crisis Interventions, 1257-2019   Acrobat Required
Metrick, A. & P. Schmelzing (2021)

Bank Runs, Fragility, and Credit Easing
Amador, M. & J. Bianchi (2021)

Financial Crises, Investment Slumps, and Slow Recoveries
Lama, R., M. Hakamada & V. Cerra (2021)

Private Equity and the Resolution of Financial Distress   Oxford Journals Required
Hotchkiss, E.S., D.C. Smith & P. Strömberg (2021)

Resolution of financial crises   ScienceDirect Required
Fanelli, S. & M. Gonzalez-Eiras (2021)

Monetary Policy and Endogenous Financial Crises
Boissay, F., F. Collard, J. Galí & C. Manea (2021)

Financial Instability and Banking Crises in a small open economy
Grytten, O.H. (2021)

Home | Back | Index

Balance of Payments Crises

A Model of Balance-of-Payments Crises   Recommended!   JSTOR Required
Krugman, P.R. (1979)

Abstract: This is the seminal paper on the analysis of balance-of-payments crises.

Balance of Payments Crises in a Cash-in-Advance Economy   Recommended!   JSTOR Required
Calvo, G.A. (1987)

Abstract: The author shows that a flexible-prices, Sidrauski-type model with a cash-in-advance constraint is capable of depicting some of the phenomena associated with a balance of payments crisis, like the onesrecently observed in Argentina and Mexico (current-accounts deficits,and appreciation of the real exchange rat e). It is also shown that these phenomena become exacerbated as the rate of devaluation (before the crisis occurs) becomes smaller.

Explaining Sudden Stop, Growth Collapse, and BOP crisis   Recommended!   Adobe Acrobat Required
Calvo, G. (2002)

Abstract: The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as fiscal burden reaches a critical level. Growth collapse is associated with a sudden stop of capital inflows, real depreciation and a drop in output (driven by a fall in the output of nontradables)—all of which have occurred during recent financial crises in emerging markets. The monetary version of the model is employed to show that balance of payments (BOP) crises could be a result of fiscal distortions. In par-ticular, it is further argued that BOP crisis could be a justifiable central bank response to growth col-lapse, although realistic circumstances may make this response highly ineffective. An important policy implication of the model is that in order to avoid sudden stop crises, policymakers should aim at improving fiscal institutions. Lowering the fiscal deficit is highly effective in the medium term, but could be counterproductive in the short run if it relies on higher taxes.

Aftermaths of Current Account Crisis: Export Growth or Import Contraction?
Sturzenegger, F., P. Guidotti & A. Villar (2003)

Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops
Edwards, S. (2004)

Financial Openness, Sudden Stops and Current Account Reversals | Published   Ingenta Select Required
Edwards, S. (2004)

Current Account Reversals: Always a Problem?
Eichengreen, B. & M. Adalet (2005)

Current Account Reversals and Growth: The Direct Effect Central and Eastern Europe 1923-2000   Acrobat Required
Komarek, L., Z. Komarkova & M. Melecky (2006)

Currency Crises, Current Account Reversals and Growth: The Compounded Effect for Emerging Markets   Acrobat Required
Komarek, L. & M. Melecky (2006)

Balance of Payments Crises Under Inflation Targeting | Published   ScienceDirect Required
Kumhof, M., S. Li & I.K. Yan (2007)

Balance of Payment Crises in Emerging Markets: How Early Were the 'Early' Warning Signals?   Acrobat Required
Bussiere, M. (2007)

Dynamic Panel Probit Models for Current Account Reversals and their Efficient Estimation   Acrobat Required
Liesenfeld, R., G.V. Moura & J-F. Richard (2007)

Determinants and Costs of Current Account Reversals under Heterogeneity and Serial Correlation   Acrobat Required
Assmann, C. (2007)

Inventories, lumpy trade, and large devaluations   Adobe Acrobat Required
Alessandria, G., J. Kaboski & V. Midrigan (2008)

Rapid Current Account Adjustments: Are Microstates Different?
Imam, P.A. (2008)

Did Mergers Help Japanese Mega-Banks Avoid Failure? Analysis of the Distance to Default of Banks
Harada, K. & T. Ito (2008)

Financial Crash, Commodity Prices and Global Imbalances
Caballero, R.J., E. Farhi & P-O. Gourinchas (2008)

Coordination Frictions and The Financial Crisis   Acrobat Required
Gautier, P.A. (2009)

The Dollar in the Turmoil   Acrobat Required
Benassy-Quere, A., S. Bereau & V. Mignon (2009)

Balance of Payments Anti-Crises   Acrobat Required   Recommended!
Kumhof, M. & I.K. Yan (2009)

Abstract: Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understand these episodes is as manifestations of balance of payments anti-crises, as reflecting the perception that the government intends to discontinue its accumulation of reserves in the near future. The end-phase of such crises is characterized by nominal interest rates approaching their zero lower bound in accelerating fashion and, if the government targets CPI inflation, by fast increasing domestic inflation.

Do Workers’ Remittances Reduce the Probability of Current Account Reversals?   ScienceDirect Required
Bugamelli, M. & F. Paternň (2009)

Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View | Published   ScienceDirect Required
Bordo, M.D., C.M. Meissner & D. Stuckler (2009/10)

Globalization, the output–inflation tradeoff and inflation   ScienceDirect Required
Badinger, H. (2009)

Remittances and Financial Openness   Acrobat Required
Beine, M., E. Lodigiani & R. Vermeulen (2010)

External Imbalances and Financial Crises
Taylor, A.M. (2012)

Growth Following Investment and Consumption-Driven Current Account Crises
Klemm, A. (2013)

Financial fragility in small open economies: firm balance sheets and the sectoral structure   Acrobat Required
Kalantzis, Y. (2014)

Balance-of-payments anti-crises   ScienceDirect Required
Kumhof, M. & I. Yan (2016)

Current account deficits during heightened risk: menacing or mitigating?   Acrobat Required
Forbes, K., I. Hjortsoe & T. Nenova (2016)

Adjustment to Negative Price Shocks by a Commodity Exporting Economy: Does Exchange Rate Flexibility Resolve a Balance of Payments Crisis?   Acrobat Required
Nakatani, R. (2018)

Deflating asset price bubbles with leverage constraints and monetary policy   ScienceDirect Required
Fenig, G., M. Mileva & L. Petersen (2018)

Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis
Verner, E. & G. Gyöngyösi (2020)

Who Lends Before Banking Crises? Evidence from the International Syndicated Loan Market
Giannetti, M. & Y. Jang (2021)

Home | Back | Index

Bubbles

Tropical Bubbles: Asset Prices in Latin America, 1980-­2001
Herrera, S. & G. Perry (2001)

Lending Booms, Real Estate Bubbles and The Asian Crisis
Collyns, C.V. & A.S. Senhadji (2002)

Bubbles and Capital Flows | Published   ScienceDirect Required
Ventura, J. (2002/12)

Temporary bubbles   ScienceDirect Required
Michel, P. & C. Wigniolle (2003)

Bubbling and Crashing Exchange Rates   Adobe Acrobat Required
Grimaldi, M. & P. De Grauwe (2003)

Shakeouts and Market Crashes | Published   Wiley Interscience Required
Barbarino, A. & B. Jovanovic (2004/07)

Distinguishing Informational Cascades from Herd Behavior in the Laboratory   Ingenta Select Required
Bogachan, C. & S. Kariv (2004)

Riding the South Sea Bubble   Ingenta Select Required
Temin, P. & H-J. Voth (2005)

Testing for bubbles and change-points   ScienceDirect Required
Kirman, A. & G. Teyssičre (2005)

Rational bubbles or persistent deviations from market fundamentals?   ScienceDirect Required
Koustas, Z. & A. Serletis (2005)

Bubbles and Capital Flow Volatility: Causes and Risk Management | Published
Caballero, R.J. & A. Krishnamurthy (2005/06)

Slow boom, sudden crash   ScienceDirect Required
Veldkamp, L.L. (2005)

Bubbles and Experience: An Experiment   Ingenta Select Required
Dufwenberg, M., T. Lindqvist & E. Moore (2005)

Who herds?   ScienceDirect Required
Bernhardt, D., M. Campello & E. Kutsoati (2006)

Bubbles and Busts: The 1990s in the Mirror of the 1920s
White, E.N. (2006)

Explosive bubbles in the cointegrated VAR model   ScienceDirect Required
Engsted, T. (2006)

Periodically Collapsing Rational Bubbles in Exchange Rates: A Markov-Switching Analysis for a Sample of Industrialised Markets   Acrobat Required
Ferreira, J.E.A. (2006)

Foreign Bank Participation and Crises in Developing Countries
Cull, R. & M.S.M. Peria (2007)

Banks and bubbles: How good are bankers at spotting winners?   ScienceDirect Required
Gonzalez, L. & C. James (2007)

Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets? An Overinvestment View   Acrobat Required
Schnabl, G. & A. Hoffmann (2007)

Inefficient Credit Booms | Published   Wiley Interscience Required
Lorenzoni, G. (2007/08)

Herd Behavior in Financial Markets: An Experiment with Financial Market Professionals | Published   ScienceDirect Required
Cipriani, M. & A. Guarino (2008)

Expectations and bubbles in asset pricing experiments   ScienceDirect Required
Hommes, C., J. Sonnemans, J. Tuinstra & H. van de Velden (2008)

Thar She Blows: Can Bubbles Be Rekindled with Experienced Subjects?
Hussam, R.N., D. Porter & V.L. Smith (2008)

Advisors and asset prices: A model of the origins of bubbles   ScienceDirect Required
Hong, H., J. Scheinkman & W. Xiong (2008)

Don’t let your robots grow up to be traders: Artificial intelligence, human intelligence, and asset-market bubbles   ScienceDirect Required
Miller, R.M. (2008)

An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data
Mendoza, E.G. & M. Terrones (2008)

The Subprime Panic
Gorton, G.B. (2008)

Unit root testing for bubbles: A resurrection?   ScienceDirect Required
Waters, G.A. (2008)

Bubbles and multiplicity of equilibria under portfolio constraints | Published   ScienceDirect Required
Hugonnier, J. (2008/12)

Confidence, Crashes and Animal Spirits | Published   Wiley Interscience Required
Farmer, R.E.A. (2009/12)

A prototype model of speculative dynamics with position-based trading   ScienceDirect Required
Franke, R. (2009)

The Japanese Bubble: A 'Heterogeneous' Approach
Barsky, R.N. (2009)

Bubbles and Self-Enforcing Debt   Wiley Interscience Required
Hellwig, C. & G. Lorenzoni (2009)

On Rational Exuberance   Acrobat Required
Bosi, S. & T. Seegmuller (2009)

A Robust Model of Bubbles With Multidimensional Uncertainty   Wiley Interscience Required
Doblas-Madrid, A. (2009)

A note on sunspots with heterogeneous agents   Acrobat Required
Carroll, D.R. & E.R. Young (2009)

Speculative bubbles and financial crisis   Acrobat Required
Wang, P. & Y. Wen (2009)

Inexperienced investors and bubbles   ScienceDirect Required
Greenwood, R. & S. Nagel (2009)

New Evidence on the First Financial Bubble | Published   ScienceDirect Required
Frehen, R.G.P., W.N. Goetzmann & K.G. Rouwenhorst (2009/13)

Leverage and Asset Bubbles: Averting Armageddon with Chapter 11? | Published   Wiley Interscience Required
Miller, M. & J.E. Stiglitz (2009/10)

Intrinsic bubbles and Granger causality in the S&P 500: Evidence from long-term data   ScienceDirect Required
Chen, A-S., L-Y. Cheng & K-F. Cheng (2009)

Quasi equilibria for growth economies   ScienceDirect Required
Burke, J.L. (2009)

Macroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts
Kannan, P., P. Rabanal & A. Scott (2009)

The Chinese Warrants Bubble
Xiong, W. & J. Yu (2009)

Leveraged financing, over investment, and boom-bust cycles   Acrobat Required
Pintus, P-A. & Y. Weng (2009)

Produce or Speculate? Asset Bubbles, Occupational Choice and Efficiency | Published   Wiley Interscience Required
Cahuc, P. & E. Challe (2009)

Booms and Busts in Asset Prices | Published   Acrobat Required
Adam, K., A. Marcet & J. Beutel (2010/17)

Beauty Contests and Irrational Exuberance: A Neoclassical Approach
Angeletos, G-M., G. Lorenzoni & A. Pavan (2010)

Expectations-driven cycles in the housing market   Acrobat Required
Lambertini, L., C. Mendicino & M.T. Punzi (2010)

International capital flows and expectation-driven boom–bust cycles in the housing market   ScienceDirect Required
Tomura, H. (2010)

Asset Bubbles, Endogenous Growth, and Financial Frictions | Published   Oxford Journals Required   Acrobat Required
Hirano, T. & N. Yanagawa (2010/17)

Theoretical Notes on Bubbles and the Current Crisis | Published
Martin, A. & J. Ventura (2010/12)

Rational and Near-Rational Bubbles Without Drift   Wiley Interscience Required
Lansing, K.S. (2010)

Bubbly Liquidity
Farhi, E. & J. Tirole (2011)

A consolidated model of self-fulfilling expectations and self-destroying expectations in financial markets   ScienceDirect Required
Gao, Y. & H. Li (2011)

The recent boom–bust cycle: The relative contribution of capital flows, credit supply and asset bubbles   ScienceDirect Required
Veld, J.I., R. Raciborski, M. Ratto & W. Roeger (2011)

Identification of speculative bubbles using state-space models with Markov-switching   ScienceDirect Required
Al-Anaswah, N. & B. Wilfling (2011)

Bubbles and Self-Fulfilling Crises
Challe, E. & X. Ragot (2011)

General equilibrium, wariness and efficient bubbles   ScienceDirect Required
Araujo, A., R. Novinski & M.R. Páscoa (2011)

Speculative trading, price pressure and overvaluation   ScienceDirect Required
Ding, R. & P. Cheng (2011)

Why do people risk exposure to Ponzi schemes? Econometric evidence from Jamaica   ScienceDirect Required
Tennant, D. (2011)

Taking the road less traveled by: Does conversation eradicate pernicious cascades?   ScienceDirect Required
Cao, H.H., B. Han & D. Hirshleifer (2011)

New models of trader beliefs and their application for explaining financial bubbles   ScienceDirect Required
Chen, Z. & Q. Duan (2011)

Testing for rational bubbles in the presence of structural breaks: Evidence from nonstationary panels   ScienceDirect Required
Cerqueti, R. & M. Costantini (2011)

Asymmetric herding as a source of asymmetric return volatility   ScienceDirect Required
Park, B-J. (2011)

Aggregate information cascades   ScienceDirect Required
Guarino, A., H. Harmgart & S. Huck (2011)

Animal Spirits, Rational Bubbles and Unemployment in an Old-Keynesian Model | Published   Wiley Interscience Required
Farmer, R.E.A. (2011/13)

Herding and Contrarian Behavior in Financial Markets   Wiley Interscience Required
Park, A. & H. Sabourian (2011)

Quasi real time early warning indicators for costly asset price boom/bust cycles: A role for global liquidity   ScienceDirect Required
Alessi, L. & C. Detken (2011)

Learning about Risk and Return: A Simple Model of Bubbles and Crashes   ScienceDirect Required
Branch, W.A. & G.W. Evans (2011)

Short-sale constraints and price bubbles   ScienceDirect Required
Lim, B.Y. (2011)

How to grow a bubble: A model of myopic adapting agents   ScienceDirect Required
Harras, G. & D. Sornette (2011)

Do Low Interest Rates Sow the Seeds of Financial Crises?   Acrobat Required
Cociuba, S.E., M. Shukayev & A. Ueberfeldt (2011)

Double Bubbles in Assets Markets with Multiple Generations   Acrobat Required
Deck, C., D. Porter & V.L. Smith (2011)

Rapid Credit Growth: Boon or Boom-Bust?
Elekdag, S. & Y. Wu (2011)

Bootstrapping asset price bubbles   ScienceDirect Required
Gutierrez, L. (2011)

Intangible Capital, Relative Asset Shortages and Bubbles | Published   ScienceDirect Required
Giglio, S. & T. Severo (2011/12)

Some properties of periodically collapsing bubbles   ScienceDirect Required
Yoon, G. (2012)

Boom–bust cycles: Leveraging, complex securities, and asset prices   ScienceDirect Required
Semmler, W. & L. Bernard (2012)

A simple model of herd behavior, a comment   ScienceDirect Required
Morone, A. (2012)

Stochastic Herding in Financial Markets Evidence from Institutional Investor Equity Portfolios
Nirei, M., T. Stamatiou & V. Sushko
(2012)

The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking over the Business Cycle
Acharya, v.V. & H. Naqvi (2012)

Fooled by Search: Housing Prices, Turnover and Bubbles   Acrobat Required
Peterson, B.M. (2012)

Asset bubbles, economic growth, and a self-fulfilling financial crisis: a dynamic general equilibrium model of infinitely lived heterogeneous agents | Published   ScienceDirect Required
Kunieda, T. & A. Shibata (2012/16)

Tournament incentives and asset price bubbles: Evidence from a field experiment   ScienceDirect Required
Berlemann, M. & H. Vöpel (2012)

Understanding Bubbly Episodes | Published
Carvalho, V.M., A. Martin & J. Ventura (2012)

Boom-and-bust cycles marked by capital inflows, current account deterioration and a rise and fall of the real exchange rate   Acrobat Required
Müller-Plantenberg, N. (2012)

Thar She Bursts: Reducing Confusion Reduces Bubbles
Kirchler, M., J. Huber & Stöckl (2012)

Banking Bubbles and Financial Crises | Published   Acrobat Required   ScienceDirect Required
Miao, J. & P. Wang (2012/15)

Bubbles and Total Factor Productivity
Miao, J. & P. Wang (2012)

Asset bubbles, credit market imperfections, and technology choice   ScienceDirect Required
Matsuoka, T. & A. Shibata (2012)

Speculative Bubbles and Financial Crises
Wang, P. & Y. Wen (2012)

Herding, contrarianism and delay in financial market trading   ScienceDirect Required
Park, A. & D. Sgroi (2012)

An Anatomy of Credit Booms and their Demise
Mendoza, E.G. & M.E. Terrones (2012)

Speculative growth, overreaction, and the welfare cost of technology-driven bubbles   ScienceDirect Required
Lansing, K. (2012)

The Transition from Brownian Motion to Boom-and-Bust Dynamics in Financial and Economic Systems
Lamba, H. (2012)

Exchange rate bubbles: Fundamental value estimation and rational expectations test   ScienceDirect Required
Maldonado, W.L., O.A.F. Tourinho & M. Valli (2012)

Speculative Overpricing in Asset Markets With Information Flows
Palfrey, T.R. & S.W. Wang (2012)

Economic Growth with Bubbles
Martin, A. & J. Ventura (2012)

Sectoral Bubbles and Endogenous Growth   Acrobat Required
Wang, P. & J. Miao (2012)

Asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics   Acrobat Required
Rannenberg, A. (2012)

Consumption and Bubbles   ScienceDirect Required
Loewenstein, M. & G.A. Willard (2013)

Behavioral aspects of arbitrageurs in timing games of bubbles and crashes   ScienceDirect Required
Matsushima, H. (2013)

Bubble cycle   Acrobat Required
Sakuragawa, M. (2013)

Bubbles in prices of exhaustible resources   Wiley Interscience Required
Jovanovic, B. (2013)

Monetary Policy and Rational Asset Price Bubbles | Published
Gali, J. (2013/14)

A statistical model of speculative bubbles, with applications to the stock markets of the United States, Japan, and China   ScienceDirect Required
Asako, K. & Z. Liu (2013)

Asset Price Bubbles: A Selective Survey   SURVEY PAPER
Scherbina, A. (2013)

Early warning indicators of asset price boom/bust cycles in emerging markets   ScienceDirect Required
Ponomarenko, A. (2013)

Bubble Troubles? Rational Storage, Mean Reversion and Runs in Commodity Prices
Bobenrieth, E.S.A., J.R.A. Bobenrieth & B.D. Wright (2013)

A review of bubbles and crashes in experimental asset markets   SURVEY PAPER   Wiley Interscience Required
Palan, S. (2013)

Asset Bubbles in an Overlapping Generations Model with Endogenous Labor Supply | Published   ScienceDirect Required
Shi, L. & R.M.H. Suen (2013/14)

The Bubble Game: An Experimental Study of Speculation   Wiley Interscience Required
Moinas, S. & S. Pouget (2013)

The Stabilizing Virtues of Fiscal vs. Monetary Policy on Endogenous Bubble Fluctuations   Acrobat Required
Clain-Chamosset-Yvrard, L. & T. Seegmuller (2013)

Quiet bubbles   ScienceDirect Required
Hong, H. & D. Sraer (2013)

Globalization and Financial Development: A Model of the Dot-Com and the Housing Bubbles   ScienceDirect Required
Basco, S. (2014)

On Existence and Bubbles of Ramsey Equilibrium with Borrowing Constraints   Acrobat Required
Becker, R., S. Bosi, C.L. Van & T. Seegmuller (2013)

Asset Bubbles & Global Imbalances   Acrobat Required
Ikeda, D. & T. Phan (2013)

Monetary Policy and Inflation Dynamics in Asset Price Bubbles
Ikeda, D. (2013)

Limited records and reputation bubbles   ScienceDirect Required
Liu, Q. & A. Skrzypacz (2014)

Herd behavior, bubbles and social interactions in financial markets   De Gruyter Required
Chang, S-K. (2014)

Optimism, pessimism and financial bubbles   ScienceDirect Required
Wigniolle, B. (2014)

Bubbles in Food Commodity Markets: Four Decades of Evidence   ScienceDirect Required
Etienne, X.L., S.H. Irwin & P. Garcia (2014)

Managing Credit Bubbles
Martin, A. & J. Ventura (2014)

Growth effect of bubbles in a non-scale endogenous growth model with in-house R&D   Acrobat Required
Takao, K. (2014)

The Effects of Monetary Policy on Stock Market Bubbles: Some Evidence | Published
Gali, J. & L. Gambetti (2014/15)

Periodically collapsing Evans bubbles and stock-price volatility   ScienceDirect Required
Rotermann, B. & B. Wilfling (2014)

Asset-Holdings Caps and Bubbles in Experimental Asset Markets   ScienceDirect Required
Lugovskyy, V., D. Puzzello, S. Tucker & A. Williams (2014)

Bubbles over the U.S. business cycle: A macroeconometric approach   ScienceDirect Required
Luik, M-A. & D. Wesselbaum (2014)

No-Bubble Condition: Model-free Tests in Housing Markets | Published   Wiley Interscience Required
Giglio, S., M. Maggiori & J.C. Stroebel (2014/16)

Managing Credit Bubbles
Martin, A. & J. Ventura (2014)

The Macroeconomic Consequences of Asset Bubbles and Crashes
Shi, L. & R.M.H. Suen (2014)

A leverage-based model of speculative bubbles   ScienceDirect Required
Barlevy, G. (2014)

Housing Bubbles
Glaeser, E.L. & C.G. Nathanson (2014)

Asset Price Bubbles and Monetary Policy in a Small Open Economy   Acrobat Required
López, M. (2014)

Financial crises, debt volatility and optimal taxes   Acrobat Required
Parra-Polania, J.A. & C.O. Vargas (2014)

Wall Street and the Housing Bubble
Cheng, I-H., S. Raina & W. Xiong (2014)

The "Inflow-Effect" - Trader Inflow and Bubble Formation in Asset Markets   Acrobat Required
Kirchler, M., C. Bonn, J. Huber & M. Razen (2014)

Herding, trend chasing and market volatility   ScienceDirect Required
Di Guilmi, C., X-Z. He & K. Li (2014)

Contagious Herding and Endogenous Network Formation in Financial Networks |   Acrobat Required
Georg, C-P. (2014)

Identifying Speculative Bubbles: A Two-Pillar Surveillance Framework
Jones, B. (2014)

Systematic cyclicality of systemic bubbles: Evidence from the U.S. commercial banking system   ScienceDirect Required
Kim, M.H. & B. Kim (2014)

Market run-ups, market freezes, inventories, and leverage   ScienceDirect Required
Bond, P. & Y. Leitner (2014)

Contagious synchronization and endogenous network formation in financial networks   ScienceDirect Required
Aymanns, C. & C-P. Georg (2014)

Intertemporal equilibrium with production: bubbles and efficiency   Acrobat Required
Bosi, S., C.L. Van & N-S. Pham (2014)

Credit Market Frictions and Sudden Stops   Acrobat Required
Imura, Y. (2014)

A mechanism for booms and busts in housing prices   ScienceDirect Required
Hillebrand, M. & T. Kikuchi (2014)

Credit Supply and the Housing Boom | Published   UChicago Journals Required
Justiniano, A., G.E. Primiceri & A. Tambalotti (2015/18)

Bubbles and unemployment in an endogenous growth model   Acrobat Required
Hashimoto, K. & R. Im (2014)

Should central banks burst bubbles? Some microeconomic issues   Wiley Interscience Required
Conlon, J.R. (2015)

Speculative bubbles in agricultural prices   ScienceDirect Required
Adämmer, P. & M.T. Bohl (2015)

Signalling the Dotcom bubble: A multiple changes in persistence approach   ScienceDirect Required
Leone, V. & O. Ribeiro de Medeiros (2015)

Super-exponential endogenous bubbles in an equilibrium model of fundamentalist and chartist traders   ScienceDirect Required
Kaizoji, T., M. Leiss, A. Saichev & D. Sornette (2015)

Credit Supply and the Housing Boom
Justiniano, A., G.E. Primiceri & A. Tambalotti (2015)

Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin   ScienceDirect Required
Cheah, E-T. & J. Fry (2015)

Bubbles and Central Banks: Historical Perspectives
Brunnermeier, M.K & I. Schnabel (2015)

Rational bubbles and macroeconomic fluctuations: The (de-)stabilizing role of monetary policy   ScienceDirect Required
Clain-Chamosset-Yvrard, L. & T. Seegmuller (2015)

Limited Liability, Asset Price Bubbles and the Credit Cycle: The Role of Monetary Policy e
Mateju, J. (2015)

Contractual incompleteness, limited liability and asset price bubbles   ScienceDirect Required
Dow, J. & J. Han (2015)

International Transmission of Bubble Crashes: Stationary Sunspot Equilibria in a Two-Country Overlapping Generations Model   Acrobat Required
Claini-Chamosset-Yvrard, L. & T. Kamihigashi (2015)

Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach
Gelain , P., K.J. Lansing & G.J. Natvik (2015)

Helpful laymen in informational cascades   ScienceDirect Required
Wu, J. (2015)

Mutual funds flows and the geography of contagion   ScienceDirect Required
Puy, D. (2015)

The International Transmission of Credit Bubbles: Theory and Policy   Acrobat Required
Martin, A. & J. Ventura (2015)

Monetary Policy, Hot Housing Markets and Leverage   Acrobat Required
Ungerer, C.T. (2015)

Bubbles, banks and financial stability   ScienceDirect Required
Aoki, K. & K. Nikolov (2015)

Leveraged Bubbles | Published   ScienceDirect Required
Jorda, O., M. Schularick & A.M. Taylor (2015)

Traders' heterogeneity and bubble-crash patterns in experimental asset markets   ScienceDirect Required
Baghestanian, S., V. Lugovskyy & D. Puzzello (2015)

Animal spirits and credit cycles   ScienceDirect Required
De Grauwe, P. & C. Macchiarelli (2015)

Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises
Lagos, R. & S. Zhang (2015)

Monetary Policy and Controlling Asset Bubbles   Acrobat Required
Sakuragawa, M. (2015)

The cyclicality of leverage   Acrobat Required
Adrian, T., N. Boyarchenko & H.S. Shin (2015)

Liquidity shocks and stock bubbles   ScienceDirect Required
Nneji, O. (2015)

Testing for Multiple Bubbles: Historical Episodes of Exuberance and Collapse in the S&P 500   Wiley Interscience Required
Phillips, P.C.B., S. Shi & J. Yu (2015)

Testing for Multiple Bubbles: Limit Theory of Real-Time Detectors   Wiley Interscience Required
Phillips, P.C.B., S. Shi & J. Yu (2015)

Are individual or institutional investors the agents of bubbles?   ScienceDirect Required
Choi, J.J., H. Kedar-Levy & S.S. Yoo (2015)

On the Interplay Between Speculative Bubbles and Productive Investment | Published   Acrobat Required   ScienceDirect Required
Raurich, X. & T. Seegmuller (2015/19)

The performances of acquired firms in the steel industry: Do financial institutions cause bubbles?   ScienceDirect Required
Huh, K-S. (2015)

Imperfect knowledge, liquidity and bubbles   ScienceDirect Required
Branch, W.A. (2015)

Money growth, dynamic efficiency and asset bubbles in a perpetual youth model   ScienceDirect Required
Femminis, G. (2015)

The international transmission of credit bubbles: Theory and policy   ScienceDirect Required
Martin, A. & J. Ventura (2015)

Asset bubbles, collateral, and policy analysis   ScienceDirect Required
Miao, J., P. Wang & J. Zhou (2015)

Asset Bubbles: Re-thinking Policy for the Age of Asset Management
Jones, B. (2015)

Bubble or riddle? An asset-pricing approach evaluation on China's housing market   ScienceDirect Required
Feng, Q. & G.L. Wu (2015)

Rational Bubbles and Economic Crises: A Quantitative Analysis   Acrobat Required
Domeij, D. & T. Ellingsen (2015)

Asset bubbles and bailouts   ScienceDirect Required
Hirano, T., M. Inaba & N. Yanagawa (2015)

Can a financial transaction tax prevent stock price booms?   ScienceDirect Required
Adam, K., J. Beutel, A. Marcet & S. Merkel (2015)

Bubbles, Crashes, and Endogenous Uncertainty in Linked Asset and Product Markets   Wiley Interscience Required
Jaworski, T. & E.O. Kimbrough (2016)

Bubble-driven business cycles   Acrobat Required
Larin, B. (2016)

Speculative Fever: Investor Contagion in the Housing Bubble | Published
Bayer, P., K. Mangum & J.W. Roberts (2016/21)

Inefficient Investment Waves   Wiley Interscience Required
He, Z. & P. Kondor (2016)

Credit-fuelled bubbles   Acrobat Required
Doblas-Madrid, A. & K.J. Lansing (2016)

Are there periodically collapsing bubbles in the stock markets? New international evidence   ScienceDirect Required
Chen, S-W., C-S. Hsu & Z. Xie (2016)

Switching bubbles: From Outside to Inside Bubbles   ScienceDirect Required
Basco, S. (2016)

Fama on Bubbles   Wiley Interscience Required   SURVEY PAPER
Engsted, T. (2016)

Interpreting the movement of oil prices: Driven by fundamentals or bubbles?   ScienceDirect Required
Zhang, Y-J. & T. Yao (2016)

Interpreting the movement of oil prices: Driven by fundamentals or bubbles?   ScienceDirect Required
Zhang, Y-J. & T. Yao (2016)

Informational herding with model misspecification   ScienceDirect Required
Bohren, J.A. (2016)

Sentiments, financial markets, and macroeconomic fluctuations   ScienceDirect Required
Benhabib, J., K. Liu & P. Wang (2016)

Securitisation Bubbles: Structured finance with disagreement about default correlations   Acrobat Required
Broer, T. (2016)

Taxation, bubbles and endogenous growth   ScienceDirect Required
Bosi, S. & N-S. Pham (2016)

Asset bubbles and efficiency in a generalized two-sector model | Published   Acrobat Required   ScienceDirect Required
Bosi, S., C.L. Van & N-S. Pham (2016/17)

Explosive bubbles in house prices? Evidence from the OECD countries   ScienceDirect Required
Engsted, T., S. J. Hviid & T.Q. Pedersen (2016)

Understanding Booms and Busts in Housing Markets
Burnside, C., M. Eichenbaum & S. Rebelo (2016)

Testing for Speculative Bubbles in Large-Dimensional Financial Panel Data Sets   Acrobat Required
Horie, T. & Y. Yamamoto (2016)

A Double Counting Problem in the Theory of Rational Bubbles   Acrobat Required
Tomura, H. (2016)

Monetary Policy for a Bubbly World | Published   Acrobat Required   Oxford Journals Required
Asriyan, V., L. Fornaro, A. Martín & J. Ventura (2016/21)

Heterogeneous expectations, boom-bust housing cycles, and supply conditions: A nonlinear economic dynamics approach   ScienceDirect Required
Dieci, R. & F. Westerhoff (2016)

Secular Stagnation, Rational Bubbles, and Fiscal Policy   Acrobat Required
Teulings, C.N. (2016)

Economic shocks and crime: Evidence from the crash of Ponzi schemes   ScienceDirect Required
Cortés, D., J. Santamaría & J.F. Vargas (2016)

Frictional Unemployment with Stochastic Bubbles   Acrobat Required
Vuillemey, G. & E. Wasmer (2016)

Regulation and Rational Banking Bubbles in Infinite Horizon   Acrobat Required
Chevallier, C.O. & S. El Joueidi (2016)

Direct comparison of agent-based models of herding in financial markets   ScienceDirect Required
Barde, S. (2016)

Asset bubbles, labor market frictions, and R&D-based growth   Acrobat Required
Hashimoto, K. & R. Im (2016)

Did the FED React to Asset Price Bubbles?   Acrobat Required
Wesselbaum, D. & M-A. Luik (2016)

Asset Bubbles and Foreign Interest Rate Shocks   Acrobat Required
Wang, P., J. Miao & F. Dong (2016)

Noise Bubbles   Wiley Interscience Required
Forni, M., L. Gambetti, M. Lippi & L. Sala (2017)

Bubbles, wage rigidity, and persistent slumps   ScienceDirect Required
Hanson, A. & T. Phan (2017)

Speculative behavior in a housing market: Boom and bust   ScienceDirect Required
Zheng, M., H. Wang, C. Wang & S. Wang (2017)

A Real Estate Boom with Chinese Characteristics
Glaeser, E., W. Huang, Y. Ma & A. Shleifer (2017)

An early alarm system for housing bubbles   ScienceDirect Required
Huang, M. & H-H. Chiang (2017)

Asset Bubbles, Technology Choice, and Financial Crises   Acrobat Required
Kunieda, T., T. Matsuoka & A. Shibata (2017)

Bubbles for Fama | Pubished   ScienceDirect Required
Greenwood, R., A. Shleifer & Y. You (2017/19)

The Circular Relationship Between Inequality, Leverage, and Financial Crises   Wiley Interscience Required
Bazillier, R. & J. Hericourt (2017)

Herding in frontier markets: Evidence from African stock exchanges   ScienceDirect Required
Guney, Y., V. Kallinterakis & G. Komba (2017)

Bubbly Markov Equilibria   Acrobat Required
Barbie, M. & M. Hillebrand (2017)

Aggregate Uncertainty Can Lead to Incorrect Herds   De Gruyter Journals Required
Monzón, I. (2017)

A robust reference-dependent model for speculative bubbles   ScienceDirect Required
Zhang, M. & J. Zheng (2017)

Vulnerabilities to housing bubbles: Evidence from linkages between housing prices and income fundamentals   Wiley Interscience Required
Huang, M. (2017)

Speculative Dynamics of Prices and Volume
DeFusco, A.A., C.G. Nathanson & E. Zwick (2017)

Booms, busts and behavioural heterogeneity in stock prices   ScienceDirect Required
Hommes, C. & D. in 't Veld (2017)

Are there bubbles in exchange rates? Some new evidence from G10 and emerging market economies   ScienceDirect Required
Hu, Y. & L. Oxley (2017)

Default Cycles   Acrobat Required
Cui, W. & L. Kaas (2017)

Accounting for debt service: the painful legacy of credit booms
Drehmann, M., M. Juselius & A. Korinek (2017)

Information disclosure and asymmetric speed of learning in booms and busts   ScienceDirect Required
Palazzo, F. & M. Zhang (2017)

The housing bubble and the evolution of the homeownership gap   ScienceDirect Required
Oberg, P.M. (2017)

Commodity Booms and Busts in Emerging Economies | Published   ScienceDirect Required
Drechsel, T. & S. Tenreyro (2017/18)

The Housing Boom and Bust: Model Meets Evidence | Published   UChicago Journals Required
Kaplan, G., K. Mitman & G.L. Violante (2017/20)

Do bubbles have an explosive signature in markov switching models?   ScienceDirect Required
Balcombe, K. & I. Fraser (2017)

Speculative bubbles or market fundamentals? An investigation of US regional housing markets   ScienceDirect Required
Shi, S. (2017)

Venture Capital and the Market for Talent during Booms and Busts   Oxford Journals Required
Yung, C. (2017)

Can Learning Explain Boom-Bust Cycles in Asset Prices? An Application to the US Housing Boom   Acrobat Required
Caines, C. (2017)

Explaining the timing of tulipmania's boom and bust: historical context, sequestered capital and market signals   Cambridge Online Required
McClure, J.E. & D.C. Thomas (2017)

On Interest Rate Policy and Asset Bubbles
Allen, F., G. Barlevy & D. Gale (2017)

Explaining the timing of tulipmania's boom and bust: historical context, sequestered capital and market signals   Cambridge Online Required
McClure, J.E. & D.C. Thomas (2017)

The case for herding is stronger than you think   ScienceDirect Required
Bohl, M.T., N. Branger & M. Trede (2017)

Bubble Formation and (In)Efficient Markets in Learning-to-forecast and optimise Experiments   Wiley Interscience Required
Bao, T., C. Hommes & T. Makarewicz (2017)

The Real Effects of Credit Booms and Busts: A County-Level Analysis   Acrobat Required
Gilchrist, S. (2017)

The market for lemmings: The herding behavior of pension funds   ScienceDirect Required
Blake, D., L. Sarno & G. Zinna (2017)

Price bubbles, gender, and expectations in experimental asset markets   ScienceDirect Required
Holt, C.A., M. Porzio & M.Y. Song (2017)

Extreme Returns and Herding of Trade Imbalances   Oxford Journals Required
Chung, Y.P. & S.T. Kim (2017)

Testing for Speculative Bubbles Using Spot and Forward Prices   Wiley Interscience Required
Pavlidis, E.G., I. Paya & D.A. Peel (2017)

Identifying bubbles in Latin American equity markets: Phillips-Perron-based tests and linkages   ScienceDirect Required
Escobari, D., S. Garcia & C. Mellado (2017)

Income Distribution by Age Group and Productive Bubbles   Acrobat Required
Raurich, X. & T. Seegmuller (2017)

Bank Failures, Capital Buffers, and Exposure to the Housing Market Bubble   Acrobat Required
Kara, G. & C.M. Vojtech (2017)

Should Monetary Authorities Prick Asset Price Bubbles? Evidence from a New Keynesian Model with an Agent-Based Financial Market   Acrobat Required
Vasilenko, A. (2017)

Gilded Bubbles   Acrobat Required
Perez-Reyna, D. & X. Freixas (2017)

A Model of Bank Credit Cycles   Acrobat Required
Wei, J. & T. Xu (2017)

Herding, social network and volatility   ScienceDirect Required
Wang, G. & Y. Wang (2018)

Testing for bubbles in the art markets: An empirical investigation   ScienceDirect Required
Assaf, A. (2018)

Herding behavior among wine investors   ScienceDirect Required
Aytaç, B., G. Coqueret & C. Mandou (2018)

Do 18th century 'bubbles' survive the scrutiny of 21st century time series econometrics?   ScienceDirect Required
Hu, Y. & L. Oxley (2018)

Rational bubbles in a monetary economy   De Gruyter Journals Required
Zhou, G. (2018)

The Macroeconomics of Rational Bubbles: A User's Guide | Published
Martin, A. & J. Ventura (2018)

Lending Standards and Output Growth
Kirti, D. (2018)

Bubbles in hybrid markets: How expectations about algorithmic trading affect human trading   ScienceDirect Required
Farjam, M. & O. Kirchkamp (2018)

On the role of responsiveness in rational herds   ScienceDirect Required
Ali, S.N. (2018)

Growth, financial development, and housing booms   ScienceDirect Required
Lim, T. (2018)

Securitization bubbles: Structured finance with disagreement about default risk   ScienceDirect Required
Broer, T. (2018)

Determinants of housing bubbles' duration in OECD countries   Wiley Interscience Required
Amador-Torres, J.S., J.E. Gomez-Gonzalez & S. Sanin-Restrepo (2018)

Housing Booms, Manufacturing Decline, and Labor Market Outcomes   Wiley Interscience Required
Charles, K.K., E. Hurst & M.J. Notowidigdo (2018)

Capital price bubbles and dynamic inefficiency   Acrobat Required
Sorger, G. (2018)

Bubbly Recessions | Published   Acrobat Required
Biswas, S., A. Hanson & T. Phan (2018/20)

Asset Bubbles and Global Imbalances | Published   Acrobat Required
Daisuke, I. & T. Phan (2018/19)

Financial bubbles and capital accumulation in altruistic economies   Acrobat Required
Bosi, S., H-H. Thai; L.V. Cuong; C-T. Pham & N-S. Pham (2018)

Bubbles and Crowding-in of Capital via a Savings Glut   Cambridge Online Required
Hillebrand, M., T. Kikuchi & M. Sakuragawa (2018)

The simplest rational greater-fool bubble model   ScienceDirect Required
Liu, F. & J.R. Conlon (2018)

Herding with costly information   ScienceDirect Required
Ali, S.N. (2018)

Financial Bubbles in Interbank Lending   Acrobat Required
Corrado, L. & T. Schuler (2018)

Herding in analysts’ recommendations: The role of media?   ScienceDirect Required
Frijns, B. & T.D. Huynh (2018)

Overoptimism and house price bubbles   ScienceDirect Required
Abildgren, K., N.L. Hansen & A. Kuchler (2018)

Neighborhood effects on speculative behavior   ScienceDirect Required
Mitton, T., K. Vorkink & I. Wright (2018)

Rational bubbles and public debt policy: A quantitative analysis   ScienceDirect Required
Domeij, D. & T. Ellingsen (2018)

Boom-bust dynamics in a stock market participation model with heterogeneous traders   ScienceDirect Required
Agliari, A., A. Naimzada & N. Pecora (2018)

Riding the Credit Boom
Hansman, C., H. Hong, W. Jiang, Y-J. Liu & J-J. Meng (2018)

Extrapolation and bubbles   ScienceDirect Required
Barberis, N., R. Greenwood, L. Jin & A. Shleifer (2018)

Bias-corrected estimation for speculative bubbles in stock prices   ScienceDirect Required
Kruse, R., H. Kaufmann & C. Wegener (2018)

Wealth Preference and Rational Bubbles   Acrobat Required
Michau, J-B., Y. Ono & M. Schlegl (2018)

Bilateral adjustment of bank assets: Boom and bust   ScienceDirect Required
Mehigan, C. (2018)

Asset Pledgeability and Endogenously Leveraged Bubbles | Published   Acrobat Required   ScienceDirect Required
Bengui, J. & T. Phan (2018)

Asset Bubbles and Credit Constraints
Miao, J. & P. Wang (2018)

Booms, busts and heavy-tails: The story of Bitcoin and cryptocurrency markets?   ScienceDirect Required
Fry, J. (2018)

Credit booms, debt overhang and secular stagnation   ScienceDirect Required
Illing, G., Y. Ono & M. Schlegl (2018)

Booms and Busts in a Housing Market with Heterogeneous Agents   Cambridge Online Required
Ascari, G., N. Pecora & A. Spelta (2018)

Ponzi schemes and the financial sector: DMG and DRFE in Colombia   ScienceDirect Required
Hofstetter, M., D. Mejía, J.N. Rosas & M. Urrutia (2018)

Bubble on Real Estate: The Role of Altruism and Fiscal Policy | Published   Acrobat Required   De Gruyter Journals Required
Clain-Chamosset-Yvrard, L. & T. Seegmuller (2018/19)

The Gilded Bubble Buffer   Acrobat Required
Freixas, X. & D. Perez-Reyna (2018)

Endogenous Business Cycles with Bubbles   Acrobat Required
Asaoka, S. (2018)

Financial Cycles, Credit Bubbles and Stabilization Policies   Acrobat Required
Corrado, L. & T. Schuler (2018)

How do valuations impact outcomes of asset sales with heterogeneous bidders?   ScienceDirect Required
Gorbenko, A.S. (2019)

Should central banks lean against the bubble? The monetary policy conundrum under credit frictions and capital accumulation   ScienceDirect Required
Ciccarone, G., F. Giuli & E. Marchetti (2019)

Probability of price crashes, rational speculative bubbles, and the cross-section of stock returns   ScienceDirect Required
Jeewon, J. & K. Jangkoo (2019)

Fundamental and Speculative Demands for Housing
Lian, W. (2019)

Riding the Bubble with Convex Incentives   Oxford Journals Required
Sotes-Paladino, J. & F. Zapatero (2019)

Bubbles, Crashes, and the Financial Cycle: The Impact of Banking Regulation on Deep Recessions   Cambridge Online Required
van der Hoog, S. & H. Dawid (2019)

Expectations During the U.S. Housing Boom: Inferring Beliefs from Actions
Ben-David, I., P. Towbin & S. Weber (2019)

Asset bubbles, banking stability and economic growth   ScienceDirect Required
Wang, S., L. Chen & X. Xiong (2019)

Affordability, Financial Innovation, and the Start of the Housing Boom   Acrobat Required
Campbell, J.R., F. Ferroni, J.D.M. Fisher & L. Melosi (2019)

Asset Price Bubbles and Systemic Risk | Published   Oxford Journals Required
Brunnermeier, M.K., S.C. Rother & I. Schnabel (2019/20)

The power of sunspots: An experimental analysis   ScienceDirect Required
Fehr, D., F. Heinemann & A. Llorente-Saguer (2019)

From boom to bust: a typology of real commodity prices in the long run   SpringerLink Required
Jacks, D.S. (2019)

Identifying booms and busts in house prices under heterogeneous expectations   ScienceDirect Required
Bolt, W., M. Demertzis, C. Diks, C. Hommes & M. van der Leij (2019)

Credit Supply and the Housing Boom   UChicago Journals Required
Justiniano, A., G.E. Primiceri & A. Tambalotti (2019)

A Macroeconomic Model of Price Swings in the Housing Market
Garriga, R.M. & A. Peralta-Alva (2019)

Growth and bubbles: Investing in human capital versus having children   ScienceDirect Required
Raurich, X. & T. Seegmuller (2019)

Is there a housing bubble in China?   ScienceDirect Required
Zhi, T., Z. Li, Z. Jiang, L. Wei & D. Sornette (2019)

Blockchain hysteria: Adding "blockchain" to company's name   ScienceDirect Required
Jain, A. & C. Jain (2019)

Affordability, financial innovation and the start of the housing boom
Dokko, J.K., B.J. Keys & L. Relihan (2019)

Asset Bubbles and Economic Growth Under Endogenous Market Structure   Cambridge Online Required
Takao, K. (2019)

Asset price bubbles with low interest rates: not all bubbles are alike
Bonchi, J. (2019)

Optimal Macroprudential Policy and Asset Price Bubbles
Biljanovska, N., L. Gornicka & A. Vardoulakis (2019)

Asset shortages, liquidity and speculative bubbles   ScienceDirect Required
Bloise, G. & A. Citanna (2019)

The impact of interest rate policy on individual expectations and asset bubbles in experimental markets   ScienceDirect Required
Bao, T. & J. Zong (2019)

Beliefs, Aggregate Risk, and the U.S. Housing Boom   Acrobat Required
Jacobson, M. (2019)

Bubbles, growth and sunspots with credit market frictions   ScienceDirect Required
Ho, W-H. & L. Zhu (2019)

Debt Limits and Credit Bubbles in General Equilibrium   Acrobat Required
Martins-da-Rocha, V.F., T. Phan & Y. Vailakis (2019)

Economic Consequences of Housing Speculation | Published   Oxford Journals Required
Gao, Z., M. Sockin & W. Xiong (2019/20)

Real indeterminacy and dynamics of asset price bubbles in general equilibrium   Acrobat Required
Pham, N-S., L.V. Cuong & S. Bosi (2019)

Explosive dynamics in house prices? An exploration of financial market spillovers in housing markets around the world   ScienceDirect Required
Martínez-García, E. & V. Grossman (2019)

Fire Sales in Frozen Markets   Acrobat Required
Ebrahimy, E. (2019)

Rational exuberance booms   ScienceDirect Required
Ambrocio, G. (2020)

Leverage and Asset Prices: An Experiment
Cipriani, M., A. Fostel & D. Houser (2020)

On booms that never bust: Ambiguity in experimental asset markets with bubbles   ScienceDirect Required
Corgnet, B., R. Hernán-González & P. Kujal (2020)

(A)symmetric information bubbles: Experimental evidence   ScienceDirect Required
Asako, Y., Y. Funaki, K. Ueda & N. Uto (2020)

Who inflates the bubble? Forecasters and traders in experimental asset markets   ScienceDirect Required
Giamattei, M., J. Huber, J.G. Lambsdorff, A. Nicklisch & S. Palan (2020)

Coordination on bubbles in large-group asset pricing experiments   ScienceDirect Required
Bao, T., M. Hennequin, C. Hommes & D. Massaro (2020)

Shadow banks, leverage risks, and asset prices
Feng, X., L. Lu & Y. Xiao (2020)

Monetary policy and herd behavior: International evidence   ScienceDirect Required
Krokida, S-I., P. Makrychoriti & S. Spyrou (2020)

The Minsky Moment as the Revenge of Entropy   Cambridge Online Required
Rosser, J.B. (2020)

Cycles of credit expansion and misallocation: The Good, the Bad and the Ugly   ScienceDirect Required
Dong, F. & Z. Xu (2020)

Rational bubbles in non-linear business cycle models: Closed and open economies   Acrobat Required
Kollmann, R. (2020)

The other (commercial) real estate boom and bust: The effects of risk premia and regulatory capital arbitrage   ScienceDirect Required
Duca, J.V. & D.C. Ling (2020)

Monetary Policy and Bubbles in a New Keynesian Model with Overlapping Generations | Published
Galí, J. (2020/21)

Market impact and performance of arbitrageurs of financial bubbles in an agent-based model   ScienceDirect Required
Westphal, R. & D. Sornette (2020)

Bubbles and house price dispersion in the United States during 1975-2017   ScienceDirect Required
Tang, Y., T. Zeng & S. Zhu (2020)

Bubbles and persuasion with uncertainty over market sentiment   ScienceDirect Required
Negrelli, S. (2020)

Natural Interest Rate and Asset Price Bubbles: How Bubbles Counteract Low Interest Rates   Acrobat Required
Bonchi, J. (2020)

News and noise bubbles in the housing market   ScienceDirect Required
Gazzani, A. (2020)

Financial policy in an exuberant world   Acrobat Required
Walther, A. (2020)

Housing Booms and the U.S. Productivity Puzzle   Acrobat Required
Carreno, J. (2020)

Price discovery in the small and in the large: Momentum and reversal, bubbles, and crashes   ScienceDirect Required
Kedar-Levy, H. (2020)

Do 'complex' financial models really lead to complex dynamics? Agent-based models and multifractality   ScienceDirect Required
Kukacka, J. & L. Kristoufek (2020)

Are speculative bubbles welfare improving? A note on Wang and Wen (2012)   ScienceDirect Required
Fausch, J. & M. Sigonius (2020)

Are the liquidity and collateral roles of asset bubbles different?   Acrobat Required
Clain-Chamosset-Yvrard, L., X. Raurich & T. Seegmuller (2020)

Credit Supply Driven Boom-Bust Cycles
Arslan, Y., B. Guler & B. Kuruscu (2020)

Asset Bubbles and Monetary Policy | Published   Acrobat Required   ScienceDirect Required
Wang, P., J. Miao & F. Dong (2020)

The Fiscal Theory of Price Level with a Bubble
Brunnermeier, M.K., S.A. Merkel & Y. Sannikov (2020)

Disentangling bubbles in equity REITs   ScienceDirect Required
Huerta-Sanchez, D., M. Jafarinejad, D. Kim & K.W. Soyeh (2020)

Bubbles and Financial Professionals   Oxford Journals Required
Weitzel, U., C. Huber, J. Huber, M. Kirchler, F. Lindner & J. Rose (2020)

Market Panics, Frenzies, and Informational Efficiency: Theory and Experiment
Kendall, C. (2020)

Recurrent Bubbles and Economic Growth   Acrobat Required
Guerron-Quintana, P.A., T. Hirano & R. Jinnai (2020)

Monetary Policy and Asset Price Bubbles: A Laboratory Experiment | Published   Acrobat Required   ScienceDirect Required
Galí, J., G. Giusti & C.N. Noussair (2020/21)

Chaos control in presence of financial bubbles   ScienceDirect Required
Bella, G. & P. Mattana (2020)

Asset bubble and endogenous labor supply: a clarification   Acrobat Required
Zekkari, K.B. & T. Seegmuller (2020)

Asset Bubbles, Unemployment, and Financial Market Frictions   Acrobat Required
Hashimoto, K., R. Im, T. Kunieda & A. Shibata (2020)

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect
Caballero, R.J. & A. Simsek (2020)

Asset Bubbles, Unemployment, and a Financial Crisis   ScienceDirect Required
Hashimoto, K., R. Im & T. Kunieda (2020)

Credit policy and asset price bubbles   ScienceDirect Required
Caraiani, P., M-A. Luik & D. Wesselbaum (2020)

Stationary bubble equilibria in rational expectation models   ScienceDirect Required
Gourieroux, C., J. Jasiak & A. Monfort (2020)

Understanding risk of bubbles in cryptocurrencies   ScienceDirect Required
Enoksen, F.A., C.J. Landsnes, K. Lucivjanská & P. Molnár (2020)

Do investors follow the herd in option markets?   ScienceDirect Required
Bernales, A., T. Verousis & N. Voukelatos (2020)

Weighing up the Credit-to-GDP Gap: A Cautionary Note   Acrobat Required
Karagedikli, O. & O. Rummel (2020)

Speculative bubbles in segmented markets: Evidence from Chinese cross-listed stocks   ScienceDirect Required
Pavlidis, E.G. & K. Vasilopoulos (2020)

Role of the Community Reinvestment Act in Mortgage Supply and the U.S. Housing Boom   Oxford Journals Required
Saadi, V. (2020)

Social interactions and asset pricing bubbles   ScienceDirect Required
Steiger, S. & M. Pelster (2020)

Coordinated bubbles and crashes   ScienceDirect Required
Zheng, H. (2020)

Can learning explain boom-bust cycles in asset prices? An application to the US housing boom   ScienceDirect Required
Caines, C. (2020)

Effectiveness of Bailout Policies for Asset Bubbles in a Small Open Economy   Acrobat Required
Motohashi, A. (2020)

Self-Fulfilling Risk Panics: An Expected Utility Framework
Benhabib, J., X. Liu & P. Wang (2020)

Leaning against the bubble: Can theoretical models match the empirical evidence?   Acrobat Required
Ciccarone, G., F. Giuli, E. Marchetti & M. Tancioni (2020)

Mutual fund flows and fluctuations in credit and business cycles   ScienceDirect Required
Ben-Rephael, A., J. Choi & I. Goldstein (2021)

Identifying bubbles and the contagion effect between oil and stock markets: New evidence from China   ScienceDirect Required
Zhao, Z., H. Wen & K. Li (2021)

The Chinese Warrants Bubble: Evidence from Brokerage Account Records   Oxford Journals Required
Pearson, N.D., Z. Yang & Q. Zhang (2021)

Winners, Losers, and Regulators in a Derivatives Market Bubble   Oxford Journals Required
Li, X., A. Subrahmanyam & X. Yang (2021)

Beta herding through overconfidence: A behavioral explanation of the low-beta anomaly   ScienceDirect Required
Hwang, S., A. Rubesam & M. Salmon (2021)

Credit Crunch: The Role of Household Lending Capacity in the Dutch Housing Boom and Bust 1995-2018   Acrobat Required
Schellekens, M. & T. Yasseri (2021)

Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications   Oxford Journals Required
Foote, C.L., L. Loewenstein & P.S. Willen (2021)

The Macroeconomics of Financial Speculation
Simsek, A. (2021)

Entrepreneurship, growth and productivity with bubbles   Acrobat Required
Clain-Chamosset-Yvrard, L., X. Raurich & T. Seegmuller (2021)

Capital constraints and asset bubbles: An experimental study   ScienceDirect Required
Coppock, L.A., D.Q. Harper & C.A. Holt (2021)

Heterogeneous expectations, housing bubbles and tax policy   ScienceDirect Required
Martin, C., N. Schmitt & F. Westerhoff (2021)

The Financial Transmission of Housing Booms: Evidence from Spain
Martín, A., E. Moral-Benito & T. Schmitz (2021)

Liquidity Rules and Credit Booms   UChicago Journals Required
Hachem, K. & Z. Song (2021)

The Interaction of Bankers' Asset and Liability Management with Liquidity Concerns   Cambridge Online Required
Fan, Y. (2021)

Learning in speculative bubbles: Theory and experiment   ScienceDirect Required
Hong, J., S. Moinas & S. Pouget (2021)

Collateralization and asset price bubbles when investors disagree about risk   ScienceDirect Required
Broer, T. & A. Kero (2021)

Heterogeneous Global Booms and Busts
Farboodi, M. & P. Kondor (2021)

Speculative bubbles in present-value models: A Bayesian Markov-switching state space approach   ScienceDirect Required
Chan, J.C.C. & C. Santi (2021)

Diagnosing housing fever with an econometric thermometer   Wiley Interscience Required   SURVEY PAPER
Shi, S. & P.C.B. Phillips (2021)

When a Master Dies: Speculation and Asset Float   Oxford Journals Required
Pénasse, J., L. Renneboog & J.A. Scheinkman (2021)

What drove the 2003-2006 house price boom and subsequent collapse? Disentangling competing explanations   ScienceDirect Required
Griffin, J.M., S. Kruger & G. Maturana (2021)

Diagnostic bubbles   ScienceDirect Required
Bordalo, P., N. Gennaioli, S.Y. Kwon & A. Shleifer (2021)

Did technology contribute to the housing boom? Evidence from MERS   ScienceDirect Required
Lewellen, S. & E. Williams (2021)

Bitcoin: Bubble that bursts or Gold that glitters?   ScienceDirect Required
Caferra, R., G. Tedeschi & A. Morone (2021)

Public Debt Bubbles in Heterogeneous Agent Models with Tail Risk
Kocherlakota, N.R. (2021)

Experience Does Not Eliminate Bubbles: Experimental Evidence   Oxford Journals Required
Kopányi-Peuker, A. & M. Weber (2021)

Returns, volatility and the cryptocurrency bubble of 2017-18   ScienceDirect Required
Cross, J.L., C. Hou & K. Trinh (2021)

Informational Herding, Optimal Experimentation, and Contrarianism   Oxford Journals Required
Smith, L., P.N. Sřrensen & J. Tian (2021)

Market Depth, Leverage, and Speculative Bubbles   Oxford Journals Required
Enders, Z. & H. Hakenes (2021)

Bubbles, Crashes, Ups and Downs in Economic Growth Theory and Evidence   Acrobat Required
Guerron-Quintana, P.A., T. Hirano & R. Jinnai (2021)

Ascendant altruism and asset price bubbles   Acrobat Required
Bosi, S., T. Ha-Huy, C-T. Pham & N-S. Pham (2021)

Are Bank Bailouts Welfare Improving?   Acrobat Required
Shukayev, M. & A. Ueberfeldt (2021)

Regressive Welfare Effects of Housing Bubbles   Cambridge Online Required
Graczyk, A. & T. Phan (2021)

Emerging stock market exuberance and international short-term flows   ScienceDirect Required
Wang, X., J.K. Yan, C. Yan & G. Gozgor (2021)

The effects of a "black swan" event (COVID-19) on herding behavior in cryptocurrency markets   ScienceDirect Required
Yarovaya, L., R. Matkovskyy & A. Jalan (2021)

Moderating Macroeconomic Bubbles Under Dispersed Information   Acrobat Required
Adams, J.J. (2021)

China's Housing Bubble, Infrastructure Investment, and Economic Growth   Wiley Interscience Required
Jiang, S., J. Miao & Y. Zhang (2022)

Detecting periodically collapsing bubbles in the S&P 500   ScienceDirect Required
Nguyen, Q.N. & G.A. Waters (2022)

Home | Back | Index

Capital Flow Reversals & Controls

A Simple Trade Policy Perspective on Capital Controls
Schukhnecht, L. (1998)

International Liquidity Illusion: On the Risks of Sterilization
Caballero, R.J. and A. Krishnamurthy (2001)

Country Risk and Capital Flow Reversals
Razin, A. & E. Sadka (2001)

Financial Liberalization and Capital Flow Reversals   Acrobat Required
Eicher, T.S., U. Walz & S. Turnovsky (2001)

The swings in capital flows and the Brazilian crisis   Acrobat Required
Goldfajn, I. (2001)

Convertibility, Currency Controls and the Cost of Capital in Western Europe, 1950-1999   Acrobat Required
Voth, H.J. (2001)

Credit, Prices, and Crashes: Business Cycles with a Sudden Stop   Recommended!
Mendoza, E.G. (2001)

Abstract: The 1990s emerging-markets crises were characterized by sudden reversals in inflows of foreign capital followed by unusually large declines in current account deficits, private expenditures, production, and prices of nontradable goods relative to tradables. This paper shows that these Sudden Stops can be the outcome of the equilibrium dynamics of a flexible-price economy with imperfect credit markets. Foreign debt is denominated in units of tradables and a liquidity constraint links credit-market access to the income generated in the nontradables sector and the relative price of nontradables. Sudden Stops occur when real shocks of foreign or domestic origin, or policy-induced shocks make this constraint binding. Sudden Stops are not reflected in long-run business cycle statistics but still they entail nontrivial welfare costs. These results question crises-management policies seeking to impose direct controls on private capital flows and favor those that work to weaken credit frictions.

Temporary Controls on Capital Inflows
Reinhart, C.M. & R.T. Smith (2001)

The Quality of Bureaucracy and Capital Account Policies   Recommended!
Bai, C.E. & S.J. Wei (2001)

Abstract: The extent of bureaucracy varies widely across countries. However, the quality of bureaucracy within a country evolves more slowly than economic policies---such as the imposition of capital controls---which can be implemented quickly. This paper presents the possibility that the quality of bureaucracy may be an important structural determinant of open-economy macro-policies. The imposition/removal of capital controls, in particular, may be one such consequence. We derive a model that delivers such a result. It shows that bureaucratic corruption translates into the reduced ability of government to collect tax revenue. Even if capital control/financial repression is otherwise inefficient, the government still has to rely on capital control/financial repression to raise revenue for public goods provision. For all countries for which we can obtain relevant data, we find that more corrupt countries are indeed more likely to impose capital controls, a pattern consistent with the model’s prediction. To deal with possible reverse causality we use the extent of corruption in a country’s judicial system and the degree of democracy as the instrumental variables (IV) for bureaucratic corruption. The IV regressions show more corrupt countries are associated with more severe capital controls. The results suggest that a premature removal of capital controls mandated by outside institutions could reduce rather than enhance economic efficiency.

A Simple Measure of the Intensity of Capital Controls
Edison, H.J. & F.E. Warnock (2001)

Foreign Direct Investment in a World of Multiple Taxes
Desai, M.A. & J.R. Hines Jr. (2001)

Capital Controls and Exchange Rate Instability in Developing Economies | Published   Acrobat Required
Glick, R. & M. Hutchison (2001/2005)

Short and Long-Run Integration: Do Capital Controls Matter?
Kaminsky, G. & S. Schmukler (2001)

Smoothing Sudden Stops | Published   ScienceDirect Required
Caballero, R.J. & A. Krishnamurthy (2001)

Private capital flows and poverty reduction: incompatible bedfellows?
Cobham, A. & A. Wood (2001)

The Effects of Capital Controls on Exchange Rate Volatility and Output
Frenkel, M., C. Nickel, G. Schmidt & G. Stadtmann (2001)

Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Inflows
Razin, A., E. Sadka & C.W. Yuen (2001)

Scrapping capital controls: pro or anti poor?
Cobham, A. (2001)

Capital flight: a blight on growth?
FitzGerald, V. & A. Cobham (2002)

International Capital Crunches: The Time-Varying Role of Informational Asymmetries
Mody, A. & M.P. Taylor (2002)

Sudden Stops and the Mexican Wave: Currency Crises, Capital Flow Reversals and Output Loss in Emerging Markets | Published   Adobe Acrobat Required!   ScienceDirect Required
Hutchison, M. & I. Noy (2002/05)

The Influence of Capital Controls on Long Run Growth: Where and How Much? | Published   Acrobat Required
Chanda, A. (2002)

Location of Investors and Capital Flight   Acrobat Required
Botman, D. & C.G.H. Diks (2002)

Capital Flows and Crisis: the Role of Credit Market Imperfections   Adobe Acrobat Required!
Bloch, C. (2002)

Credits, Crises, and Capital Controls: A Microeconomic Analysis
Neeman, Z. & G.O. Orosel (2002)

Capital Account Liberalization and Growth: Was Mr. Mahathir Right?
Eichengreen, B. & D. Leblang (2002)

Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes
Calvo, C.A. (2003)

Hedging Sudden Stops and Precautionary Recessions: A Quantitative Framework | Published
Caballero, R.J. & S. Panageas (2003)

Inflation Targeting and Sudden Stops
Caballero, R.J. & A. Krishnamurthy (2003)

One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smallest Traded Firms | Published   ScienceDirect Required
Forbes, K. (2003/07)

Capital flows to emerging markets   Adobe Acrobat Required
Penalver, A. (2003)

Cross-board listings, capital controls, and equity flows to emerging markets
Edison, H.J. & F.E. Warnock (2003)

Exchange Rate Based Stabilization with Sudden Restrictions on Capital Flows   Adobe Acrobat Required
Subramanian, C. & J. Park (2003)

The Intriguing Nexus Between Corruption and Capital Account Restrictions   Adobe Acrobat Required
Dreher, A. & L.H.R. Siemers (2003)

Modeling the Demand for Emerging Market Assets   Adobe Acrobat Required
FitzGerald, V. & D. Krolzig (2003)

Can short-term capital controls promote capital inflows?   ScienceDirect Required
Cordella, T. (2003)

Capital Controls: Mud in the Wheels of Market Discipline
Forbes, K.J. (2004)

Capital Controls, Liberalizations, and Foreign Direct Investment
Desai, M.A., C.F. Foley & J.R. Hines Jr. (2004)

Financial Liberalisation and Capital Regulation in Open Economies   Adobe Acrobat Required
Morrison, A.D. & L. Whit (2004)

On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects
Calvo, G.A., A. Izquierdo & L.F. Mejia (2004)
Morrison, A.D. & L. Whit (2004)

Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
Caballero, R. & A. Krishnamurthy (2004)

Dealing with Destabilizing 'Market Discipline'
Cohen, D. & R. Portes (2004)

Bubbles and Crashes in a Behavioural Finance Model
De Grauwe, P. & M. Grimaldi (2004)

Growth Effects of the Exchange-Rate Regime and the Capital-Account Openness in A Crisis-Prone World Market: A Nuanced View
Razin, A. & Y. Rubinstein (2004)

A New Set of Measures on Capital Account Restrictions
Miniane, J. (2004)

Banks and Capital Inflows   Acrobat Required
Fontenla, M. (2004)

Capital Control, Speculation and Exchange Rate Volatility   Adobe Acrobat Required
Chu, M-L. (2004)

The determination of capital controls: Which role do exchange rate regimes play?   ScienceDirect Required
von Hagen, J. & J. Zhou (2004)

Capital Controls, Risk, and Liberalization Cycles   Wiley Interscience Required
Alfaro, L. & F. Kanczuk (2004)

Managing Macroeconomic Crises
Frankel, J.A. & S-J. Wei (2004)

Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices | Published   ScienceDirect Required
Mendoza, E.G. & K.A. Smith (2004/06)

Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality | Published   ScienceDirect Required
Frankel, J.A. & E.A. Cavallo (2004/08)

Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops
Razin, A. & Y. Rubinstein (2005)

Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile
Calvo, G.A. & E. Talvi (2005)

Sudden Stops and Output Drops | Alternative   Acrobat Required
Chari, V.V., P.J. Kehoe & E.R. McGrattan (2005)

Capital Controls, Sudden Stops and Current Account Reversals
Edwards, S. (2005)

Are Asset Price Guarantees Useful for Perventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff | Published   ScienceDirect Required
Durdu, C.B. & E.G. Mendoza (2005/06)

A Quantitative Model of Sudden Stops and External Liquidity Management
Caballero, R. & S. Panageas (2005)

Crises in Emerging Market Economies: A Global Perspective
Calvo, G.A. (2005)

What Matters for Financial Development? Capital Controls, Institutions, and Interactions
Chinn, M.D. & H. Ito (2005)

The Microeconomic Evidence on Capital Controls: No Free Lunch
Forbes, K.J. (2005)

Capital Controls, Exchange Rate Volatility and External Vulnerability | Published   ScienceDirect Required
Edwards, S. & R. Rigobon (2005/09)

International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile
De Gregorio, J. & K. Cowan (2005)

Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects | Published   ScienceDirect Required
Calvo, G.A., A. Izquierdo & R. Loo-Kung (2005)

Robbing the Riches: Capital Flight, Institutions, and Instability
Cerra, V., R. Meenakshi & S.C. Saxena (2005)

Capital Controls: An Evaluation   Acrobat Required
Magud, N. & C.M. Reinhart (2005)

Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
Mendoza, E.G. (2006)

Hedging Sudden Stops and Precautionary Contractions
Caballero, R.J. & S. Panageas (2006)

The Interaction Between Capital Controls and Exchange Rate Regimes: Evidence from Developing Countries
von Hagen, J. & J. Zhou (2006)

Sudden Stops and IMF-Supported Programs
Eichengreen, B.J., P. Gupta & A. Mody (2006)

Sudden Stops and Currency Drops: A Historical Look
Catăo, L. (2006)

Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties
de M. Carvalho, B.S. & M.G.P. Garcia (2006)

Lessons From the Debt-Deflation Theory of Sudden Stops | Published   Ingenta Select Required
Mendoza, E.G. (2006)

Output Drops and the Shocks That Matter
Becker, T.I. & P. Mauro (2006)

Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Deja vu?
Bordo, M.D. (2006)

Do Some Forms of Financial Flows Help Protect from Sudden Stops?
Levchenko, A.A. & P. Mauro (2006)

The effects of capital controls on international capital flows in the presence of asymmetric information   ScienceDirect Required
Neumann, R.M. (2006)

Output Growth, Capital Flow Reversals and Sudden stop Crises   Acrobat Required
Deb, S. (2006)

Cross-border Listings, Capital Controls, and Equity Flows To Emerging Markets
Edison, H.J. & F.E. Warnock (2006)

Capital Controls, Capital Flow Contractions, and Macroeconomic Vulnerability | Published   ScienceDirect Required
Edwards, S. (2007)

Collective Risk Management in a Flight to Quality Episode
Caballero, R.J. & A. Krishnamurthy (2007)

Collateral Damage: Exchange Controls and International Trade | Published   ScienceDirect Required
Wei, S-J. & Z. Zhang (2007)

Controls on capital inflows and external shocks
David, A.C. (2007)

How do Capital Controls Affect the Transmission of Foreign Shocks?   Acrobat Required
Cooke, D. (2007)

The Effect of Capital Controls on Foreign Direct Investment Decisions Under Country Risk with Intangible Assets
Elo, K.Z. (2007)

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism | Published   ScienceDirect Required
Durdu, C.B., E.G. Mendoza & M.E. Terrones (2007/09)

Capital flight and war
Davies, V.A.B. (2007)

Do China's capital controls still bind? Implications for monetary autonomy and capital liberalisation
Ma, G. & R.N. McCauley (2007)

Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913 | Published   ScienceDirect Required
Bordo, M.D., A.F. Cavallo & C.M. Meissner (2007/09)

The Role of Expectations in Sudden Stops   Acrobat Required
Mertens, K. (2007)

The Duration of Capital Account Crises--An Empirical Analysis
Mecagni, M., R. Atoyan, D. Hofman & D. Tzanninis (2007)

Are Capital Controls in the Foreign Exchange Market Effective? | Published   ScienceDirect Required
Straetmans, S., R. Versteeg & C.C. Wolff (2008/13)

Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market
Dell'Ariccia, G., D. Igan & L. Laeven (2008)

Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration
Calvo, G.A., A. Izquierdo & L-F. Meja (2008)

Exchange Rate Pass-Through And Monetary Policy Mishkin, F.S. (2008)

Understanding International Price Differences Using Barcode Data
Broda, C. & D.E. Weinstein (2008)

Sudden Stops and Optimal Self-Insurance
Kim, J.I. (2008)

Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markes
Kaminsky, G.L. (2008)

Optimal reserve composition in the presence of sudden stops - the euro and the dollar as safe haven currencies | Published   Acrobat Required   ScienceDirect Required
Beck, R. & E. Rahbari (2008/11)

Sudden Stops, Sectoral Reallocations, and the Real Exchange Rate | Published   ScienceDirect Required
Kehoe, T.J. & K.J. Ruhl (2008/09)

Bankruptcy Costs, Liability Dollarization, and Vulnerability to Sudden Stops | Published   Acrobat Required   ScienceDirect Required
Aysun, U. & A. Honig (2008/11)

Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q | Published
Mendoza, E.G. (2008/10)

Imperfect Competition in Financial Markets and Capital Controls: A Model and a Test
Pasricha, G.K. (2008)

Sudden Stops, Banking Crises and Investment Collapses in Emerging Markets | Published   Acrobat Required   ScienceDirect Required
Joyce, J.P. & M. Nabar (2008/09)

Multiple Reserve Requirements, Exchange Rates, Sudden Stops and Equilibrium Dynamics in a Small Open Economy
Wang, W-Y. & P. Hernandez-Verme (2009)

The Persistence of Capital Account Crises
Mecagni, M., R. Atoyan & D. Hofman (2009)

A double-edged sword: High interest rates in capital-control regimes | Published   Acrobat Required
Gudmundsson, G.S. & G. Zoega (2009/16)

Modeling sudden stops: The non-trivial role of preference specifications   ScienceDirect Required
Chakraborty, S. (2009)

Optimal monetary policy in a ‘sudden stop’   ScienceDirect Required
Braggion, F., L.J. Christiano & J. Roldos (2009)

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis
Tong, H. & S-J. Wei (2009)

When do sudden stops really hurt?   Acrobat Required
Caner, M., F. Koehler-Geib & G.A. Vincelette (2009)

Fear of Fire Sales and the Credit Freeze
Diamond, D.W. & R.G. Rajan (2009)

Fire Sales in a Model of Complexity
Caballero, R.J. & A. Simsek (2009)

Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows | Published   ScienceDirect Required
Binici, M., M. Hutchison & M. SchindlerWhen Do Sudden Stops Really Hurt?
Caner, M., F. Koehler-Geib & G.A. Vincelette (2009)

The reversibility of different types of capital flows to emerging markets   ScienceDirect Required
Sula, O. & T.D. Willett (2009)

Capital Controls and 21st Century Financial Crises: Evidence from Colombia and Thailand   Acrobat Required
Coelho, B. & K. Gallagher (2010)

Fire Sales in Finance and Macroeconomics | Published
Shleifer, A. & R.W. Vishny (2010/11)

Capital Controls and Welfare | Published   Acrobat Required   ScienceDirect Required
Kitano, S. (2010/11)

Liberalization and Regulation of Capital Flows- Lessons for Emerging Market Economies
Mohan, R. & M. Kapur (2010)

Managing the Process of Removing Capital Controls: What Does the Literature Suggest? | Published   Wiley Interscience Required   SURVEY PAPER
Moore, W. (2010/12)

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach
Jeanne, O. & A. Korinek (2010)

Capital Controls and Monetary Policy in Developing Countries   Acrobat Required
Montecino, J.A. & J.A. Cordero (2010)

Shifts in Portfolio Preferences of International Investors: An Application to Sovereign Wealth Funds   Acrobat Required
Sá, F. & F. Viani (2010)

The illusive quest: do international capital controls contribute to currency stability?   Acrobat Required
Glick, R. & M. Hutchison (2010)

External Finance, Sudden Stops, and Financial Crisis: What is Different This Time?
Gulcin Ozkan, F. & D.F. Unsal (2010)

Sudden Stops, Output Drops, and Credit Collapses
Dagher, J. (2010)

Fiscal and monetary policies and the cost of sudden stops   ScienceDirect Required
Hutchison, M.M., I. Noy & L. Wang (2010)

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis   Acrobat Required
Tong, H. & S-J. Wei (2010)

Are Capital Controls and Central Bank Intervention Effective?   Acrobat Required
Rincón, H. & J. Toro (2010)

Growth and Crisis, Unavoidable Connection? | Published   ScienceDirect Required
Piazza, R. (2010/14)

Capital Controls: Myth and Reality - A Portfolio Balance Approach
Magud, N.E., C.M. Reinhart & K.S. Rogoff (2011)

The Duration of Intermediate Exchange Rate Regimes and Capital Controls   Acrobat Required
Razo-Garcia, R. (2011)

Sudden Stops: Are Global and Local Investors Alike? | Published   ScienceDirect Required
Calderon, C. & M. Kubota (2011/12)

Sudden stops and financial frictions: evidence from industry level data |   ScienceDirect Required
Cowan, K. & C. Raddatz (2011/13)

Fire sale acquisitions: Myth vs. reality   ScienceDirect Required
Ang, J. & N. Mauck (2011)

Sudden Flight and True Sudden Stops   Wiley Interscience Required
Rothenberg, A.D. & F.E. Warnock (2011)

Capital Controls: A Meta-analysis Approach
Magud, N., C. Reinhart & K. Rogoff (2011)

Managing Capital Inflows: The Role of Capital Controls and Prudential Policies
Qureshi, M.S., J.D. Ostry, A.R. Ghosh & M. Chamon (2011)

Capital Flow Waves: Surges, Stops, Flight, and Retrenchment
Forbes, K.J. & F.E. Warnock (2011)

Market Phoenixes and Banking Ducks: Are Recoveries Faster in Market-Based Financial Systems?
Allard, J. & R. Blavy (2011)

Currency crises with the threat of an interest rate defence   ScienceDirect Required
Daniëls, T.R., H. Jager & F. Klaassen (2011)

An assessment of another decade of capital controls in Colombia: 1998–2008   ScienceDirect Required
Concha, A., A.J. Galindo & D. Vasquez (2011)

Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s
Baba, C. & A. Kokenyne (2011)

Sudden stops, financial frictions, and labor market flows: Evidence from Latin America   ScienceDirect Required
Gallego, F.A. & J.A. Tessada (2011)

Capital Controls and Foreign Exchange Policy   Acrobat Required
Fratzscher, M. (2011)

A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation | Published   JSTOR Required
Costinot, A., G. Lorenzoni & I. Werning (2011/14)

The New Economics of Capital Controls Imposed for Prudential Reasons
Korinek, A. (2011)

Episodes of Large Capital Inflows and the Likelihood of Banking and Currency Crises and Sudden Stops | Published   Wiley Interscience Required
Furceri, D., S. Guichard & E. Rusticelli (2011/12)

The International Regulatory Regime on Capital Flows and Trade in Services   Acrobat Required
Lupo Pasini, F. (2011)

Capital Inflows, Exchange Rate Flexibility, and Credit Booms
Magud, N.E., C. Reinhart & E. Vesperoni (2012)

Crisis, Capital Controls and Covered Interest Parity: Evidence from China in Transformation   Acrobat Required
Chen, J. (2012)

Capital Controls with International Reserve Accumulation: Can this Be Optimal? | Published
Bacchetta, P., K. Benhima & Y. Kalantzis (2012)

Currency crisis: Evolution of beliefs and policy experiments   ScienceDirect Required
Arifovic, J. & M.K. Maschek (2012)

Exchange Rate Regimes, Capital Controls and the Pattern of Speculative Capital Flows   Acrobat Required
Sy, M. (2012)

Capital Controls with International Reserve Accumulation: Can this Be Optimal?   Acrobat Required
Bacchetta, P., K. Benhima & Y. Kalantzis (2012)

Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls | Published   ScienceDirect Required
Forbes, K., M. Fratzscher & R. Straub (2012/16)

Monetary and Fiscal Policy Interactions in an Emerging Open Economy Exposed to Sudden Stops Shock: A DSGE Approach   Acrobat Required
Algozhina, A. (2012)

Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop
Calvo, G.A., A. Izquierdo & R. Loo-Kung (2012)

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates
Farhi, E. & I. Werning (2012)

Are Global Imbalances Sustainable? Shedding Further Light on the Causes of Current Account Reversals   Wiley Interscience Required
de Mello, L., P.C. Padoan & L. Rousová (2012)

The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back
Calvo, G.A. (2012)

Overreaction in capital flows to emerging markets: Booms and sudden stops   ScienceDirect Required
Agosin, M.R. & F. Huaita (2012)

Robust policymaking in the face of sudden stops   ScienceDirect Required
Young, E.R. (2012)

Capital Controls and Exchange Rate Expectations in Emerging Markets   Acrobat Required
Abarca, G., C. Ramírez & J.G. Rangel (2012)

Capital Controls: Gates versus Walls
Klein, M.W. (2012)

Accounting for Reserves
Bayoumi, T. & C. Saborowski (2012)

The perils of a central bank's capital control: How substantial is the effect on firm value?   ScienceDirect Required
Vithessonthi, C. & J. Tongurai (2012)

The Federal Reserve, Emerging Markets, and Capital Controls: A High Frequency Empirical Investigation
Edwards, S. (2012)

Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns
Aizenman, J. & G.K. Pasricha (2013)

A theory of rollover risk, sudden stops, and foreign reserves | Published   ScienceDirect Required
Hur, S. & I.O. Kondo (2013/16)

Capital Controls, Global Liquidity Traps and the International Policy Trilemma
Devereux, M.B. & J. Yetman (2013)

Capital Controls in Brazil - Stemming a Tide with a Signal?
Jinjarak, J., I. Noy & H. Zheng (2013)

Sudden stops, time inconsistency, and the duration of sovereign debt
Hatchondo, J.C. & L. Martinez (2013)

Banks' responses to funding liquidity shocks: Lending adjustment, liquidity hoarding and fire sales   ScienceDirect Required
de Haan, L. & J.W. van den End (2013)

Capital controls and international financial stability: a dynamic general equilibrium analysis in incomplete markets   Acrobat Required
Buss, A. (2013)

From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications
Korinek, A. & E.G. Mendoza (2013)

The effect of capital controls and prudential FX measures on options-implied exchange rate stability   Acrobat Required
Giudice Rodriguez, M. & T. Wu (2013)

Testing the Effectiveness of Market-Based Controls: Evidence From the Experience of Japan With Short-Term Capital Flows in the 1970s   Wiley Interscience Required
Esaka, T. & S. Takagi (2013)

Country adjustment to a 'sudden stop': Does the euro make a difference?
Gros, D. & C. Alcidi (2013)

Banking crises, sudden stops, and the effectiveness of short-term lending
Chang, C-Y. (2013)

The Mother of All Sudden Stops: Capital Flows and Reversals in Europe, 1919-32
Accominotti, O. & B. Eichengreen (2013)

Are Capital Controls Prudential? An Empirical Investigation
Fernandez, A., A. Rebucci & M. Uribe (2013)

Sudden stop regimes and output: a Markov switching analysis   Acrobat Required
Bachmann, A. & S. Leist (2013)

Effectiveness of Capital Outflow Restrictions
Saborowski, S., S. Sanya, H. Weisfeld & J. Yepez (2014)

Monetary and Macroprudential Policies to Manage Capital Flows
Medina Guzman, J.P. & J. Roldos (2014)

Honor among tax havens   ScienceDirect Required
Bucovetsky, S. (2014)

Capital controls as an instrument of monetary policy   Acrobat Required
Davis, S. & I. Presno (2014)

Exchange Rate Flexibility and Credit during Capital Inflow Reversals: Purgatory, not Paradise | Published   ScienceDirect Required
Magud, N.E. & E. Vesperoni (2014/15)

Welfare Benefits of Capital Controls: The Case of Spain   Acrobat Required
Kitano, S. & Y. Matsubayashi (2014)

A New Taxonomy of Sudden Stops: Which Sudden Stops Should Countries Be Most Concerned About? | Published   ScienceDirect Required
Tavella, P., M. Pedemonte, A. Powell & E.A. Cavallo (2014/15)

Capital controls and the resolution of failed cross-border banks: the case of Iceland   Acrobat Required
Baldursson, F.M. & R. Portes (2014)

A Comparison between Optimal Capital Controls under Fixed Exchange Rates and Optimal Monetary Policy under Flexible Rates   Acrobat Required
Kitano, S. & K. Takaku (2014)

Capital Controls and Recovery from the Financial Crisis of the 1930s | Published   ScienceDirect Required
Mitchener, K.J. & K. Wandschneider (2014/15)

Sudden Stops and Currency Crashes   Wiley Interscience Required
Zhao, Y., J. de Haan, B. Scholtens & H. Yang (2014)

Capital Controls in the 21st Century   ScienceDirect Required
Eichengreen, B. & A. Rose (2014)

Regulating Capital Flows at Both Ends: Does it Work?
Ghosh, A.R., M.S. Qureshi & N. Sugawara (2014)

Optimal borrowing constraints and growth in a small open economy   ScienceDirect Required
Rothert, J. (2014)

Good News is Bad News: Leverage Cycles and Sudden Stops   Acrobat Required
Akinci, O. & R. Chahrour (2014)

Fewer but Better: Sudden Stops, Firm Entry, and Financial Selection | Published   Acrobat Required
Ates, S.T. & F.E. Saffie (2014/21)

The dilemma of international capital tax competition in the presence of public capital and endogenous growth
Stauvermann, P.J. & R.R. Kumar (2014)

The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment | Published   ScienceDirect Required
Alfaro, L., A. Chari & F. Kanczuk (2014/17)

Capital Controls or Macroprudential Regulation? | Alternative | Published   ScienceDirect Required
Korinek, A. & D. Sandri (2014/16)

Domestic and Multilateral Effects of Capital Controls in Emerging Markets
Pasricha, G., M. Falagiarda, M. Bijsterbosch & J. Aizenman (2015)

Capital Flow Management Measures: What Are They Good For? | Published   ScienceDirect Required
Forbes, K., M. Fratzscher & R. Straub (2015)

Capital Controls, Monetary Policy, and Balance Sheets in a Small Open Economy   Acrobat Required
Kitano, S. & K. Takaku (2015)

Pick Your Poison: The Choices and Consequences of Policy Responses to Crises   Acrobat Required
Forbes, K.J. & M.W. Klein (2015)

Capital Control Measures: A New Dataset   Acrobat Required
Fernández, A., M.W. Klein, A. Rebucci, M. Schindler & M. Uribe (2015)

Capital controls and the real exchange rate: Do controls promote disequilibria? | Published   Acrobat Required   ScienceDirect Required
Montecino, J.A. (2015/18)

Capital Control Measures: A New Dataset
Fernández, A., M.W. Klein, A. Rebucci, M. Schindler & M. Uribe (2015)

Interest Premium, Sudden Stop, and Adjustment in a Small Open Economy   Acrobat Required
Benczur, P. & I. Konya (2015)

Foreign exchange market pressure and capital controls   ScienceDirect Required
Akram, G.M. & J.P. Byrne (2015)

Estimation and out-of-sample Prediction of Sudden Stops: Do Regions of Emerging Markets Behave Differently from Each Other?
Comelli, F. (2015)

Capital controls and optimal Chinese monetary policy   ScienceDirect Required
Chang, C., Z. Liu & M.M. Spiegel (2015)

Capital Controls and the Cost of Debt
Andreasen, E., M. Schindler & P. Valenzuela (2015)

Capital Controls and Welfare with Cross-Border Bank Capital Flows | Published   Acrobat Required   ScienceDirect Required
Agénor, P-R. & P. Jia (2015/20)

FDI, debt and capital controls   ScienceDirect Required
Dell'Erba, S. & D. Reinhardt (2015)

Fire Sales and Information Advantage: When Informed Investor Helps
Massa, M. & L. Zhang (2015)

Fire Sale Bank Recapitalizations   Acrobat Required
Bertsch, C. & M. Mariathasan (2015)

Do capital controls make gross equity flows to emerging markets less volatile?   ScienceDirect Required
Li, J. & R.S. Rajan (2015)

Are capital controls countercyclical?   ScienceDirect Required
Fernández, A., A. Rebucci & M. Uribe (2015)

A New Dilemma: Capital Controls and Monetary Policy in Sudden Stop Economies | Published   ScienceDirect Required
Devereux, M.B., E.R. Young & C. Yu (2015/19)

What's In a Name? That Which We Call Capital Controls
Ghosh, A.R. & M. Qureshi (2016)

Capital Controls as an Alternative to Credit Policy in a Small Open Economy | Published   Acrobat Required   De Gruyter Journals Required
Kitano, S. & K. Takaku (2016/18)

Managing Sudden Stops
Eichengreen. B. & P. Gupta (2016)

Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective
Benigno, G., H. Chen, C. Otrok, A. Rebucci & E.R. Young (2016)

Reverse Speculative Attacks | Published   ScienceDirect Required
Amador, M., J. Bianchi, L. Bocola & F. Perri (2016)

How to regulate bank dividends? Is capital regulation an answer?   ScienceDirect Required
Ashraf, B.N., B. Bibi & C. Zheng (2016)

Motivations for capital controls and their effectiveness   Acrobat Required
Pandey, R., G.K. Pasricha, I. Patnaik & A. Shah (2016)

Currency Wars, Coordination, and Capital Controls
Blanchard, O. (2016)

Is Optimal Capital-Control Policy Countercyclical In Open-Economy Models With Collateral Constraints?
Schmitt-Grohe, S. & M. Uribe (2016)

Capital controls, competitive depreciation, and the technological frontier   ScienceDirect Required
Rabe, C. (2016)

On the desirability of capital controls
Perri, F. & J. Heathcote (2016)

Managing Capital Outflows: The Role of Foreign Exchange Intervention   Acrobat Required
Winant, P., J. Ostry, A. Ghosh & S. Basu (2016)

Managing Capital Inflows Indirectly? On the Determinants of Monetary Sterilization with Reference to East Asia   Wiley Interscience Required
Cavoli, T. (2016)

Capital Controls and Financial Frictions in a Small Open Economy   Acrobat Required
Kitano, S. & K. Takaku (2016)

Capital Flows, Beliefs, and Capital Controls
Rarytska, O. & V. Tsyrennikov (2016)

Modelling Portfolio Capital Flows in a Global Framework: Multilateral Implications of Capital Controls | Published   ScienceDirect Required
Boero, G., Z. Mandalinci & M.P. Taylor (2016/18)

Sudden stops of capital flows: Do foreign assets behave differently from foreign liabilities? | Published   Acrobat Required   ScienceDirect Required
Agosin, M.R., J. Díaz-Maureira & M. Karnani (2016/19)

Deposit Flight and Capital Controls: A Tale from Greece   Acrobat Required
Rousakis, M. & R. Priftis (2017)

Capital Controls and Monetary Policy Autonomy in a Small Open Economy | Published   Acrobat Required   ScienceDirect Required
Davis, J.S. & I. Presno (2017)

Capital Flow Deflection | Published   ScienceDirect Required
Giordani, P., M. Ruta, H. Weisfeld & L. Zhu (2014/17)

Capital controls and foreign currency denomination   Acrobat Required
Garcia-Barragan, F. & G. Liu (2017)

Capital account liberalization and financial deepening: Does the private sector matter?   ScienceDirect Required
Trabelsi, M. & M. Cherif (2017)

Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate
Choi, W.J. & A.M. Taylor (2017)

International Reserves, Credit Constraints, and Systemic Sudden Stops   Acrobat Required
Shousha, S. (2017)

Capital Controls and the Cost of Debt
Andreasen, E., M. Schindler & P.A. Valenzuela (2017)

Capital Inflows: The Role of Controls   Acrobat Required
Adedeji, O. & R.K. Abrams (2017)

Capital Controls, Macroprudential Regulation, and the Bank Balance Sheet Channel | Published   Acrobat Required   ScienceDirect Required
Kitano, S. & K. Takaku (2017/20)

Effects of capital controls on foreign exchange liquidity | Published   ScienceDirect Required
Cantú, C. (2017/19)

Have currency-based capital flow management measures curbed international banking flows?
de Crescenzio, A. & M. Golin (2017)

Capital Control, Exchange Rate Regime, and Monetary Policy: Indeterminacy and Bifurcation   Acrobat Required
Barnett, W. & J. Hu (2017)

Policy Rules for Capital Controls   Acrobat Required
Pasricha, G. (2017)

Flow specific capital controls for emerging markets   Acrobat Required
Garbers, C. & G. Liu (2017)

Securitization, bank vigilance, leverage and sudden stops   Acrobat Required
Patir, A. (2017)

Capital controls as shock absorbers   ScienceDirect Required
Ben Zeev, N. (2017)

A Tale of Fire-Sales and Liquidity Hoarding   Acrobat Required
Berentsen, A. & B. Müller (2017)

Capital inflows, crisis and recovery in small open economies   Acrobat Required
Raza, H., G. Zoega & S. Kinsella (2017)

Capital controls, macroprudential measures and monetary policy interactions in an emerging economy   Acrobat Required
Landi, V.N. (2017)

Bank Panics and Fire Sales, Insolvency and Illiquidity   Acrobat Required
Hurd, T.R. (2017)

How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations?
Kirti, D. & V. Narasiman (2017)

Positive and Normative Implications of Liability Dollarization for Sudden Stops Models of Macroprudential Policy
Mendoza, E.G. & E.I. Rojas (2018)

Capital Flow Management with Multiple Instruments
Acharya, V.V. & A. Krishnamurthy (2018)

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
Ahnert, T., K. Forbes, C. Friedrich & D. Reinhardt (2018)

Government Spending during Sudden Stop Crises   Acrobat Required
Liu, S. (2018)

Capital Flow Measures: Structural or Cyclical Policy Tools?
Gupta, P. & O. Masetti (2018)

Sudden stops, financial frictions, and the banking sector   ScienceDirect Required
Li, J. (2018)

Monetary policy in sudden stop-prone economies
Coulibaly, L. (2018)

Credit controls as an escape from the trilemma: The Bretton Woods experience   Oxford Journals Required
Monnet, E. (2018)

Financial market activity under capital controls: Lessons from extreme events   ScienceDirect Required
Gkillas, K. & F. Longin (2018)

Sterilized interventions and capital controls   ScienceDirect Required
Prasad, N. (2018)

Capital controls spillovers | Published   Acrobat Required   ScienceDirect Required
Landi, V.N. (2018/20)

International Shadow Banking and Macroprudential Policy | Published   Acrobat Required   ScienceDirect Required
Johnson, C. (2018/21)

Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures
Cerutti, E.M. & H. Zhou (2018)

Prudential Capital Controls and Risk Misallocation: Bank Lending Channel   Acrobat Required
Keller, L. (2018)

A Global Safe Asset for and from Emerging Market Economies
Brunnermeier, M.K. & L. Huang (2018)

Cournot fire sales
Eisenbach, T.M. & G. Phelan (2018)

How I Learned to Stop Worrying and Love Fire Sales
Kurlat, P. (2018)

Sudden stops of international fund flows: Occurrence and magnitude   Wiley Interscience Required
Li, S., J. de Haan & B. Scholtens (2019)

Gains from Policy Cooperation in Capital Controls and Financial Market Incompleteness   Acrobat Required
Kitano, S. & K. Takaku (2019)

Capital Controls as Macro-prudential Policy in a Large Open Economy
Davis, J.S. & M.B. Devereux (2019)

Monetary policy spillovers, capital controls and exchange rate flexibility, and the financial channel of exchange rates   Acrobat Required
Georgiadis, G. & F. Zhu (2019)

Evaluating the role of capital controls and monetary policy in emerging market crises   ScienceDirect Required
Devereux, M.B. & C. Yu (2019)

Productivity and Trade Dynamics in Sudden Stops   Acrobat Required
Benguria, F., F. Saffie & H. Matsumoto (2019)

The Bright Side of Fire Sales   Oxford Journals Required
Meier, J-M. & H. Servaes (2019)

Sudden Stops and Reserve Accumulation in the Presence of International Liquidity Risk   Acrobat Required
Lutz, F. & L. Zessner-Spitzenberg (2019)

Liquidation, fire sales, and acquirers' private information   ScienceDirect Required
Nishihara, M. & T. Shibata (2019)

In Search of Lost Time: Examining the Duration of Sudden Stops in Capital Flows | Published   ScienceDirect Required
David, A. & C.E. Gonçalves (2019/21)

Capital Controls and Firm Performance   Acrobat Required
Andreasen, E., S. Bauducco & E. Dardati (2019)

Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads   Cambridge Online Required
Nanda, V., W. Wu & X. Zhou (2019)

Trend shocks and sudden stops   ScienceDirect Required
Seoane, H.D. & E. Yurdagul (2019)

Capital Controls: Theory and Evidence | Published   SURVEY PAPER
Erten, B., A. Korinek & J.A. Ocampo (2019/21)

Capital Controls: A Survey of the New Literature   SURVEY PAPER
Rebucci, A. & C. Ma (2019)

Capital controls and foreign exchange market intervention   ScienceDirect Required
Choi, J.H. (2019)

Capital Controls and International Trade: An Industry Financial Vulnerability Perspective
Lai, K., T. Wang & D. Xu (2019)

Fettered Cross-Border Capital Flows, External Finance Dependence, and International Trade   Acrobat Required
Ndubuisi, G. (2019)

How do capital controls affect international trade?   ScienceDirect Required
Fu, D. & L. Cao (2019)

Financial Shocks and Exchange Market Pressure   Acrobat Required
Patnaik, I. & M. Pundit (2019)

Flights to Safety   Oxford Journals Required
Baele, L., G. Bekaert, K. Inghelbrecht & M. Wei (2020)

Duration of sudden stop spells: A hazard model approach   Wiley Interscience Required
Bandaogo, M.S & Y-C. Chen (2020)

Do fire sales create externalities?   ScienceDirect Required
Chernenko, S. & A. Sunderam (2020)

Financial Market Incompleteness and International Cooperation on Capital Controls   Acrobat Required
Kitano, S. & K. Takaku (2020)

Simulating fire sales in a system of banks and asset managers   Acrobat Required
Calimani, S., G. Halaj & D. Zochowski (2020)

Capital Flow Waves-or Ripples? Extreme Capital Flow Movements Since the Crisis
Forbes, K.J. & F.E. Warnock (2020)

A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature | Published   ScienceDirect Required
Bianchi, J. & E.G. Mendoza (2020)

Sticky Capital Controls
Acosta-Henao, M., L. Alfaro & A. Fernández (2020)

Spillover effects of capital controls on capital flows and financial risk contagion
Fan, H., Q. Gou, Y. Peng & W. Xie (2020)

Capital Controls and Income Inequality   Acrobat Required
Liu, Z., M.M. Spiegel & J. Zhang (2020)

A Repo Model of Fire Sales with VWAP and LOB Pricing Mechanisms   Acrobat Required
Bichuch, M. & Z. Feinstein (2020)

The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital Controls
Bacchetta, P., R. Cordonier & O. Merrouche (2020)

The Information Content of Capital Controls   Acrobat Required
Nie, O. (2020)

Household Heterogeneity and the Transmission of Foreign Shocks
de Ferra, S., K. Mitman & F. Romei (2020)

Sudden stops in the Euro Area: Does monetary union matter?   ScienceDirect Required
Fagan, G. & P.D. McNelis (2020)

Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?
Bergant, K., F. Grigoli, N-J.H. Hansen & D. Sandri (2020)

Leverage Cycles, Growth Shocks, and Sudden Stops in Capital Inflows   Acrobat Required
Emter, L. (2020)

Capital flow deflection under the magnifying glass
Gori, F., E. Lepers & C. Mehigan (2020)

Capital controls checkup: Cases, customs, consequence   Acrobat Required
Goldbach, S. & V. Nitsch (2020)

Mundell meets Poole: Managing capital flows with multiple instruments in emerging economies   ScienceDirect Required
Lama, R. & J.P. Medina (2020)

Financial crises and sudden stops: Was the European monetary union crisis different?   ScienceDirect Required
Albonico, A. & P. Tirelli (2020)

Fire sales by euro area banks and funds: What is their asset price impact?   ScienceDirect Required
Mirza, H., D. Moccero, S. Palligkinis & C. Pancaro (2020)

Capital inflows and bank stability around the financial crisis: The mitigating role of macro-prudential policies   ScienceDirect Required
Ali, M. & A. Iness (2020)

Global Flight-to-Safety Shocks   Acrobat Required
Ahmed, R. (2020)

Sudden Stops and Optimal Foreign Exchange Intervention
Davis, J.S., M.B. Devereux & C. Yu (2020)

Fire Sales, the LOLR and Bank Runs with Continuous Asset Liquidity   Acrobat Required
Bindseil, U. & E. Lanari (2020)

The International Consequences of Bretton Woods Capital Controls and the Value of Geopolitical Stability   Acrobat Required
Ohanian, L.E., P. Restrepo-Echavarria, D. Van Patten & M.L.J. Wright (2020)

Recalibration of capital controls: Evidence from the IMF taxonomy   ScienceDirect Required
Binici, M. & M. Das (2020)

Fire Sales and Impediments to Liquidity Provision in the Corporate Bond Market   Cambridge Online Required
Wang, Z.J., H. Zhang, Xinde Zhang (2020)

Credit Reversals   Acrobat Required
Vazquez, F. (2020)

A Market-Based Solution for Fire Sales and Other Pecuniary Externalities   UChicago Journals Required
Kilenthong, W.T. & R. M. Townsend (2021)

Interest arbitrage under capital controls: Evidence from reported entrepôt trades   ScienceDirect Required
Hu, J. & H. Yuan (2021)

Self-Fulfilling Fire Sales: Fragility of Collateralized Short-Term Debt Markets   Oxford Journals Required
Kuong, J.C-F. (2021)

Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy   Acrobat Required
Fabiani, A., M. López, J-L. Peydró & P.E. Soto (2021)

IMF conditionality and capital controls: Capital account liberalization to capital inflow management?   Wiley Interscience Required
El-Shagi, M. & S.J. Yamarik (2021)

Capital flight: The travel channel   ScienceDirect Required
Wong, A. (2021)

Sovereign default and capital controls   Wiley Interscience Required
McDowall, R.A. (2021)

Is capital flow management effective? Evidence based on U.S. monetary policy shocks   ScienceDirect Required
Wang, J. & J. Wu (2021)

Were there fire sales in the RMBS market?   ScienceDirect Required
Merrill, C.B., T.D. Nadauld, R.M. Stulz & S.M. Sherlun (2021)

Investment externalities in models of fire sales   ScienceDirect Required
Kurlat, P. (2021)

Optimal Bank Reserve Remuneration and Capital Control Policy
Chi, C-C., S. Schmitt-Grohé & M. Uribe (2021)

The Prudential Use of Capital Controls and Foreign Currency Reserves
Bianchi, J. & G. Lorenzoni (2021)

Unintended Consequences of U. S. Monetary Policy Shocks: Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies
Yepez, J. (2021)

Capital Controls and the Global Financial Cycle
Lovchikova, M. & J. Matschke (2021)

Capital Controls and Foreign Reserves against External Shocks: Combined or Alone?   Acrobat Required
Cezar, R. & E. Monnet (2021)

Capital Controls for Crisis Management Policy in a Global Economy
Davis, J.S. & M.B. Devereux (2022)

Preemptive Policies and Risk-Off Shocks in Emerging Markets
Das, M., G. Gopinath & S. Kalemli-Özcan (2022)

Preemptive Policies and Risk-Off Shocks in Emerging Markets
Das, M., G. Gopinath & S. Kalemli-Özcan (2022)

Capital controls and the volatility of the renminbi covered interest deviation   Wiley Interscience Required
Lin, Z., J. Chen & X. Qian (2022)

Home | Back | Index


Contagion

Contagious Speculative Attacks   Recommended!   ScienceDirect Required
Gerlach,. S. & F. Smets (1995)

Abstract: During the European exchange market turmoil in 1992–1993 it was evident that speculative attacks tended to spread across currencies. Using a two-country version of the model developed by Flood and Garber (1984) we show how a speculative attack against one currency may accelerate the 'warranted' collapse of a second parity. More importantly, even if the parity of the second currency is viable in the absence of a collapse of the first one, it might be subjected to a speculative attack if the reserves available to defend the parity are 'small'.

Contagion and Trade: Why Are Currency Crises Regional?   Recommended!   Acrobat Required
Glick, R. & A.K. Rose (1998)

Abstract: Currency crises tend to be regional; they affect countries in geographic proximity. This suggests that patterns of international trade are important in understanding how currency crises spread, above and beyond any macroeconomic phenomena. We provide empirical support for this hypothesis. Using data for five different currency crises (in 1971, 1973, 1992, 1994, and 1997) we show that currency crises affect clusters of countries tied together by international trade. By way of contrast, macroeconomic and financial influences are not closely associated with the cross-country incidence of speculative attacks. We also show that trade linkages help explain cross-country correlations in exchange market pressure during crisis episodes, even after controlling for macroeconomic factors.

On Crises, Contagion, and Confusion   Recommended!
Kaminsky, G. & C. Reinhart (1999)

Abstract: Since the Tequila crisis of 1994-95, the Asian flu of 1997, and the Russian virus of 1998, economists have been busy producing research on the subject of contagion. Yet, few studies have examined empirically through which channels the disturbances are transmitted if there are, indeed, fundamental reasons for the spillovers we observe. We attempt to fill this gap by analyzing how both trade links and the largely ignored financial sector links influence the pattern of fundamentals-based contagion. We examine the role of international bank lending, the potential for cross-market hedging, and bilateral and third-party trade in the propagation of crises.

On Currency Crises and Contagion   Acrobat Required
Fratzscher, M. (2000)

Contagion: How to Measure It?   Acrobat Required
Rigobon, R. (2001)

Are Trade Linkages Important Determinants of Country Vulnerability to Crises?
Forbes, K.J. (2001)

What Drives Contagion: Trade, Neighborhood, or Financial Links?   Acrobat Required
Hernandez, L.F. & Valdes, R.O. (2001)

Crisis and Contagion in East Asia: Nine Lessons
Kawai, M., R. Newfarmer & S. Schmukler (2001)

Correlation Analysis of Financial Contagion: What One Should Know Before Running a Test   Acrobat Required
Corsetti, G., M. Pericoli & M. Sbracia (2001)

Abstract: This paper builds a general test of contagion in financial markets based on bivariate correlation analysis - a test that can be interpreted as an extension of the normal correlation theorem. Contagion is defined as a structural break in the data generating process of rates of return. Using a factor model of returns as theoretical framework, we nest leading contributions in the literature as special cases of our test. We show that, while the literature on correlation analysis of contagion is successful in controlling for a potential bias induced by changes in the variance of global shocks, current tests are conditional on a specific yet arbitrary assumption about the variance of country specific shocks. Our results suggest that, for a number of pairs of country stock markets, the hypothesis of 'no contagion' can be rejected only if the variance of country specific shocks is set to levels that are not consistent with the evidence.

Volatility Dependence and Contagion in Emerging Equity Markets
Edwards, S. & R. Susmel (2001)

Pure Contagion and Investors Shifting Risk Appetite: Analytical Issues and Empirical Evidence
Kumar, M.S. & A. Persaud (2001)

Asset Market Linkages in Crisis Periods | Published   Ingenta Select Required   Acrobat Required
Hartmann, P., S. Straetmans & C.G. de Vries (2001/2004)

International Financial Contagion and the Fund: A Theoretical Framework
Clark, P.B. & H. Huang (2001)

Financial Institutions, Contagious Risks, and Financial Crises   Acrobat Required!
Huang, H. & C. Xu (2001)

Crises in The Global Economy from Tulips to Today: Contagion and Consequences   Acrobat Required
Neal, L. & M.D. Weidenmier (2001)

Determinants of Private Capital Flows in the 1970s and 1990s - Is There Evidence of Contagion?   Acrobat Required
Hernandez, L.F., P. Mellado & R.O. Valdes (2001)

Testing for contagion using correlations: some words of caution   Acrobat Required!
Dungey, M. & D. Zhumabekova (2002)

International Contagion Effects from the Russian Crisis and the LTCM Near-Collapse | Published   ScienceDirect Required
Dungey, M., R. Fry, B. Gonzalez-Hermosillo & V. Martin (2002/06)

Extreme Contagion in Equity Markets
Chan-Lau, J., D.J. Mathieson & J.Y. Yao (2002)

Coordination Failure and Financial Contagion | Published   ScienceDirect Required   Acrobat Required!
Manz, M. (2002/10)

An empirical analysis of limited recourse project   Acrobat Required!
Kleimeier, S. & H. Sander (2002)

Some Contagion, Some Interdependence: More Pitfalls in Tests of Financial Contagion | Published   ScienceDirect Required
Corsetti, G., M. Pericoli & M. Sbracia (2002/05)

Spreading Currency Crises: The Role of Economic Interdependence | Published
Berger, W. & H. Wagner (2002)

High Frequency Contagion of Currency Crises in Asia
Ito, T. & Y. Hashimoto (2002)

Capital Flows, Country Risk, and Contagion
Fiess, N.M. (2003)

The Center and the Periphery: The Globalization of Financial Turmoil
Kaminsky, G.L. & C. Reinhart (2003)

Market Integration and Contagion
Bekaert, G. & C.R. Harvey (2003)

Contagion of Currency Crises across Unrelated Countries without Common Lender   Adobe Acrobat Required
Taketa, K. (2003)

A Large Speculator in Contagious Currency Crises   Adobe Acrobat Required
Taketa, K. (2003)

Fatal Attraction: A New Measure of Contagion | Published   ScienceDirect Required
Bayoumi, T.A., G. Fazio, M.S. Kumar & R. Macdonald (2003/07)

Testing for Contagion in International Financial Markets: Which Way to Go?   Adobe Acrobat Required
Walti, S. (2003)

Unanticipated Shocks and Systemic Influences: The Impact of Contagion in Global Equity Markets in 1998
Dungey, M., R. Fry, B. Gonzalez-Hermosillo & V. Martin (2003)

Testing for Financial Contagion between Developed and Emerging Markets during the 1997 East Asian Crisis
Arestis, P., G.M. Caporale & A. Cipollini (2003)

Shift Contagion in Asset Markets | Published   Acrobat Required!   ScienceDirect Required
Gravelle, T., M. Kichian & J. Morley (2003/06)

Contagion and State Dependent Mutations
Lee, I.H., A. Szeidl & A. Valentinyi (2003)

The Global Transmission of Volatility in the Foreign Exchange Market   Ingenta Select Required
Melvin, M. & B.P. Melvin (2003)

Testing for contagion in international financial markets: which way to go?   Acrobat Required!
Walti, S. (2003)

Measuring Contagion with a Bayesian Time-Varying Coefficient Model
Ciccarelli, M. & A. Rebucci (2003)

The Unholy Trinity of Financial Contagion | Published   Ingenta Select Required
Kaminsky, G.L., C. Reinhart & C.A. Vegh (2003)

The Interactions between Debt and Currency Crises: Common Causes or Contagion?   Acrobat Required!
Herz, B. & H. Tong (2004)

Econometric Issues in the Analysis of Contagion | Published   ScienceDirect Required   Adobe Acrobat Required
Pesaran, H. & A. Pick (2004/07) Econometric issues in the analysis of contagion

Contagion, Herding and Exchange Rate Instability - A Survey   Adobe Acrobat Required   SURVEY PAPER
Belke, A. & R. Setzer (2004)

High-Frequency Contagion Between the Exchange Rates and Stock Prices
Hashimoto, Y. & T. Ito (2004)

The Asian flu and Russian virus: the international transmission of crises in firm-level data   ScienceDirect Required
Forbes, K.J. (2004)

Empirical Modeling of Contagion: A Review of Methodologies   SURVEY PAPER
Dungey, M., R. Fry, B. Gonzalez-Hermosillo & V. Martin (2004)

Fundamentals and Joint Currency Crises | Alternative
de Vries, C.G., P. Hartmann & S. Straetmans (2004)

Market Stress and Herding
Hwang, S. & M. Salmon (2004)

Exchange Rate Regimes, Globalisation And The Cost Of Capital In Emerging Markets   Adobe Acrobat Required
de los Rios, A.D. (2004)

Managerial Incentives and Financial Contagion
Chakravorti, S. & S. Lall (2004)

International transmission of stock exchange volatility: Empirical evidence from the Asian crisis   ScienceDirect Required
Fernandez-Izquierdo, A. & J.A. Lafuente (2004)

International capital flows and transmission of financial crises   Adobe Acrobat Required
Goenka, A. & M. Boschi (2004)

When in Peril, Retrench: Testing the Portfolio Channel of Contagion | Published   ScienceDirect Required
Broner, F.A., R.G. Gelos & C. Reinhart (2004/06)

Strong Contagion with Weak Spillovers | Published   Adobe Acrobat Required   Recommended!   ScienceDirect Required
Ellison, M., L. Graham & J. Vilmunen (2005/06)

Abstract: In this paper, we develop a model which explains why events in one market may trigger similar events in other markets, even though at first sight the markets appear to be only weakly related. We allow for multiple equilibria and learning dynamics in each market, and show that a jump between equilibria in one market is contagious because it more than doubles the probability of a similar jump in another market. We claim that contagion is strong since equilibrium jumps become highly synchronized across markets. Spillovers are weak because the instantaneous spillover of events from one market to another is small. To illustrate our result, we demonstrate how a currency crisis may be contagious with only weak links between countries. Other examples where weak spillovers would create strong contagion are various models of monetary policy, imperfect competition and endogenous growth.

Wealth Transfers, Contagion, and Portfolio Constraints
Pavlova, A. & R. Rigobon (2005)

Intra and inter-regional causal linkages of emerging stock markets: evidence from Asia and Latin America in and out of crises   ScienceDirect Required
Fujii, E. (2005)

Investment Restrictions and Contagion in Emerging Markets
Ilyina, A. (2005)

Measuring common cyclical features during financial turmoil: Evidence of interdependence not contagion   ScienceDirect Required
Candelon, B., A. Hecq & W.F.C. Verschoor (2005)

Vanishing Contagion?
Didier, T., P. Mauro & S.L. Schmukler (2006)

Credit risk transfer and contagion   ScienceDirect Required
Allen, F. & E. Carletti (2006)

Credit Chains and the Propagation of Financial Distress   Acrobat Required
Boissay, F. (2005)

Credit contagion and aggregate losses   ScienceDirect Required
Gieseckea, K. & S. Weber (2006)

Expectations and Contagion in Self-Fulfilling Currency Attacks | Published   Wiley Interscience Required
Keister, T. (2006/09)

Is There Hedge Fund Contagion?
Boyson, N.M., C.W. Stahel & R.M. Stultz (2006)

Cross-border Bank Contagion in Europe   Acrobat Required
Gropp, R., M.L. Duca & J. Versala (2006)

Are financial spillovers stable across regimes?: Evidence from the 1997 Asian crisis   ScienceDirect Required
Gebka, B. & D. Serwa (2006)

An empirical study to identify shift contagion during the Asian crisis   ScienceDirect Required
Marais, E. & S. Bates (2006)

Contagion Equilibria in a Monetary Model   Wiley Interscience Required
Aliprantis, C.D., G. Camera & D. Puzzello (2007)

Contagion and interdependence: Measuring CEE banking sector co-movements   ScienceDirect Required
Jokipii, T. & B. Lucey (2007)

Informational contagion of bank runs in a third-generation crisis model   ScienceDirect Required
Vaugirard, V. (2007)

Contagion Risk in the International Banking System and Implications for London as a Global Financial Center
Chan-Lau, J.A., S. Mitra & L.L. Ong (2007)

The defense of multilateral exchange rate target zones against contagious crises   Acrobat Required
Pentecote, J-S. (2007)

Deconstructing the Nasdaq bubble: A look at contagion across international stock markets   ScienceDirect Required
Hon, M.T., J.K. Strauss & S-K. Yong (2007)

A simple model of credit contagion   ScienceDirect Required
Egloff, D., M. Leippold & P. Vanini (2007)

Identification and Estimation in an Incoherent Model of Contagion
Massacci, D. (2007)

Extreme interdependence and extreme contagion between emerging markets   ScienceDirect Required
Fazio, G. (2007)

A cautious note on the use of panel models to predict financial crises   ScienceDirect Required
van den Berg, J., B. Candelon & J-P. Urbain (2008)

Vanishing financial contagion?   ScienceDirect Required
Didier, T., P. Mauro & S.L. Schmukler (2008)

Information acquisition and financial contagion   ScienceDirect Required
Hasman, A. & M. Samartín (2008)

Volatility Spillovers and Contagion from Mature to Emerging Stock Markets | Published   Wiley Interscience Required
Beirne, J., G. Maria Caporale, M. Schulze-Ghattas & N. Spagnolo (2008/13)

How the Subprime Crisis Went Global: Evidence from Bank Credit Default Swap Spreads | Published   ScienceDirect Required
Eichengreen, B., A. Mody, M. Nedeljkovic & L. Sarno (2009/12)

Financial Spillovers to Emerging Markets during the Global Financial Crisis
Frank, N. & H. Hesse (2009)

Spillovers to Emerging Equity Markets: An Econometric Assessment
Psalida, L.E. & T. Sun (2009)

Crises, contagion and cross-listings   ScienceDirect Required
Chandar, N., D.K. Patro & A. Yezegel (2009)

Financial Contagion, Vulnerability and Information Flow: Empirical Identification   Acrobat Required
Weber, E. (2009)

The Transmission of Financial Stress from Advanced to Emerging Economies
Balakrishnan, R., S. Danninger, S. Elekdag, & I. Tytell (2009)

The Uncertainty Channel of Contagion
Kannan, P. & F. Köhler-Geib (2009)

Contagion as a domino effect in global stock markets   ScienceDirect Required
Markwat, T., E. Kole & D. van Dijk (2009)

How to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis
Aďt-Sahalia, T., J.R. Andritzky, A. Jobst, S.B. Nowak & N.T. Tamirisa (2009)

Asset fire sales and purchases and the international transmission of financial shocks
Jotikasthira, C., C.T. Lundblad & T. Ramadorai (2009)

Correlations in Emerging Market Bonds: The Role of Local and Global Factors
Bunda, I., A.J. Hamann & S. Lall (2010)

Financial globalization, financial crises and contagion   ScienceDirect Required
Mendoza, E.G. & V. Quadrini (2010)

Unobservable shocks as carriers of contagion   ScienceDirect Required
Dungey, M., G. Milunovich & S. Thorp (2010)

Stock market linkages and financial contagion: A cobreaking analysis   ScienceDirect Required
Ahlgren, N. & J. Antell (2010)

Contagion inside the credit default swaps market: The case of the GM and Ford crisis in 2005   ScienceDirect Required
Coudert, V. & M. Gex (2010)

Decoupling and Recoupling
Korinek, A., A. Roitman & C.A. Vegh (2010)

Dynamic Correlation Analysis of Financial Spillover to Asian and Latin American Markets in Global Financial Turmoil   Acrobat Required
Yiu, M.S., A.W-Y. Ho & L. Jin (2010)

Time-varying integration, interdependence and contagion   ScienceDirect Required
Baele, L. & K. Inghelbrecht (2010)

An empirical analysis of herd behavior in global stock markets   ScienceDirect Required
Chiang, T.C> & D. Zheng (2010)

Regionality Revisited: An Examination of the Direction of Spread of Currency Crisis   Acrobat Required
Dasgupta, A, R. Leon-Gonzalez & A. Shortland (2010)

Testing for Contagion: a Time-Scale Decomposition   Acrobat Required
Cipollini, A. & I. Lo Cascio (2010)

The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crises
Herrmann, S. & D. Mihaljek (2010)

International Transmission of Bank and Corporate Distress   Acrobat Required
Oura, H., P.M'B.P. N'Diaye, Q. Chen, D.F. Gray & N.T. Tamirisa (2010)

Leverage Constraints and the International Transmission of Shocks
Devereux, M.B. & J. Yetman (2010)

Price of Risk - Recent Evidence from Large Financials
Singh, M. & K. Youssef (2010)

A Markov switching analysis of contagion in the EMS   ScienceDirect Required
Mandilaras, A. & G. Bird (2010)

Credit constraints and the north-south transmission of crises
Nguyen, H. (2010)

Systemic risk, financial contagion and financial fragility   ScienceDirect Required
(2010)

Financial Contagion through Bank Deleveraging: Stylized Facts and Simulations Applied to the Financial Crisis
Tressel, T. (2010)

Global financial crisis, extreme interdependences, and contagion effects: The role of economic structure?   ScienceDirect Required
Aloui, R., M.S. Ben Aďssa & D.K. Nguyen (2010)

Testing for “contagion” of the subprime crisis on the Middle East and North African stock markets: A Markov Switching EGARCH approach   Acrobat Required
Khallouli, W. & R. Sandretto (2010)

Identifying the Global Transmission of the 2007-09 Financial Crisis in a GVAR Model | Published   ScienceDirect Required
Chudik, A. & M. Fratzscher (2010/11)

Estimating a Structural Model of Herd Behavior in Financial Markets | Published
Cipriani, M. & A. Guarino (2010/14)

Financial crises and stock market contagion in a multivariate time-varying asymmetric framework   ScienceDirect Required
Kenourgios, D., A. Samitas & N. Paltalidis (2010)

Risk contagion among international stock markets   ScienceDirect Required
Asgharian, H. & M. Nossman (2011)

Herding and bank runs   ScienceDirect Required
Gu, C. (2011)

The internationalisation of financial crises: Banking and currency crises 1883-2008
Lestano, J., D. Jan & M. Dungey (2011)

International Financial Contagion: the Role of Banks   Acrobat Required
Kollmann, R. & F. Malherbe (2011)

Running for the Exit: International Banks and Crisis Transmission   Acrobat Required
de Haas, R. & N. van Horen (2011)

Sovereign Rating News and Financial Markets Spillovers: Evidence from the European Debt Crisis
Arezki, R., B. Candelon & A.N. Sy (2011)

The determinants of cross-border bank flows to emerging markets: New empirical evidence on the spread of financial crises   Acrobat Required
Herrmann, S. & D. Mihaljek (2011)

Spillover Effects of the US Financial Crisis on Financial Markets in Emerging Asian Countries   Acrobat Required
Kim, B-H. & H. Kim (2011)

The Changing International Transmission of Financial Shocks: Evidence from a Classical Time-Varying FAVAR
Eickmeier, S., W. Lemke & M. Marcellino (2011)

International Mutual Funds, Capital Flow Volatility, and Contagion-A Survey   SURVEY PAPER
Gelos, G. (2011)

Globalization, financial crisis and contagion: time-dynamic evidence from financial markets of developing countries
Asongu, S.A. (2011)

Sovereign Spreads and Contagion Risks in Asia
Caceres, C. & D.F. Unsal (2011)

Global crises and equity market contagion
Bekaert, G., M. Ehrmann, M. Fratzscher & A. Mehl (2011)

Emerging market crises and US equity market returns   ScienceDirect Required
Berger, D. & H.J. Turtle (2011)

Spillovers from the Euro Area Sovereign Debt Crisis: A Macroeconometric Model Based Analysis
Bayoumi, T. & F. Vitek (2011)

Regionality revisited: An examination of the direction of spread of currency crises   ScienceDirect Required
Dasgupta, A., R. Leon-Gonzalez & A. Shortland (2011)

From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels
Claessens, S., H. Tong & S-J. Wei (2011)

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios
Raddatz, C. & S.L. Schmukler (2011)

Liquidity management of U.S. global banks: Internal capital markets in the great recession
Cetorelli, N. & L.S. Goldberg (2011)

Assessing Systemic Trade Interconnectedness - An Empirical Approach
Errico, L. & A. Massara (2011)

When the Music Stopped: Transatlantic Contagion During the Financial Crisis of 1931
Richardson, G. & P. Van Horn (2011)

Spatial Spillovers in Emerging Market Spreads
Baldacci, E., S. Dell'Erba & T. Poghosyan (2011)

The international propagation of the financial crisis of 2008 and a comparison with 1931
Allen, W.A. & R. Moessner (2011)

Volatility contagion: A range-based volatility approach   ScienceDirect Required
Chiang, M-H. & L-M. Wang (2011)

Volatility and covariation of financial assets: A high-frequency analysis   ScienceDirect Required
Cartea, A. & D. Karyampas (2011)

Complexity, concentration and contagion   ScienceDirect Required
Gai, P., A. Haldane & S. Kapadia (2011)

Stock market interdependence, contagion, and the U.S. financial crisis: The case of emerging and frontier markets   ScienceDirect Required
Samarakoon, L.P. (2011)

Analysing interconnectivity among economies   ScienceDirect Required
Wong, A.Y-T. & T.P.W. Fong (2011)

Explosive Volatility: A Model of Financial Contagion
Polson, N.G. & J.G. Scott (2011)

Financially constrained arbitrage and cross-market contagion   Acrobat Required
Vayanos, D. & D. Gromb (2011)

How globally contagious was the recent US real estate market crisis? Evidence based on a new contagion test   ScienceDirect Required
Hatemi-J, A. & E. Roca (2011)

Relative risk aversion and the transmission of financial crises   ScienceDirect Required
Boschi, M. & A. Goenka (2011)

Transmission of Sovereign Risk in the Euro Crisis | Published   Acrobat Required   ScienceDirect Required
Brutti, F. & P. Sauré (2011/15)

How do credit supply shocks propagate internationally? A GVAR approach   Acrobat Required
Eickmeier, S. & T. Ng (2011)

Industry contagion in loan spreads   ScienceDirect Required
Hertzel, M.G. & M.S. Officer (2012)

Liquidity, Risk and the Global Transmission of the 2007-08 Financial Crisis and the 2010-11 Sovereign Debt Crisis
Chudik, A. & M. Fratzscher (2012)

Currency crisis transmission through international trade   ScienceDirect Required
Haidar, J.I. (2012)

The Role of Equity Funds in the Financial Crisis Propagation | Published   Oxford Journals Required
Hau, H. & S. Lai (2012/17)

International Contagion Through Leveraged Financial Institutions | Published
van Wincoop, E. (2011)

Financial Integration, Specialization, and Systemic Risk
Fecht, F., H.P. Grüner & P. Hartmann (2012)

Transmission of the Financial and Sovereign Debt Crises to the EMU: Stock Prices, CDS Spreads and Exchange Rates | Published   Acrobat Required   ScienceDirect Required
Grammatikos, T. & R. Vermeulen (2011/12)

Contagious Adverse Selection
Morris, S. & H.S. Shin (2012)

Financial Contagion and Attention Allocation   Wiley Interscience Required
Mondria, J. & C. Quintana-Domeque (2012)

Gauging potential sovereign risk contagion in Europe   ScienceDirect Required
Fong, T.P.W. & A.Y-T. Wong (2012)

No contagion, only globalization and flight to quality   ScienceDirect Required
Bričre, M., A. Chapelle & A. Szafarz (2012)

Global, local, and contagious investor sentiment   ScienceDirect Required
Baker, M., J. Wurgler & Y. Yuan (2012)

Structural contagion and vulnerability to unexpected liquidity shortfalls   ScienceDirect Required
Giansante, S., C. Chiarella, S. Sordi & A. Vercelli (2012)

International market links and volatility transmission   ScienceDirect Required
Corradi, V., W. Distaso & M. Fernandes (2012)

The EMU sovereign-debt crisis: Fundamentals, expectations and contagion   ScienceDirect Required
Arghyrou, M.G. & A. Kontonikas (2012)

The more contagion effect on emerging markets: The evidence of DCC-GARCH model   ScienceDirect Required
Celik, S. (2012)

Volatility spillovers and the effect of news announcements   ScienceDirect Required
Jiang, G.J., E. Konstantinidi & G. Skiadopoulos (2012)

Banking crises and market discipline: International evidence   ScienceDirect Required
Cubillas, E., A.R. Fonseca & F. González (2012)

The "Big C": Identifying Contagion
Forbes, K. (2012)

The Pricing of Sovereign Risk and Contagion during the European Sovereign Debt Crisis | Published   ScienceDirect Required
Beirne, J. & M. Fratzscher (2012/13)

Global Financial Crisis, Financial Contagion, and Emerging Markets
Ozkan, F.G. & D.F. Unsal (2012)

A Critical Review of Contagion Risk in Banking   Wiley Interscience Required   SURVEY PAPER
Hasman, A. (2012)

Financial contagion and the real economy   ScienceDirect Required
Baur, D.G. (2012)

International herding: Does it differ across sectors?   ScienceDirect Required
Gebka, B. & M.E. Wohar (2012)

Investor herds and regime-switching: Evidence from Gulf Arab stock markets   ScienceDirect Required
Balcilar, M., R. Demirer & S. Hammoudeh (2012)

Heterogeneity and cross-country spillovers in macroeconomic-financial linkages   Acrobat Required
Ciccarelli, M., E. Ortega & M.T. Valderrama (2012)

Systemic Risk from Global Financial Derivatives: A Network Analysis of Contagion and Its Mitigation with Super-Spreader Tax
Markose, S. (2013)

Global Bonding: Do U.S. Bond and Equity Spillovers Dominate Global Financial Markets?
Bayoumi, T. & T. Bui (2013)

Interdependence and contagion in global asset markets | Published   Acrobat Required   Wiley Interscience Required
Beirne, J. & J. Gieck (2013/14)

Asset allocation in markets with contagion: The interplay between volatilities, jump intensities, and correlations   ScienceDirect Required
Konermann, P., C. Meinerding & O. Sedova (2013)

Measuring Sovereign Contagion in Europe
Caporin, M., L. Pelizzon, F. Ravazzolo & R. Rigobon (2013)

Contagion of a liquidity crisis between two firms   ScienceDirect Required
Oh, F.D. (2013)

Measuring the interconnectedness of financial institutions   ScienceDirect Required
Bhar, R. & B. Nikolova (2013)

Financial shocks and the macroeconomy: heterogeneity and non-linearities   Acrobat Required
Hubrich, K., A. D'Agostino, M. Cervená, M. Ciccarelli, P. Guarda, M. Haavio, P. Jeanfils, C. Mendicino, E. Ortega, M.T. Valderrama & M.V. Endrész (2013)

Bank capital, interbank contagion, and bailout policy   ScienceDirect Required
Tian, S., Y. Yang & G. Zhang (2013)

Multinational Banking and Financial Contagion: Evidence from Foreign Bank Subsidiaries   Acrobat Required
Jeon, B.N., M.P. Olivero & J. Wu (2013)

Foreign bank presence: Helping or hurting when financial contagion strikes?   ScienceDirect Required
Ahrend, R. & A. Goujard (2013)

Contagion and risk-sharing on the inter-bank market   ScienceDirect Required
Ladley, D. (2013)

The effect of the interbank network structure on contagion and common shocks   ScienceDirect Required
Georg, C-P. (2013)

Uncertainty in an Interconnected Financial System, Contagion, and Market Freezes   Acrobat Required
Li, M., F. Milne & J. Qiu (2013)

Country Transparency and the Global Transmission of Financial Shocks | Published   ScienceDirect Required
Marques,L.B., G. Gelos & N. Melgar (2013/18)

Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets
Mendoza, E.G. & K.A. Smith (2013)

Time-Variations in Herding Behavior: Evidence from a Markov switching SUR model   ScienceDirect Required
Klein, A.C. (2013)

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion | Published
Garleanu, N., S. Panageas & J. Yu (2013/15)

Bank/sovereign risk spillovers in the European debt crisis   ScienceDirect Required
De Bruyckere, V., M. Gerhardt, G. Schepens & R.V. Vennet (2013)

Are Stock Market Crises Contagious? The Role of Crisis Definitions   ScienceDirect Required
Mieraua, J.O. & M. Mink (2013)

Financial contagion in the laboratory: The cross-market rebalancing channel   ScienceDirect Required
Cipriani, M., G. Gardenal & A. Guarino (2013)

Pure or Wake-up-Call Contagion? Another Look at the EMU Sovereign Debt Crisis   Wiley Interscience Required
Giordano, R., M. Pericoli & P. Tommasino (2013)

Putting the "C" into crisis: Contagion, Correlations and Copulas on EMU bond markets   ScienceDirect Required
Philippas, D. & C. Siriopoulos (2013)

Do contagion effects exist in capital flow volatility?   ScienceDirect Required
Lee, H-H., C-Y. Park & H-S. Byun (2013)

Partial information about contagion risk, self-exciting processes and portfolio optimization   ScienceDirect Required
Branger, N., H. Kraft & C. Meinerding (2013)

Reputational contagion and optimal regulatory forbearance   ScienceDirect Required
Morrison, A.D. & L. White (2013)

How does contagion affect general equilibrium asset prices?   Acrobat Required
Branger, N., H. Kraft & C. Meinerding (2013)

Bank Bailouts, International Linkages, and Cooperation   Wiley Interscience Required
Niepmann, F. & T. Schmidt-Eisenlohr (2013)

Global Spillovers into Domestic Bond Markets in Emerging Market Economies
Jaramillo, L. & A. Weber (2013)

Structural breaks in volatility spillovers between international financial markets: Contagion or mere interdependence?   ScienceDirect Required
Jung, R. & R. Maderitsch (2014)

Are there any contagion effects from Greek bonds?
Pragidis, I. & D. Chionis (2014)

How Likely is Contagion in Financial Networks?   ScienceDirect Required
Glasserman, P. & H.P. Young (2014)

Imitation and efficient contagion   ScienceDirect Required
Boyer, T. & N. Jonard (2014)

Herding on fundamental information: A comparative study   ScienceDirect Required
Galariotis, E.C., W. Rong & S.I. Spyrou (2014)

Global contagion of market sentiment during the US subprime crisis   ScienceDirect Required
Lee, Y-H., A.L. Tucker, D.K. Wang & H-T. Pao (2014)

Granular Institutional Investors and Global Market Interdependence   ScienceDirect Required
Jinjarak, Y. & H. Zheng (2014)

Industry characteristics and financial risk contagion   ScienceDirect Required
Chiu, W-C., J.I. Peńa & C-W. Wang (2014)

A model of financial contagion with variable asset returns may be replaced with a simple threshold model of cascades   ScienceDirect Required
Kobayashi, T. (2014)

Testing for Financial Contagion Based on a Nonparametric Measure of the Cross-Market Correlation   ScienceDirect Required
Li, F. & H. Zhu (2014)

How do experienced traders respond to inflows of inexperienced traders? An experimental analysis   ScienceDirect Required
Akiyama, E., N. Hanaki & R. Ishikawa (2014)

Financial contagion and asset pricing   ScienceDirect Required
Fry-McKibbin, R., V.L. Martin & C. Tang (2014)

Transmission of government default risk in the eurozone   ScienceDirect Required
Kohonen, A. (2014)

Mandatory Disclosure and Financial Contagion | Published   Acrobat Required   ScienceDirect Required
Alvarez, F. & G. Barlevy (2014/21)

Extremal Dependence and Contagion   Acrobat Required
Fry-McKibbin, R. & C.Y-L. Hsiao (2014)

Measuring Bilateral Spillover and Testing Contagion on Sovereign Bond Markets in Europe   ScienceDirect Required
Claeys, P. & B. Vašícek (2014)

What Makes Systemic Risk Systemic? Contagion and Spillovers in the International Sovereign Debt Market   Acrobat Required
Kalotychou, E., E. Remolona & E. Wu (2014)

Shock Transmission through International Banks - Evidence from France   Acrobat Required
Bussičre, M., B. Camara, F-D. Castellani, V. Potier & J. Schmidt (2014)

Contagion Effects of US Subprime Crisis on ASEAN-5 Stock Markets: Evidence from MGARCH-DCC Application
Ma, C. & M. Masih (2014)

Pricing default events: Surprise, exogeneity and contagion   ScienceDirect Required
Gouriéroux, C., A. Monfort & J.P. Renne (2014)

Speculative behavior and the dynamics of interacting stock markets   ScienceDirect Required
Schmitt, N. & F. Westerhoff (2014)

Stability analysis of financial contagion due to overlapping portfolios   ScienceDirect Required
Caccioli, F., M. Shrestha, C. Moore & J.D. Farmer (2014)

A cross-country analysis of herd behavior in Europe   ScienceDirect Required
Mobarek, A., S. Mollah & K. Keasey (2014)

Measuring mutual fund herding - A structural approach Original Research Article   ScienceDirect Required
Frey, S., P. Herbst & A. Walter (2014)

The Effects of News Events on Market Contagion: Evidence from the 2007-2009 Financial Crisis   Acrobat Required
Chevapatrakul, T. & K-H. Tee (2014)

International Financial Integration and Crisis Contagion | Published   Oxford Journals Required
Devereux, M.B. & C. Yu (2014/20)

Financial Networks and Contagion
Elliott, M., B. Golub & M.O. Jackson (2014)

Bank bailouts and bank-sovereign risk contagion channels   ScienceDirect Required
Stanga, I.M. (2014)

Contagion in the European Sovereign Debt Crisis
Glover, B. & S. Richards-Shubik (2014)

Sovereign Defaults, Bank Runs, and Contagion   Acrobat Required
Luck, S. & P. Schempp (2014)

Cocos, Contagion and Systemic Risk   Acrobat Required
Chan, S. & S. van Wijnbergen (2014)

Factors generating and transmitting the financial crisis: The role of incentives: securitization and contagion   Acrobat Required
Gabbi, G., A. Kalbaska & A. Vercelli (2014)

An experiment on the causes of bank run contagions   ScienceDirect Required
Chakravarty, S., M.A. Fonseca & T.R. Kaplan (2014)

Impact of credit default swaps on financial contagion   Acrobat Required
Maeno, Y., K. Nishiguchi, S. Morinaga & H. Matsushima (2014)

Herding on fundamental information: A comparative study   ScienceDirect Required
Galariotis, E.C., W. Rong & S.I. Spyrou (2014)

Understanding bank-run contagion   Acrobat Required
Brown, M., S.T. Trautmann & R. Vlahu (2014)

Contagion Risk in the Interbank Market: A Probabilistic Approach to Cope with Incomplete Structural Information   Acrobat Required
Montagna, M. & T. Lux (2014)

Categories, Creditworthiness, and Contagion: How Investors' Shortcuts Affect Sovereign Debt Markets   Wiley Interscience Required
Brooks, S.M., R. Cunha & L. Mosley (2014)

Incomplete Integration and Contagion of Debt Distress in Economic Unions | Published   Wiley Interscience Required
Karayalcin, C. & H. Onder (2014/19)

Indirect Contagion in an Originate-to-Distribute Banking Model   Acrobat Required
Pinna, A. (2014)

Inhomogeneous Financial Networks and Contagious Links   Acrobat Required
Amini, H. & A. Minca (2014)

Overlapping portfolios, contagion, and financial stability   ScienceDirect Required
Caccioli, F., J.D. Farmer, N. Foti & D. Rockmore (2014)

Bank networks: Contagion, systemic risk and prudential policy | Published   Acrobat Required   ScienceDirect Required
Aldasoro, I., D. Delli Gatti & E. Faia (2015/17)

Deciphering financial contagion in the euro area during the crisis   ScienceDirect Required
Tola, A. & S. Wälti (2015)

Measuring stock market contagion: Local or common currency returns?   ScienceDirect Required
Mink, M. (2015)

Sovereign Debt, Bail-Outs and Contagion in a Monetary Union   Acrobat Required
Eijffinger, S.C.W., M.L. Kobielarz & R.B. Uras (2015)

A model-free test for contagion between crude oil and stock markets   ScienceDirect Required
Pan, Z., X. Zheng & Y. Gong (2015)

A Wake-Up-Call Theory of Contagion   Acrobat Required
Ahnert, T. & C. Bertsch (2015)

International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?   Acrobat Required
Ahmed, S., B. Coulibaly & A. Zlate (2015)

The transmission of US systemic financial stress: Evidence for emerging market economies   ScienceDirect Required
Fink, F. &l Y.S. Schuler (2015)

Mandatory Disclosure and Financial Contagion
Alvarez, F. & G. Barlevy (2015)

The role of U.S. subprime mortgage-backed assets in propagating the crisis:contagion or interdependence?   Acrobat Required
Flavin, T. & L. Sheenan (2015)

Modeling financial contagion using mutually exciting jump processes   ScienceDirect Required
Aďt-Sahalia, Y., J. Cacho-Diaz & R.J.A. Laeven (2015)

Endogenous crisis dating and contagion using smooth transition structural GARCH   ScienceDirect Required
Dungey, M., G. Milunovich, S. Thorp & M. Yang (2015)

Contagion, bailouts and welfare impacts of Systemic Risk   Acrobat Required
Siebenbrunner, C. (2015)

Contagion effect of the European financial crisis on China's stock markets: Interdependence and pure contagion   ScienceDirect Required
Shen, P-L., W. Li, X-T. Wang & C-W. Su (2015)

Detecting contagion in a multivariate time series system: An application to sovereign bond markets in Europe   ScienceDirect Required
Blatt, D., B. Candelon & H. Manner (2015)

A variance spillover analysis without covariances: What do we miss?   ScienceDirect Required
Fengler, M.R. & K.I.M. Gisler (2015)

Crisis, contagion and international policy spillovers under foreign ownership of banks   Acrobat Required
Kolasa, M., K. Makarski & M. Brzoza-Brzezina (2015)

Transmission channels of systemic risk and contagion in the European financial network   ScienceDirect Required
Paltalidis, N., D. Gounopoulos, R. Kizys & Y. Koutelidakis (2015)

Measuring Contagion-Induced Funding Liquidity Risk in Sovereign Debt Markets   Acrobat Required
Hui, C-H., C-F. Lo, X-F. Zheng & T. Fong (2015)

Financial Intermediation in a Global Environment   Acrobat Required
Nuguer, V. (2015)

Contagion and banking crisis - International evidence for 2007-2009   ScienceDirect Required
Dungey, M. & D. Gajurel (2015)

Quantifying Contagion Risk in Funding Markets: A Model-Based Stress-Testing Approach   Acrobat Required
Anand, K., C. Gauthier & M. Souissi (2015)

Bank Insolvencies, Priority Claims and Systemic Risk   Acrobat Required
Bougheas, S. & A. Kirman (2015)

Nonlinearities and financial contagion in Latin American stock markets   ScienceDirect Required
Romero-Meza, R., C. Bonilla, H. Benedetti & A. Serletis (2015)

Measuring financial market risk contagion using dynamic MRS-Copula models: The case of Chinese and other international stock markets   ScienceDirect Required
Changqing, L., X. Chi, Y. Cong & X. Yan (2015)

Systemic Loops and Liquidity Regulation
Aldasoro, I. & E. Faia (2015)

The credit quality channel: Modeling contagion in the interbank market   Acrobat Required
Fink, K., U. Krüger, B. Meller & L-H. Wong (2015)

On the study of contagion in the context of the subprime crisis: A dynamic conditional correlation-multivariate GARCH approach   ScienceDirect Required
Hemche, O., F. Jawadi, S.B. Maliki & A.I. Cheffou (2015)

Commonalities and cross-country spillovers in macroeconomic-financial linkages   De Gruyter Journals Required
Ciccarelli, M., E. Ortega & M.T. Valderrama (2015)

Short-Term Liquidity Contagion in the Interbank Market   Acrobat Required
León, C., C. Martínez & F. Cepeda (2015)

International Transmission of Bubble Crashes in a Two-Country Overlapping Generations   Acrobat Required
Clain-Chamosset-Yvrard, L. & T. Kamihigashi (2015)

Downside and upside risk spillovers between exchange rates and stock prices   ScienceDirect Required
Reboredo, J.C., M.A. Rivera-Castro & A. Ugolini (2015)

Flight-to-quality and correlation between currency and stock returns   ScienceDirect Required
Cho, J-W., J.H. Choi, T. Kim & W. Kim (2015)

Falling Dominoes: A Theory of Rare Events and Crisis Contagion
Chen, H. & W. Suen (2016)

Contagion and fire sales in banking networks   Acrobat Required
Cecchetti, S., M. Rocco & L. Sigalotti (2016)

Interdependence of foreign exchange markets: A wavelet coherence analysis   ScienceDirect Required
Yang, L., X.J. Cai, H. Zhang & S. Hamori (2016)

Are Banking Shocks Contagious? Evidence from the Eurozone   Acrobat Required
Flavin, T. & D. Lagoa-Varela (2016)

Crisis Transmission in the Global Banking Network
Hale , G., T. Kapan & C. Minoiu (2016)

A model of the topology of the bank - firm credit network and its role as channel of contagion/A>   ScienceDirect Required
Lux, T. (2016)

Realized correlation analysis of contagion   ScienceDirect Required
Vortelinos, D.I. (2016)

Pricing and hedging of derivatives in contagious markets   ScienceDirect Required
Kokholm, T. (2016)

Interdependence of foreign exchange markets: A wavelet coherence analysis   ScienceDirect Required
Yang, L., X.J. Cai, H. Zhang & S. Hamori (2016)

Contagion in CDS, banking and equity markets   ScienceDirect Required
Tabak, B.M., R. de Castro Miranda & M. da Silva Medeiros (2016)

Causes and hazards of the euro area sovereign debt crisis: Pure and fundamentals-based contagion   ScienceDirect Required
Gómez-Puig, M. & S. Sosvilla-Rivero (2016)

Crisis, contagion and international policy spillovers under foreign ownership of banks   Acrobat Required
Brzoza-Brzezina, M. Kolasa & K. Makarski (2016)

Network Contagion and Interbank Amplification during the Great Depression | Published   Acrobat Required   UChicago Journals Required
Mitchener, K.J. & G. Richardson (2016/19)

Contagion in Eurozone sovereign bond markets? The good, the bad and the ugly   ScienceDirect Required
Cronin, D., T.J. Flavin & L. Sheenan (2016)

Islamic financial markets and global crises: Contagion or decoupling?   ScienceDirect Required
Kenourgios, D., N. Naifar & D. Dimitriou (2016)

Systemic risk: Time-lags and persistence   Acrobat Required
Kubitza, C. & H. Gründl (2016)

Financial Contagion in the Laboratory: Does Network Structure Matter?   Acrobat Required
Duffy, J., A. Karadimitropoulou & M. Parravano (2016)

Financial contagion between the US and selected developed and emerging countries: The case of the subprime crisis   ScienceDirect Required
Boubaker, S., J. Jouini & A. Lahiani (2016)

Contagion in Financial Networks   SURVEY PAPER
Glasserman, P. & H.P. Young (2016)

Bad Bad Contagion | Published   Acrobat Required   ScienceDirect Required
Londono, J.M. (2016/19)

Cross-border transmission of emergency liquidity   Acrobat Required
Kick, T., M. Koetter & M. Storz (2016)

Spillover dynamics for systemic risk measurement using spatial financial time series models   ScienceDirect Required
Blasques, F., S.J. Koopman, A. Lucas & J. Schaumburg (2016)

Contagion in the world's stock exchanges seen as a set of coupled oscillators   ScienceDirect Required
Bellenzier, L., J.V. Andersen & G. Rotundo (2016)

Financial crises and dynamic linkages across international stock and currency markets   ScienceDirect Required
Dua, P. & D. Tuteja (2016)

Informationally robust trade and limits to contagion   ScienceDirect Required
Carroll, G. (2016)

Network security and contagion   ScienceDirect Required
Acemoglu, D., A. Malekian & A. Ozdaglar (2016)

Contagion in the EMU - The Role of Eurobonds with OMTs   De Gruyter Journals Required
Favero, C.A. & A. Missale (2016)

The anatomy of sovereign risk contagion   ScienceDirect Required
Wu, W., M. Erdem, E. Kalotychou & E. Remolona (2016)

Risk assessment based on the analysis of the impact of contagion flow   ScienceDirect Required
Edirisinghe, C., A. Gupta & W. Roth (2016)

On cross-border bank credit and the U.S. financial crisis transmission to equity markets   ScienceDirect Required
Yan, C., K. Phylaktis & A-M. Fuertes (2016)

Prime Broker-Level Comovement in Hedge Fund Returns: Information or Contagion?   Oxford Journals Required
Chung, J-W. & B.U. Kang (2016)

Liquidity risk contagion in the interbank market   ScienceDirect Required
Eross, A., A. Urquhart & S. Wolfe (2016)

The impact of the European sovereign debt crisis on banks stocks: Some evidence of shift contagion in Europe   ScienceDirect Required
Allegret, J-P., H. Raymond & H. Rharrabti (2016)

Endogenous Bank Networks and Contagion   Acrobat Required
He, J. (2016)

Sovereign Credit Risk Co-Movements in the Eurozone: Simple Interdependence or Contagion?   Wiley Interscience Required
Buchholz, M. & L. Tonzer (2016)

Interbank Markets and Credit Policies amid a Sovereign Debt Crisis | Published   Acrobat Required   ScienceDirect Required
Lakdawala, A., R. Minetti & M.P. Olivero (2017/18)

Exposure to international crises: trade vs. financial contagion   Acrobat Required
Grant, E. (2016)

Financial contagion with spillover effects: a multiplex network approach   Acrobat Required
Peralta, G. & R. Crisóstomo (2016)

The sources of contagion risk in a banking sector with foreign ownership   ScienceDirect Required
Fiala, T. & T. Havranek (2017)

Euro area government bonds - Fragmentation and contagion during the sovereign debt crisis   ScienceDirect Required
Ehrmann, M. & M. Fratzscher (2017)

Volatility spillovers and determinants of contagion: Exchange rate and equity markets during crises   ScienceDirect Required
Leung, H., D. Schiereck & F. Schroeder (2017)

Empirical Evidence on "Systemic as a Herd": The Case of Japanese Regional Banks   Acrobat Required
Hirakata, N., Y. Kido & J.L. Thum (2017)

Stopping contagion with bailouts: Micro-evidence from Pennsylvania bank networks during the panic of 1884   ScienceDirect Required
Anderson, H.P. & J.C. Bluedorn (2017)

Identifying contagion in a banking network   Acrobat Required
Morrison, A., M. Vasios, M. Wilson & F. Zikes (2017)

International Spillovers and Local Credit Cycles
Baskaya, Y.S., J. di Giovanni, S. Kalemli-Ozcan & M.F. Ulu (2017)

Contagion effects of U.S. Dollar and Chinese Yuan in forward and spot foreign exchange markets   ScienceDirect Required
Kilic, E. (2017)

Monitoring vulnerability and impact diffusion in financial networks   ScienceDirect Required
Christiano Silva, T., S.R. Stancato Souza & B. Miranda Tabak (2017)

Financial contagion risk and the stochastic discount factor   ScienceDirect Required
Piccotti, L.R. (2017)

Fire sales, indirect contagion and systemic stress testing
Cont, R. & E. Schaanning (2017)

Bank-sovereign contagion in the Eurozone: A panel VAR Approach   ScienceDirect Required
Georgoutsos, D. & G. Moratis (2017)

Spillovers from the United States to Latin American and G7 stock markets: A VAR quantile analysis   ScienceDirect Required
Chuliá, H., M. Guillén & J.M. Uribe (2017)

Reverse stress testing interbank networks   Acrobat Required
Grigat, D. & F. Caccioli (2017)

The effect of heterogeneity on financial contagion due to overlapping portfolios
Banwo, O., F. Caccioli, P. Harrald & F. Medda (2017)

The kidnapping of Europe: High-order moments' transmission between developed and emerging markets   ScienceDirect Required
Del Brio, E.B., A. Mora-Valencia & J. Perote (2017)

The effect of heterogeneity on financial contagion due to overlapping portfolios   Acrobat Required
Banwo, O., F. Caccioli, P. Harrald & F. Medda (2017)

International spillovers in global asset markets | Published   Acrobat Required   ScienceDirect Required
Belke, A. & I. Dubova (2017/18)

Individual security, contagion, and network design   ScienceDirect Required
Cerdeiro, D.A., M. Dziubinski & S. Goyal (2017)

Multiple lending, credit lines, and financial contagion   Acrobat Required
Cappelletti, G. & P.E. Mistrulli (2017)

A class of dynamical contagion credit risk models and their applications   Acrobat Required
Chen, D., J. Deng & J. Feng (2017)

Information Contagion and Systemic Risk
Ahnert, T. & C-P. Georg (2017)

The decline of solvency contagion risk   Acrobat Required
Bardoscia, M., P. Barucca, A. Brinley Codd & J. Hill (2017)

International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?
Ahmed, S., B. Coulibaly & A. Zlate (2017)

Confounding Dynamics   Acrobat Required
Walker, T. (2017)

Global portfolio investment network and stock market comovement   ScienceDirect Required
Chuluun, T. (2017)

Financial crisis, the real sector and global effects on the African stock markets   ScienceDirect Required
Boamah, N.A., E.J. Watts & L. Geoffrey (2017)

Contagion During the Initial Banking Panic of the Great Depression   Acrobat Required
Heitfield, E., G. Richardson & S. Wang (2017)

Multiple lending, credit lines and financial contagion   Acrobat Required
Cappelletti, G. & P.E. Mistrulli (2017)

Risk Sharing and Contagion in Networks   Oxford Journals Required
Cabrales, A., P. Gottardi & F. Vega-Redondo (2017)

Commodity Connectedness
Diebold, F.X., L. Liu & K. Yilmaz (2017)

International banking conglomerates and the transmission of lending shocks across borders   Acrobat Required
Gropp, R. & D. Radev (2017)

Simulating fire-sales in a banking and shadow banking system   Acrobat Required
Calimani, S., G. Halaj & D. Zochowski (2017)

Networks of Volatility Spillovers among Stock Markets   Acrobat Required
Baumöhl, E., E. Kocenda, S. Lyócsa & T. Vyrost (2017)

Private-Sector Resolution of Contagion in Financial Networks: Capabilities, Incentives, and Optimal Interbank Networks   Acrobat Required
Kanik, Z. (2017)

An empirical investigation of herding in the U.S. stock market   ScienceDirect Required
Clements, A., S. Hurn & S. Shi (2017)

Financial contagion and volatility spillover: An exploration into Indian commodity derivative market   ScienceDirect Required
Roy, R.P. & S.S. Roy (2017)

Sovereign Risk Contagion
Arellano, C., Y. Bai & S. Lizarazo (2017)

Sovereign Credit Risk, Macroeconomic Dynamics, and Financial Contagion: Evidence from Japan   Cambridge Online Required
Qian, Z., W. Wang & K. Ji (2017)

Shock Propagation and Banking Structure
Giannetti, M. & F. Saidi (2017)

Contagion via Financial Intermediaries in Pre-1914 Sovereign Debt Markets   Acrobat Required
Indarte, S. (2017)

Global Spillover Effects of US Uncertainty   Acrobat Required
Bhattarai, S., A. Chatterjee & W.Y. Park (2017)

Systemic Effects of Bank Equity Issues: Competition, Stabilization and Contagion   Acrobat Required
Dinger, V., V. Marincas & F. Vallascas (2017)

Are Macroprudential Policies Effective Tools to Reduce Credit Growth in Emerging Markets?   Acrobat Required
Erdem, F.P., E. Özen & I. Unalmis (2017)

Measuring Dynamic Connectedness with Large Bayesian VAR Models   Acrobat Required
Korobilis, D. & K. Yilmaz (2018)

International risk transmission of stock market movements   ScienceDirect Required
Shen, Y. (2018)

Do international investors cause stock market spillovers? Comparing responses of cross-listed stocks between accessible and inaccessible markets   ScienceDirect Required
Nishimura, Y., Y. Tsutsui & K. Hirayama (2018)

Directional predictability and time-varying spillovers between stock markets and economic cycles   ScienceDirect Required
Bekiros, S., S.J.H. Shahzad, J. Arreola-Hernandez & M.U. Rehman (2018)

Uncovering equity market contagion among BRICS countries: An application of the multivariate GARCH model   ScienceDirect Required
Bonga-Bonga, L. (2018)

The myth of economic recovery: The case of crises in neighboring countries   ScienceDirect Required
Sever, C. (2018)

Transmission of liquidity shocks: Evidence on cross-border bank ownership linkages   ScienceDirect Required
Cao, Y., I. Gregory-Smith & A. Montagnoli (2018)

Local currency systemic risk   ScienceDirect Required
Borri, N. (2018)

Spillovers in Risk of Financial Institutions   Acrobat Required
Cotter, J. & A. Suurlaht (2018)

The international spillovers of the 2010 U.S. flash crash   Acrobat Required
Jansen, D-J. (2018)

Identification of global and national shocks in international financial markets via general dynamic factor models
Barigozzi, M., M. Hallin & S. Soccorsi (2018)

Measuring contagion effects between crude oil and Chinese stock market sectors   ScienceDirect Required
Fang, S. & P. Egan (2018)

Informational Contagion in the Laboratory   Oxford Journals Required
Cipriani, M., A. Guarino, G. Guazzarotti, F. Tagliati & S. Fischer (2018)

Crisis, contagion and international policy spillovers under foreign ownership of banks   Acrobat Required
Brzoza-Brzezina, M., M. Kolasa & K. Makarski (2018)

Default Contagion Among Credit Types: Evidence from Brazilian data   Acrobat Required
da Silva, M.A., G.A. Silva Brito & T.C. Martins (2018)

Evolution of the Global Financial Network and Contagion: A New Approach
Korniyenko, Y., M. Patnam, R.M. del Rio-Chanon & M.A. Porter (2018)

International stock market contagion: A CEEMDAN wavelet analysis   ScienceDirect Required
Zhou, Z., L. Lin & S. Li (2018)

Tail systemic risk and contagion: Evidence from the Brazilian and Latin America banking network   ScienceDirect Required
Rivera-Castro, M.A., A. Ugolini & J.A. Zambrano (2018)

Multinational Firms and the International Transmission of Crises: The Real Economy Channel
Bena, J., S. Dinc & I. Erel (2018)

Financial stress, regime switching and spillover effects: Evidence from a multi-regime global VAR model   ScienceDirect Required
Chen, P. & W. Semmler (2018)

How Important Was Contagion Through Banks During the European Sovereign Crisis?
Beltratti, A. & R.M. Stulz (2018)

Systemic Effects of Bank Equity Issues: Competition, Stabilization and Contagion   Acrobat Required
Dinger, V., V. Marincas & F. Vallascas (2018)

Identifying contagion: A unifying approach   ScienceDirect Required
Sewraj, D., B. Gebka & R.D.J. Anderson (2018)

Simulating financial contagion dynamics in random interbank networks | Published   ScienceDirect Required
Leventides, J., K. Loukaki & V.G. Papavassiliou (2018/19)

The role of contagion in the transmission of financial stress   Acrobat Required
Herculano, M.C. (2018)

On the transmission mechanism of country-specific and international economic uncertainty spillovers: Evidence from a TVP-VAR connectedness decomposition approach   ScienceDirect Required
Gabauer, D. & R. Gupta (2018)

A Contagion through Exposure to Foreign Banks during the Global Financial Crisis   Acrobat Required
Park, C-Y. & K. Shin (2018)

International Spillovers and 'Ex-ante' Efficient Bailouts
Azzimonti, M. & V. Quadrini (2018)

What are the Consequences of Global Banking for the International Transmission of Shocks? A Quantitative Analysis
Fillat, J.L., S. Garetto & A.V. Smith (2018)

Fluctuating attention and financial contagion   ScienceDirect Required
Hasler, M. & C. Ornthanalai (2018)

Avoiding the fall into the loop: Isolating the transmission of bank-to-sovereign distress in the euro area and its drivers   Acrobat Required
Böhm, H. & S. Eichler (2018)

Modeling, analysis and mitigation of contagion in financial systems   ScienceDirect Required
Cheng, X. & H. Zhao (2018)

Strategic fire-sales and price-mediated contagion in the banking system   Acrobat Required
Braouezec, Y. & L. Wagalath (2018)

Volatility spillovers between foreign exchange and stock markets in industrialized countries   ScienceDirect Required
Morales-Zumaquero, A. & S. Sosvilla-Rivero (2018)

Volatility spillovers across global asset classes: Evidence from time and frequency domains   ScienceDirect Required
Tiwari, A.K., J. Cunado, R. Gupta & M.E. Wohar (2018)

Cojumps and asset allocation in international equity markets   ScienceDirect Required
Arouri, M., O. M'saddek, D.K. Nguyen & K. Pukthuanthong (2018)

Shock contagion, asset quality and lending behavior   Acrobat Required
Pham, T., O. Talavera & A. Tsapin (2018)

Do information contagion and business model similarities explain bank credit risk commonalities?   Acrobat Required
Wang, D., I. van Lelyveld & J. Schaumburg (2018)

A regime switching skew-normal model of contagion   De Gruyter Journals Required
Chan, J.C.C., R.A. Fry-McKibbin & C.Y-L. Hsiao (2018)

Contagion between asset markets: A two market heterogeneous agents model with destabilising spillover effects   ScienceDirect Required
Hommes, C. & J. Vroegop (2019)

Competitive contagion in networks   ScienceDirect Required
Goyal, S., H. Heidari & M. Kearns (2019)

The walking debt crisis   ScienceDirect Required
Wegener, C., R. Kruse & T. Basse (2019)

Domestic and external sectoral portfolios: Network structure and balance-sheet contagion   ScienceDirect Required
Heipertz, J., R. Rancičre & N. Valla (2019)

CoMap: Mapping Contagion in the Euro Area Banking Sector
Gorpe, M.Z., G. Covi & C. Kok (2019)

Monitoring indirect contagion   ScienceDirect Required
Cont, R. & E. Schaanning (2019)

A flow network analysis of direct balance-sheet contagion in financial networks   ScienceDirect Required
Eboli, M. (2019)

Financial contagion and economic development: An epidemiological approach   ScienceDirect Required
Bucci, A., D. La Torre, D. Liuzzi & S. Marsiglio (2019)

Our currency, your attention: Contagion spillovers of investor attention on currency returns   ScienceDirect Required
Wu, Y., L. Han & L. Yin (2019)

Contagion across US and European financial markets: Evidence from the CDS markets   ScienceDirect Required
Apergis, N., C. Christou & I. Kynigakis (2019)

Cryptocurrency market contagion: Market uncertainty, market complexity, and dynamic portfolios   ScienceDirect Required
Antonakakis, N., I. Chatziantoniou & D. Gabauer (2019)

Shock Propagation and Banking Structure   Oxford Journals Required
Giannetti, M. & F. Saidi (2019)

The Transmission of Shocks in Endogenous Financial Networks: A Structural Approach
Heipertz, J., A. Ouazad & R. Rancičre (2019)

Bank and sovereign risk pass-through: Evidence from the euro area   Wiley Interscience Required
Erce, A. (2019)

Measuring contagion risk in international banking   Acrobat Required
Avdjiev, S., P. Giudici & A. Spelta (2019)

Cross-asset contagion in the financial crisis: A Bayesian time-varying parameter approach   ScienceDirect Required
Guidolin, M., E. Hansen & M. Pedio (2019)

Network-based estimation of systematic and idiosyncratic contagion: The case of Chinese financial institutions   ScienceDirect Required
Li, J., Y. Yao, J. Li & X. Zhu (2019)

Anticipated Financial Contagion   Acrobat Required
Ahnert, T., C-P. Georg & G. DuRand (2019)

Interconnectedness and Contagion Analysis: A Practical Framework
Bricco, J. & T. Xu (2019)

Intersectoral default contagion: A multivariate Poisson autoregression analysis   ScienceDirect Required
Escribano, A. & M. Maggi (2019)

Forward-looking solvency contagion   ScienceDirect Required
Bardoscia, M., P. Barucca, A.B. Codd & J. Hill (2019)

A structural model of interbank network formation and contagion   Acrobat Required
Coen, P. & J. Coen (2019)

Using Network Method to Measure Financial Interconnection
Xu, Y. & J. Corbett (2019)

Contagion risk in global banking sector   ScienceDirect Required
Daly, K., J.A. Batten, A.V. Mishra & T. Choudhury (2019)

Can Creditor Bail-in Trigger Contagion? The Experience of an Emerging Market   Oxford Journals Required
Havemann, R. (2019)

Tree networks to assess financial contagion   ScienceDirect Required
Agosto, A., D.F. Ahelegbey & P. Giudici (2019)

Detecting contagion in Asian exchange rate markets using asymmetric DCC-GARCH and R-vine copulas   ScienceDirect Required
Gomez-Gonzalez, J.E. & W. Rojas-Espinosa (2019)

A Dynamic Default Contagion Model: From Eisenberg-Noe to the Mean Field   Acrobat Required
Feinstein, Z. & A. Sojmark (2019)

Contagion in a network of heterogeneous banks   ScienceDirect Required
Gençay, R., H. Pang, M.C. Tseng & Y. Xue (2020)

The interconnected nature of financial systems: Direct and common exposures   ScienceDirect Required
Giudici, P., P. Sarlin & A. Spelta (2020)

Analysis of banks' systemic risk contribution and contagion determinants through the leave-one-out approach   ScienceDirect Required
Zedda, S. & G. Cannas (2020)

Are banking shocks contagious? Evidence from the eurozone   ScienceDirect Required
Dungey, M., T.J. Flavin & D. Lagoa-Varela (2020)

Interbank contagion: An agent-based model approach to endogenously formed networks   ScienceDirect Required
Liu, A., M. Paddrik, S.Y. Yang & X. Zhang (2020)

Time-varying dependence in European equity markets: A contagion and investor sentiment driven analysis   ScienceDirect Required
Nitoi, M. & M.M. Pochea (2020)

Informational Channels of Financial Contagion   Wiley Interscience Required
Trevino, I. (2020)

The cross-over effect of irrational sentiments in housing, commercial property, and stock markets   ScienceDirect Required
Das, P., R. Füss, B. Hanle & I.N. Russ (2020)

The Pecking Order of Segmentation and Liquidity-Injection Policies in a Model of Contagious Crises   Oxford Journals Required
Guembel, A. & O. Sussman (2020)

Contagion of Fear   Acrobat Required
Mitchener, K.J. & G. Richardson (2020)

COVID-19 and the Welfare Effects of Reducing Contagion
Pindyck, R.S. (2020)

Herding cycles   Acrobat Required
Schaal, E. & M. Taschereau-Dumouchel (2020)

Liquidity coverage ratio in a payments network: Uncovering contagion paths   Acrobat Required
Heuver, R. & R. Berndsen (2020)

Avoiding Sovereign Default Contagion: A Normative Analysis   Acrobat Required
De Ferra, S. & E. Mallucci (2020)

Branching Networks and Geographic Contagion of Commodity Price Shocks   Acrobat Required
Wang, T. (2020)

From physical to financial contagion: the COVID-19 pandemic and increasing systemic risk among banks   Acrobat Required
Baumöhl, E., E. Bouri, T-H-V. Hoang, J.W.H. Shahzad & T. Výrost (2020)

Using Network Interbank Contagion in Bank Default Prediction   Acrobat Required
Doyle, R. (2020)

Cross-border lending and the international transmission of banking crises   Acrobat Required
Dieckelmann, D. (2020)

The effectiveness of macroprudential policies and capital controls against volatile capital inflows   Acrobat Required
Frost, J., H. Ito & R. van Stralen (2020)

When the Markets Get COVID: COntagion, Viruses, and Information Diffusion
Croce, M.M., P. Farroni & I. Wolfskeil (2020)

Contagion risk in african sovereign debt markets: A spatial econometrics approach   Wiley Interscience Required
Mwamba, J.W.M. & M. Manguzvane (2020)

Bank contagion in general equilibrium   Acrobat Required
Ferrari, M.M. (2020)

Local Bankruptcy and Geographic Contagion in the Bank Loan Market   Oxford Journals Required
Addoum, J.M., A. Kumar, N. Le & A. Niessen-Ruenzi (2020)

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds   Oxford Journals Required
Sialm, C., Z. Sun & L. Zheng (2020)

Measuring financial interdependence in asset markets with an application to eurozone equities   ScienceDirect Required
Fry-McKibbin, R., C.Y-L. Hsiao & V.L. Martin (2020)

Shock Propagation in the Banking System with Real Economy Feedback   Acrobat Required
Borsos, A. & B. Mero (2020)

Interconnectedness in the global financial market   ScienceDirect Required
Raddant, M. & D.Y. Kenett (2010)

Assessing cross-border interconnectedness between shadow banking systems   ScienceDirect Required
Pak, T.W.F., A.W.S.Kin & E.C.H. Ho (2021)

Financial contagion and contagion channels in the forex market: A new approach via the dynamic mixture copula-extreme value theory   ScienceDirect Required
Wang, H., Y. Yuan, Y. Li & X. Wang (2021)

The joint spillover index   ScienceDirect Required
Lastrapes, W.D. & T.F.P. Wiesen (2021)

EMU risk-synchronisation and financial fragility through the prism of dynamic connectedness   ScienceDirect Required
Chatziantoniou, I. & D. Gabauer (2021)

Crisis Propagation in a Heterogeneous Self-Reflexive DSGE Model   Acrobat Required
Morelli, F.G., M. Benzaquen, J-P. Bouchaud & M. Tarzia (2021)

The quest for multidimensional financial immunity to the COVID-19 pandemic: Evidence from international stock markets   ScienceDirect Required
Zaremba, A., R. Kizys, P. Tzouvanas, D.Y. Aharon & E. Demir (2021)

Limit Theorems for Default Contagion and Systemic Risk   Acrobat Required
Amini, A., Z. Cao & A. Sulem (2021)

Control and Spread of Contagion in Networks   Acrobat Required
Higgins, J. & T. Sabarwal (2021)

Financial Spillover and Contagion Risks in the Euro Area in 2007-2019   Acrobat Required
Garcia, R., D. Lorenzani, D. Monteiro, F. Perticari, B. Vasicek & L. Vogel (2021)

Information Cascades and Social Learning
Bikhchandani, S., D. Hirshleifer, O. Tamuz & I. Welch (2021)

On the optimal control of interbank contagion in the euro area banking system   Acrobat Required
Fukker, G. & C. Kok (2021)

Contagious zombies   Acrobat Required
Bittner, C., F. Fecht & C-P. Georg (2021)

Exchange rate shocks in multicurrency interbank markets   Acrobat Required
Siklos, P.L. & M. Stefan (2021)

Hierarchical contagions in the interdependent financial network   Acrobat Required
Barnett, W.A., X. Wang, H-C. Xu & W-X. Zhou (2021)

Correlations and volatility spillovers between China and Southeast Asian stock markets   ScienceDirect Required
Zhong, Y. & J. Liu (2021)

On the Economic Fundamentals Behind the Dynamic Equicorrelations among Asset classes: Global Evidence from Equities, Real Estate, and Commodities   ScienceDirect Required
Karanasos, M. & S. Yfanti (2021)

Cross-stock market spillovers through variance risk premiums and equity flows   ScienceDirect Required
Hattori, M., I. Shim & Y. Sugihara (2021)

Dynamic linkage between the Chinese and global stock markets: A normal mixture approach   ScienceDirect Required
Wan, L., L. Han, Y. Xu & R. Matousek (2021)

Using Network-based Causal Inference to Detect the Sources of Contagion in the Currency Market   Acrobat Required
Rigana, K., E-J.C. Wit & S. Cook (2021)

Sources and Transmission of Country Risk
Hassan, T.A., J. Schreger, M. Schwedeler & A. Tahoun (2022)

Home | Back | Index


Currency Crises

Fiscal Deficits, Exchange Rate Crises and Inflation
van Wijnbergen, S. (1987)

The Logic of Currency Crises   Recommended!
Obstfeld, M. (1994)

Abstract: In this paper it is argued that on cannot adequately understand the recent European currency experience in terms of Krugman's (1979) model. Instead, I present two different models in which crisis and realignment result from the interaction of rational private economic actors and a government that pursues well-defined policy goals.

Mexico's balance-of-payments crisis: a chronicle of death foretold   Recommended!
Calvo, G.A. & E. Mendoza (1994)

Abstract: This paper claims that the roots of Mexico's balance-of-payments crisis are found in the prevailing high degree of capital mobility and financial globalization. Under these circumstances, shifts in foreign capital flows and anticipation of a banking system bailout may produce large imbalances between stocks of financial assets and foreign reserves, threatening the sustainability of currency pegs. Econometric analysis suggests that half of Mexico's reserve losses could be accounted for by these phenomena. Large financial imbalances are also fertile ground for self-sulfilling prophesy crises which lead devaluations to produce deep recessions. These difficulties can be partly remedied by appropriate policies.

Leading Indicators of Currency Crises   Acrobat Required!
Kaminsky, G., S. Lizondo & C.M. Reinhart (1997)

Fire-Sale FDI
Krugman, P. (1998)

Perspectives on the Recent Currency Crisis Literature   Recommended!   SURVEY PAPER
Flood, R. & N. Marion (1998)

Abstract: Examines the flip side of Asian Flu - rapid foreign acquiring. This is due to Asian firms selling off and currencies plunging.

Paper Tigers? A Model of the Asian Crisis   Recommended!
Corsetti, G., P. Pesenti & N. Roubini (1998)

Abstract: This paper develops an interpretation of the Asian meltdown focused on moral hazard as the common source of overinvestment, excessive external borrowing, and current account deficits. To the extent that foreign creditors are willing to lend to domestic agents against future bail-out revenue from the government, unprofitable projects and cash shortfalls are re-financed through external borrowing. While public deficits need not be high before a crisis, the eventual refusal of foreign creditors to refinance the country's cumulative losses forces the government to step in and guarantee the outstanding stock of external liabilities. To satisfy solvency, the government must then undertake appropriate domestic fiscal reforms, possibly involving recourse to seigniorage revenues. Expectations of inflationary financing thus cause a collapse of the currency and anticipate the event of a financial crisis. The empirical section of the paper presents evidence in support of the thesis that weak cyclical performances, low foreign exchange reserves, and financial deficiencies resulting into high shares of non-performing loans were at the core of the Asian collapse.

The Economics of Currency Crises and Contagion: An Introduction   SURVEY PAPER   Recommended!
Pesenti, P. and C. Tille (1999)

Abstract: Two theories of the causes of currency crises prevail in the economic literature. The first traces currency instability to countries' structural imbalances and weak policies; the second identifies arbitrary shifts in market expectations as the principal source of instability. The authors of this article contend that only a synthesis of these theories can capture the complexity of the 1997-98 Asian currency crisis. In their view, the crisis resulted from the interaction of structural weaknesses and volatile international capital markets. The authors also cite two other factors that contributed to the severity of the Asia crisis: inadequate supervision of the banking and financial sectors and the rapid transmission of the crisis across countries linked by trade and common credit sources.

Corruption, Composition of Capital Flows, and Currency Crises
Wei, S.J. (2000)

A Currency Crises Model That Works: A Payments Disequilibrium Approach   Acrobat Required
Nitithanprapas, E. & T.D. Willett (2000)

Portfolio Diversification, Leverage, and Financial Contagion
Schinasi, G.J. & R.T. Smith (2000)

Safety from Currency Crashes
Osband, K. & C. Van Rijckeghem (2000)

Currency Instability and Government Change
Chang, M. (2000)

A Primer on Emerging Market Crises
Dornbusch, R. (2001)

The double play: simultaneous speculative attacks on currency and equity markets   Acrobat Required
Chakravorti, S. & S. Lall (2001)

Currency Crises and Foreign Reserves - A Simple Model
Disyatat, P. (2001)

Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises
Wei, S.J. & Wu, Y. (2001)

Does the Current Account Matter?
Edwards, S. (2001)

The Role of Large Players in Currency Crises   Acrobat Required
Corsetti, G., P. Pensenti & N. Roubini (2001)

Managing Currency Crises in Emerging Markets   CONFERENCE VOLUME
Dooley, M. & J. Frankel, Editors (2001)

Rescue Packages and Output Losses Following Crises   Acrobat Required
Dooley, M. & S. Verma (2001)

A Cure Worse Than The Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs   Acrobat Required
Hutchinson, M.M. (2001)

Stopping 'Hot Money' or Signaling Bad Policy? Capital Controls and the Onset of Currency Crises   Acrobat Required
Glick, R. & M. Hutchison (2001)

Does One Soros Make a Difference? A Theory of Currency Crises with Large and Small Traders | Published   Recommended!   Acrobat Required   Ingenta Select Required
Shin, H.S., G. Corsetti, A. Dasgupta & S. Morris (2001)

Abstract: Do large investors increase the vulnerability of a country to speculative attacks in the foreign exchange markets? To address this issue, we build a model of currency crises where a single large investor and a continuum of small investors independently decide whether to attack a currency based on their private information about fundamentals. Even abstracting from signaling, the presence of the large investor does make all other traders more aggressive in their selling. Relative to the case in which there is no large investors, small investors attack the currency when fundamentals are stronger. Yet, the difference can be small, or null, depending on the relative precision of private information of the small and large investors. Adding signaling makes the influence of the large trader on small traders' behaviour much stronger.

Explaining Currency Crises: A Duration Model Approach | Published   ScienceDirect Required
Tudela, M. M. (2001)

A 'Vertical' Analysis of Crises and Intervention: Fear of Floating and Ex-ante Problems
Caballero, R.J. & A. Krishnamurthy (2001)

Is the Crisis Growing More Severe?   Acrobat Required
Peria, M.S.M., M. Bordo, B. Eichengreen & D. Klingebeld (2001)

A Simple Model of Monetary Policy and Currency Crises   Acrobat Required
Aghion, P., P. Bacchetta & A. Banerjee (2001)

Exchange Rate Regimes, Capital Flows and Crisis Prevention
Edwards, S. (2001)

The Role of Industrial Country Policies in Emerging Market Crises
Frankel, J. and N. Roubini (2001)

Speculative Attacks in the Asian Crisis
Zhang, Z. (2001)

Global Games: Theory and Applications   Recommended!   Adobe Acrobat Required!
Morris, S. (2001)

Abstract: Global games are games of incomplete information whose type space is determined by the players each observing a noisy signal of the underlying state. With strategic complementarities, globals games often have a unique, dominance-solvable equilibrium, allowing analysis of a number of models of economic coordination failure. For symmetric binary action global games, equilibrium strategies in the limit (as noise becomes negligible) are simple to characterize in terms of 'diffuse' beliefs over the actions of others. We describe a number of economic applications that fall in this category. We also explore the distinctive roles of public and private information in this setting, review results for general global games, discuss the relationship between global games and a literature in higher order beliefs in game theory and describe the relationship to local interaction games and dynamic games with payoff shocks.

Corporate Financial Policies and Performance Around Currency Crises   Adobe Acrobat Required!
Bris, A., Y. Koskinen & V. Pons (2001)

Convertibility Risk: The Precautionary Demand for Foreign Currency in a Crisis
Black, S., C. Christofides & A.T. Mourmouras (2001)

Currency Crises and Uncertainty About Fundamentals | Published   ScienceDirect Required
Prati, A. & M. Sbracia (2002/10)

How Risky is Financial Liberalization in the Developing Countries?   Adobe Acrobat Required!
Wyplosz, C. (2002)

Predicting Emerging Market Currency Crashes
Kumar, M.S., U. Moorthy & W. Perraudin (2002)

Exchange Market Pressure, Currency Crises, and Monetary Policy: Additional Evidence from Emerging Markets
Tanner, E.C. (2002)

Exchange rate overshooting and the costs of floating   Adobe Acrobat Required
Cavallo, M., K. Kisselev, F. Perri & N. Roubini (2002)

Capital Flows to Transition Economies: Master or Servant
Lipschitz, L.J., T.D. Lane & A.T. Mourmouras (2002)

Structural Vulnerability and Currency Crises | Published
Ghosh, S.R. & A.R. Ghosh (2002)

Stop-Loss Orders and Price Cascades in Currency Markets | Published   ScienceDirect Required
Osler, C.L. (2002/2005)

Dollarization Of Liabilities And The Value Of Collateral   Adobe Acrobat Required!
Waldmann, R. (2002)

Fiscal Deficits And Currency Crises   Adobe Acrobat Required!
Marini, G. & G. Piersanti (2002)

Stabilisations, Crises and the "Exit" Problem - A Theoretical Model   Adobe Acrobat Required!
Bleaney, M. &Amp; M. Gundermann (2002)

How to avoid self-fulfilling crises   Adobe Acrobat Required!
Boinet, V. (2002)

Financial Crises, Monetary Policy and Financial Fragility: A Second-Generation Model of Currency Crises
Eijffinger, S. & B. Goderis (2002)

Interpreting Currency Crises - A Review of Theory, Evidence, and Issues   SURVEY PAPER   Adobe Acrobat Required!
Saqib, O.F. (2002)

An Iron Law of Currency Crises: The Divergence of the Nominal and the Real Exchange Rate and Increasing Current Account Deficits   Acrobat Required
Siebert, H. (2002)

Currency Crises and Macroeconomic Performance   Acrobat Required
Gower, L. & A. Krause (2002)

Currency Attacks with Multiple Equilibria and Imperfect Information: The Role of Wage-setters
Femminis, G. (2003)

Sargent-Wallace Meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Don't Avert Macroeconomic Crises | Published   Recommended!   Wiley Interscience Required
Aizenman, J., K.M. Kletzer & B. Pinto (2002)

Abstract: This paper argues that the frequent failure of the debt swaps is not an accident. Instead, it follows from fundamental forces driven by the market's assessment of the scarcity of fiscal revenue relative to the demand for fiscal outlays. It follows from the observation that arbitrage forces systematically impact prices in asset markets. Ignoring these price adjustments would lead to too optimistic an assessment of the gains from swaps or buybacks. A by-product of our paper is to highlight the perils of financial engineering that ignores the intertemporal constraints imposed by fiscal fundamentals. As a country approaches the range of partial default (either on domestic or external debt), swaps may not provide the expected breathing room and could even bring the crisis forward. Our methodology combines three independent themes: exchange rate crises as the manifestation of excessive monetary injections [Krugman-Flood-Garber], the fiscal theory of inflation [Sargent-Wallace (1981)], and sovereign debt. The integrated framework derives devaluation and external debt repudiation as part of a public-finance optimizing problem. We shows that under conditions similar to those which prevailed in Russia and Argentina prior to their meltdown, swaps are not just neutral, but could actually make the situation worse and even trigger a speculative attack. An unsettlingly clear implication of the model is that there may be very few options left once public debt reaches levels regarded as unsustainable in relation to fiscal fundamentals. Dollarization only makes matters worse, and pushes the debt write-down option to the fore.

An Eclectic Approach to Currency Crises: Drawing Lessons from the EMS Experience   Adobe Acrobat Required
Illera, R.M., F.P. Bermejo & S. Sosvilla-Rivero (2002)

Are Financially Dollarized Countries More Prone to Costly Crises?
Arteta, C. (2003)

Do high interest rates defend currencies during speculative attacks?   ScienceDirect Required
Kraay, A. (2003)

Government Finance in the Wake of Currency Crises | Published   ScienceDirect Required
Burnside, C., M. Eichenbaum & S. Rebelo (2003/06)

Statistical distributions and the identification of currency crises   ScienceDirect Required
Pozo, S. & C. Amuedo-Dorantes (2003)

Dynamic Speculative Attacks   Ingenta Select Required
Chamley, C. (2003)

Uniqueness in Currency Crisis Models   Adobe Acrobat Required
Bauer, C. (2003)

Target zones, reserve crises, and inverted S-curves   ScienceDirect Required   Recommended!
Cornell, C.M. (2003)

Abstract: Recent currency crises have focused attention on models of currency crises. Although many models exist, few focus on intermediate exchange rate systems, and fewer describe the interplay between regime choice and vulnerability to crisis. This paper embeds a target zone model (typifying many intermediate regimes) into a first-generation currency crisis model. This paper shows that an inverted S-curve (where a targeted exchange rate is more volatile than its underlying fundamentals) is generally inconsistent with a viable target zone because such a regime would collapse upon speculative attack. This paper describes conditions where a policymaker could ensure a target zone would weakly stabilize exchange rates and thereby maintain short-run viability.

On the Changing Nature of Currency Crises   Adobe Acrobat Required
Erturk, K. (2003)

Currency attack/defense with two-sided private information   Adobe Acrobat Required
Cheng, Y-S., C-S. Chan & C-Y. Sin (2003)

Mixed Signals in Defending the Exchange Rate: What do the Data Say?
Drazen, A. & S. Hubrich (2003)

Risk and Wealth in a Model of Self-fulfilling Currency Attacks | Published   ScienceDirect Required   Adobe Acrobat Required
Guimaraes, B. & S. Morris (2003/07)

Are Pegged and Intermediate Regimes More Crisis Prone?
Bubula, A. & I. Otker-Robe (2003)

Output Response to Currency Crises | Published   ScienceDirect Required
Gupta, P., D. Mishra & R. Sahay (2003/07)

Varieties of Currency Crises | Published   Recommended!   ScienceDirect Required
Kaminsky, G.L. (2004)

Abstract: The plethora of currency crises around the world has fueled many theories on the causes of speculative attacks. The first-generation models focus on fiscal problems. The second-generation models emphasize countercyclical policies and self-fulfilling crises. In the 1990s, models pinpoint to financial excesses. With the crisis of Argentina in 2001, models of sovereign default have become popular again. While the theoretical literature has emphasized variety, the empirical literature has supported the one size fits all' models. This paper contributes to the empirical literature by assessing whether the crises of the last thirty years are of different varieties. Crises are found to be of six varieties. Four of those varieties are associated with domestic economic fragility. But crises can also be provoked by just adverse world market conditions, such as the reversal of international capital flows. The so-called sudden-stop phenomenon identifies the fifth variety of crises. Finally, a small number of crises occur in economies with immaculate fundamentals but this type of crises is not an emerging-market phenomenon.

Ownership and Control in Outsourcing to China: Estimating the Property-Rights Theory of the Firm
Feenstra, R.C. & G.H. Hanson (2004)

Learning, Large Deviations, And Recurrent Currency Crises   Wiley Interscience Required
Kasa, K. (2004)

Controlling Currency Mismatches in Emerging Markets   Recommended!
Goldstein, M. & P. Turner (2004)

Abstract: In most of the currency crises of the 1990s, the largest output falls have occurred in those emerging economies with large currency mismatches, a phenomenon that occurs when assets and liabilities are denominated in different currencies such that net worth is sensitive to changes in the exchange rate. The authors summarize what is known about the origins of currency mismatching in emerging economies, discuss how best to define and measure currency mismatching, and review policy options for reducing the problem.

Disparate information and the probability of currency crises: empirical evidence   ScienceDirect Required
Tillmann, P. (2004)

Interest Rate Defenses of Currency Pegs
Sole, J. (2004)

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises
Desai, M.A., C.F. Foley & K.J. Forbes (2004)

The Changing Nature of Currency Crises   Wiley Interscience Required   SURVEY PAPER
Saxena, S.C. (2004)

The Theory of Global Games on Test: Experimental Analysis of Coordination Games with Public and Private Information   Wiley Interscience Required
Heinemann, F., R. Nagel & P. Ockenfels (2004)

On the Dynamics of Information, Coordination and Regime Change | Published   Recommended!   Adobe Acrobat Required   Wiley Interscience Required
Pavan, A., G.M. Angeletos & C. Hellwig (2004/07)

Abstract: This paper examines how the dynamics of information influences the dynamics of coordination in an environment with strategic complementarities and heterogeneous expectations. We consider a simple dynamic global game of regime change, in which the status quo is abandoned when a sufficiently large fraction of agents attacks it. Applications include bank runs, currency crises, revolutions, and political reforms. We show that the occurrence of coordinated attacks and the timing of regime change depend, not only on the evolution of information, but also on arbitrary self-fulfilling expectations. Despite the indeterminacy in short-run dynamics, long-run outcomes are driven by fundamentals: There is a unique threshold below which regime change is inevitable in the long run. Moreover, all equilibrium paths are characterized by the succession of short phases of high risk of a crisis and long phases of tranquility, which may explain why phenomena such as speculative attacks and revolutions appear as spikes in economic or social activity.

Old and Modern Currency Crises: Short-Term Liabilities, Speculative Attacks and Business Cycle   Acrobat Required
Giannetti, M. (2004)

Government guarantees and self-fulfilling speculative attacks   ScienceDirect Required
Burnside, C., M. Eichenbaum & S. Rebelo (2004)

A corporate balance-sheet approach to currency crises   ScienceDirect Required
Aghion, P., P. Bacchetta & A. Banerjee (2004)

The Years of Emerging Market Crises: A Review of Feldstein   Ingenta Select Required
Williamson, J. (2004)

The Unsustainable US Current Account Position Revealed   Recommended!
Obstfeld, M. & K. Rogoff (2004)

Abstract: We show that the when one takes into account the global equilibrium ramifications of an unwinding of the US current account deficit, currently estimated at 5.4% of GDP, the potential collapse of the dollar becomes considerably larger--more than 50% larger--than our previous estimates (Obstfeld and Rogoff 2000a). That global capital markets may have deepened (as emphasized by US Federal Reserve Chairman Alan Greenspan) does not affect significantly the extent of dollar decline in the wake of global current account adjustment. Rather, the dollar adjustment to global current account rebalancing depends more centrally on the level of goods-market integration. Whereas the dollar's decline may be benign as in the 1980s, we argue that the current conjuncture more closely parallels the early 1970s, when the Bretton Woods system collapsed. Finally, we use our model to dispel some common misconceptions about what kinds of shifts are needed to help close the US current account imbalance. Faster growth abroad helps only if it is relatively concentrated in nontradable goods; faster productivity growth in foreign tradable goods is more likely to exacerbate the US adjustment problem.

Recovery from a currency crisis: some stylized facts   ScienceDirect Required
Honga, K. & A. Tornell (2004)

Monitoring and Forecasting Currency Crises
Inoue, A. & B. Rossi (2005)

Self-Fulfilling Currency Crises: The Role of Interest Rates
Hellwig, C., A. Mukherji & A. Tsyvinski (2005)

An interest rate defense of a fixed exchange rate?   ScienceDirect Required
Flood, R.P. & O. Jeanne (2005)

Predicting currency fluctuations and crises: Do resident firms have an informational advantage?   ScienceDirect Required
Kaufmann, D., G. Mehrez & S.L. Schmukler (2005)

Contractionary Currency Crashes in Developing Countries | Published   Recommended!
Frankel, J.A. (2005)

Abstract: To update a famous old statistic: a political leader in a developing country is almost twice as likely to lose office in the six months following a currency crash as otherwise. This difference, which is highly significant statistically, holds regardless of whether the devaluation takes place in the context of an IMF program. Why are devaluations so costly? Many of the currency crises of the last 10 years have been associated with output loss. Is this, as alleged, because of excessive reliance on raising the interest rate as a policy response? More likely it is because of contractionary effects of devaluation. There are various possible contractionary effects of devaluation, but it is appropriate that the balance sheet effect receives the most emphasis. Pass-through from exchange rate changes to import prices in developing countries is not the problem: this coefficient fell in the 1990s, as a look at some narrowly defined products shows. Rather, balance sheets are the problem. How can countries mitigate the fall in output resulting from the balance sheet effect in crises? In the shorter term, adjusting promptly after inflows cease is better than procrastinating by shifting to short-term dollar debt, which raises the costliness of the devaluation when it finally comes. In the longer term, greater openness to trade reduces vulnerability to both sudden stops and currency crashes.

Currency crashes and bond yields in industrial countries
Gagnon, J.E. (2005)

Determining Underlying Macroeconomic Fundamentals during Emerging Market Crises: Are Conditions as Bad as they Seem? | Published   Adobe Acrobat Required   ScienceDirect Required
Aguiar, M. & F. Broner (2005/06)

How Homogenous are Currency Crises? A Panel Study using Multiple-Response Models   Acrobat Required
Anastasatos, T. & I.R. Davidson (2005)

The Role of Domestic and Foreign Investors in a Simple Model of Speculative Attacks
Botman, D.P.J. & C.G.H. Diks (2005)

Dynamics of currency crises with asset market frictions   ScienceDirect Required
Guimarăes, B. (2005)

Imperfect Common Knowledge in First Generation Models of Currency Crises   Acrobat Required
Minguez-Afonso, G. (2006)

Hedging, Speculation, and Investment in Balance-Sheet Triggered Currency Crises   Acrobat Required
Röthig, A., W. Semmler & P. Flaschel (2006)

Macroeconomic Regime Switches and Speculative Attacks | Published   Recommended!   Acrobat Required   ScienceDirect Required
Mackowiak, B. (2006/07)

Abstract: This paper explains a currency crisis as an outcome of a switch in how monetary policy and fiscal policy are coordinated. The paper develops a model of an open economy in which monetary policy starts active, fiscal policy starts passive and, in a particular state of nature, monetary policy switches to passive and fiscal policy switches to active. The probability of the regime switch is endogenous and changes over time together with the state of the economy. The regime switch is preceded by a sharp increase in interest rates and causes a jump in the exchange rate. The model predicts that currency composition of public debt affects dynamics of macroeconomic variables. Furthermore, the model is consistent with evidence from recent currency crises, in particular small seigniorage revenues.

Signaling in a Global Game: Coordination and Policy Traps
Angeletos, G-M, C. Hellwig & A. Pavan (2006)

Fiscal imbalances and the dynamics of currency crises   ScienceDirect Required
Corsetti, G. & B. Mackowiak (2006)

Real Exchange Rate Misalignment: Prelude to Crisis? | Published   ScienceDirect Required   Acrobat Required
Kemme, D.M. & S. Roy (2006)

Are Currency Crises Low-State Equilibria? An Empirical, Three-Interest-Rate Model | Published   ScienceDirect Required   Acrobat Required
Cornell, C.M. & R.H. Solomon (2006/07)

Exchange Rate Regimes and Currency Crises: an Evaluation using Extreme Value Theory   Wiley Interscience Required
Haile, F.D. & S. Pozo (2006)

Trade First and Trade Fast: A Duration Analysis of Recovery from Currency Crisis   Acrobat Required
Deb, S. (2006)

Speculative Attacks and Informational Structure: an Experimental Study   Wiley Interscience Required
Cornand, C. (2006)

Economic growth and currency crisis: A real exchange rate entropic approach   Acrobat Required
Matesanz Gómez, D. & G.J. Ortega (2006)

Supply Shocks and Currency Crises: The Policy Dilemma Reconsidered
Garcia-Fronti, M.H. Miller & L. Zhang (2007)

Model-free Measurement of Exchange Market Pressure | Published   Acrobat Required   ScienceDirect Required
Klaassen, F. & H. Jager (2006/11)

Exchange Market Pressure: Some Caveats In Empirical Applications   Acrobat Required
Bertoli, S., G. Gallo & G. Ricchiuti (2007)

Currency crises and foreign credit in emerging markets: credit crunch or demand effect? | Published   Acrobat Required   ScienceDirect Required
Hale, G. & C. Arteta (2007/09)

The effect of monetary policy on exchange rates during currency crisis: the role of debt, institutions and financial openness | Published   Acrobat Required   Wiley Interscience Required
Eijffinger, S.C.W. & B. Goderis (2007/08)

Self-fulfilling currency attacks with biased signals   ScienceDirect Required
Chelia, B. & P.D. Posta (2007)

A note on interest rate defense policy and exchange rate volatility   ScienceDirect Required
Chen, S-S. (2007)

An event study of institutions and currency crises   ScienceDirect Required
Shimpalee, P.L. & J.B. Breuer (2007)

The Effect of Monetary Policy on Exchange Rates during Currency Crises; The Role of Debt, Institutions and Financial Openness
Eijffinger, S.C.W. & B. Goderis (2007)

Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises | Published   Adobe Acrobat Required   ScienceDirect Required
Broner, F.A. (2007/08)

A Markov-Switching Approach to Measuring Exchange Market Pressure
Kumah, F.Y. (2007)

Do high interest rates defend currencies during speculative attacks? New evidence   ScienceDirect Required
Goderis, B. & V.P. Ioannidou (2008)

Assessing the Effect of Current Account and Currency Crises on Economic Growth   Acrobat Required
Aßmann, C. (2008)

On the determinants of currency crises: The role of model uncertainty | Published   Acrobat Required   ScienceDirect Required
Cuaresma, J.C. & T. Slacik (2008/09)

Currency Crises and Monetary Policy in an Economy with Credit Constraints: The No Interest Parity Case   Acrobat Required
Bergman, U.M. & S. Hassan (2008)

Asymmetric price rigidity and the optimal interest rate defense of the exchange rate: Some evidence for the US   ScienceDirect Required
Dobrynskaya, V.V. (2008)

Evaluating currency crises: A Bayesian Markov switching approach   ScienceDirect Required
Mouratidis, K. (2008)

Carry Trades and Currency Crashes
Brunnermeier, M.K., S. Nagel & L.H. Pedersen (2008)

Rate of return parity and currency crises in experimental asset markets   ScienceDirect Required
Childs, J. (2008)

Defending against Speculative Attacks   Recommended!   Acrobat Required
Daniels, T.R., H. Jager & F. Klaassen (2008)

Abstract: While virtually all modern models of exchange rate crises recognise that the decision to abandon an exchange rate peg depends on how harshly policy makers are willing to defend the regime, they virtually never model how the exchange rate is defended. In this paper we incorporate both the mechanics of speculation and a defence policy against speculation in the well-known currency crisis model of Morris and Shin (American Economic Review 88 (1998) 587-97). After adding these natural elements, our model outperforms standard currency crisis models at explaining stylised features of speculative attacks. Moreover, our model connects the theoretical currency crisis literature to an empirical literature on exchange market pressure, by bringing together its building blocks: exchange rate changes plus counter-acting defence policies. We use this connection to confirm our model's predictions empirically.

The Nonlinear Dynamics of Foreign Reserves and Currency Crises
Chong, T.T.L., Q. He & M.J. Hinich (2009)

Can Open Capital Markets Help Avoid Currency Crises?   Acrobat Required
Garita, G. &am; C. Zhou (2009)

Currency crashes in industrial countries: much ado about nothing? | Published   Wiley Interscience Required
Gagnon, J.E. (2009/10)

The Theoretical Link Between Capital Account Liberalization and Currency Crisis Episodes
Sulimierska, M. (2009)

A note on estimating realignment probabilities – A first-passage-time approach   ScienceDirect Required
Hui, C.H. C.F. Lo (2009)

Common determinants of currency crises: role of external balance sheet variables   Acrobat Required
Licchetta, M. (2009)

Models of currency crises with self-fulfilling features: A comment   Acrobat Required
Dai, M. (2009)

Exchange Rate Regime Choice And Currency Crises | Published   ScienceDirect Required
Asici, A.A. (2009/11)

Crash Risk in Currency Markets
Farhi, E., S.P. Fraiberger, X. Gabaix, R. Ranciere & A. Verdelhan (2009)

Speculative attacks: A laboratory study in continuous time   ScienceDirect Required
Cheung, Y-W. & D. Friedman (2009)

The ADR shadow exchange rate as an early warning indicator for currency crises   ScienceDirect Required
Eichler, S., A. Karmann & D. Maltritz (2009)

Currency crises and foreign credit in emerging markets: Credit crunch or demand effect?   ScienceDirect Required
Hale, G. & C. Arteta (2009)

Experimental analysis on the role of a large speculator in currency crises   ScienceDirect Required
Taketa, T., K. Suzuki-Löffelholz & Y. Arikawa (2009)

Currency Runs, International Reserves Management and Optimal Monetary Policy Rules   Acrobat Required
Kato, M., C.R. Proano & W. Semmler (2009)

Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?
Kaminsky, G., A. Mati & N. Choueiri (2009)

Exchange rate regimes, capital controls, and currency crises: Does the bipolar view hold?   ScienceDirect Required
Esaka, T. (2009)

Carry Trade, Forward Premium Puzzle and Currency Crisis
Kaizoji, T. (2010)

De facto exchange rate regimes and currency crises: Are pegged regimes with capital account liberalization really more prone to speculative attacks?   ScienceDirect Required
Esaka, T. (2010)

Currency Crises and Monetary Policy: A Study on Advanced and Emerging Economies | Published   ScienceDirect Required
Eijffinger, S.C.W. & B. Karatas (2010/12)

Do high interest rates deter speculative attacks? – Evidence and some theory   ScienceDirect Required
Grier, K. & S. Lin (2010)

Chronicle of currency collapses: re-examining the effects on output | Published   ScienceDirect Required
Bussičre, M., S.C. Saxena & C. Tovar (2010/12)

From the Great Moderation to the global crisis: Exchange market pressure in the 2000s
Aizenman, J., J. Lee & V. Sushko (2010)

A Perspective on Predicting Currency Crises   ScienceDirect Required
Yepez, J., R.P. Flood & N.P. Marion (2010)

Interdependent bank runs under a collapsing fixed exchange rate regime   ScienceDirect Required
Nakata, T. (2010)

Averting Currency Crises: The Pros and Cons of Financial Openness
Gus, G. & Z. Chen (2011)

Which factor bears the cost of currency crises?   Acrobat Required
Maarek, P. & E. Orgiazzi (2011)

Currency Speculation in a Game-Theoretic Model of International Reserves   Acrobat Required
Perez, C.J. & M.S. Santos (2011)

Assessing the effect of current account and currency crises on economic growth   Acrobat Required
Aßmann, C. (2011)

Currency crises   Acrobat Required   SURVEY PAPER
Glick, R. & M. Hutchison (2011)

130 years of fiscal vulnerabilities and currency crashes in advanced economies
Fratzscher, M., A. Mehl & I. Vansteenkiste (2011)

Do Currency Crises Cause Capital Account Liberalization?   Wiley Interscience Required
Pepinsky, T.B. (2012)

Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008-2009 crisis   ScienceDirect Required
Aizenman, J. & M.M. Hutchison (2012)

Measuring currency pressures: The cases of the Japanese yen, the Chinese yuan, and the UK pound   ScienceDirect Required
Hall, S.G., A. Kenjegaliev, P.A.V.B. Swamy & G.S. Tavlas (2013)

Extremes, return level and identification of currency crises   ScienceDirect Required
Qin, X. & L. Liu (2014)

Are consistent pegs really more prone to currency crises?   ScienceDirect Required
Esaka, T. (2014)

Defending against speculative attacks - It is risky, but it can pay off   ScienceDirect Required
Erlera, A., C. Bauer & B. Herza (2014)

Optimal stopping in a model of speculative attacks   ScienceDirect Required
Kurlat, P. (2014)

To intervene, or not to intervene: Monetary policy and the costs of currency crises   ScienceDirect Required
Erler, A., C. Bauer & B. Herz (2015)

Exchange Market Pressure in OECD and Emerging Economies: Domestic vs. External Factors and Capital Flows in the Old and New Normal
Aizenman, J. & M. Binici (2015)

Pegxit Pressure: Evidence from the Classical Gold Standard
Mitchener, K.J. & G. Pina (2016)

Speculative attacks in a two-peg model   ScienceDirect Required
López-Suárez, C.F. & R. Razo-Garcia (2017)

Economic costs of alternative monetary policy responses to speculative currency attacks   ScienceDirect Required
Teimouri, S. & J. Zietz (2017)

Defending against speculative attacks: The policy maker's reputation   ScienceDirect Required
Huang, C. (2017)

Real and Financial Shocks, Exchange Rate Regimes and the Probability of a Currency Crisis | Published   Acrobat Required   ScienceDirect Required
Nakatani, R. (2017/18)

Output Costs of Currency Crises: Shocks, Policies and Cycles   Acrobat Required
Nakatani, R. (2018)

Transparency and currency crises   Wiley Interscience Required
Kim, N.K. (2018)

Why Do Currency Crises Recur?
Bird, G. (2019)

When pegging is a commitment device: Revisiting conventional wisdom about currency crises   ScienceDirect Required
Tarashev, N. & A. Zabai (2019)

Currency collapses and output dynamics in commodity dependent countries   ScienceDirect Required
Bodart, V. & J.-F. Carpantier (2020)

Welfare Costs of Bilateral Currency Crises: The Role of International Trade | Published   Wiley Interscience Required   Acrobat Required
Yilmazkuday, H. (2020/21)

The transmission of global monetary and credit shocks on exchange market pressure in emerging markets and developing economies   ScienceDirect Required
Keefe, H.G. (2021)

Home | Back | Index


Financial Stability & Supervision

Credit Cycles   Recommended!   JSTOR Required
Kiyotaki, N. & J. Moore (1997)

Abstract: We construct a model of a dynamic economy in which lenders cannot force borrowers to repay their debts unless the debts are secured. In such an economy, durable assets play a dual role: not only are they factors of production, but they also serve as collateral for loans. The dynamic interaction between credit limits and asset prices turns out to be a powerful transmission mechanism by which the effects of shocks persist, amplify, and spill over to other sectors. We show that small, temporary shocks to technology or income distribution can generate large, persistent fluctuations in output and asset prices.

International financial markets and the implications for monetary and financial stability   CONFERENCE VOLUME
BIS (Various) (2000)

The Corporate Governance of Banks
J.R. Macey & M. O'Hara (2001)

Financial Policies and the Prevention of Financial Crises in Emerging Market Economies
Mishkin, F.S. (2001)

Financial Stability and Fiscal Crises in a Monetary Union
Jahjah, S. (2001)

Allocating bank regulatory powers: lender of last resort, deposit insurance and supervision
Kahn, C.M. & J.A.C. Santos (2001)

Deposit Insurance Around the Globe: Where Does it Work? | Alternative
Kane, E.J. & A. Demirguc-Kunt (2001)

Identifying the Predictors for Financial Crisis Using Gibbs Sampler   Adobe Acrobat Required
Lin, J.L. & C.S. Wu (2001)

The Contribution of Domestic and External Factors to Emerging Market Devaluation Crises: An Early Warning Systems Approach
Kamin, S.B., J.W. Schindler & S.L. Samuel (2001)

Towards a new early warning system of financial crises | Published   Adobe Acrobat Required!   ScienceDirect Required
Bussiere, M. & M. Fratzscher (2002/06)

IMF Global Financial Stability Report
IMF (Mar 2002)

IMF Global Financial Stability Report
IMF (Jun 2002)

IMF Global Financial Stability Report
IMF (Sep 2002)

IMF Global Financial Stability Report
IMF (Dec 2002)

Early Warning Systems: A Survey and a Regime-Switching Approach   SURVEY PAPER
Abiad, A. (2003)

International Survey of Integrated Financial Sector Supervision
Martinez, J.L. & T.A. Rose (2003)

IMF Global Financial Stability Report
IMF (Mar 2003)

IMF Global Financial Stability Report
IMF (Sep 2003)

Emerging Issues in Banking Regulation
Chami, R., M.S. Khan & S. Sharma (2003)

Liquidity Concepts and Financial Instabilities   CONFERENCE VOLUME
Deutsche Bundesbank (Various) (2003)

Who Needs Foreign Banks?   Adobe Acrobat Required
Gros, D. (2003)

Tenuous Financial Stability   Adobe Acrobat Required
Valev, N.T. & J.A. Carlson (2003)

A Model to Analyse Financial Fragility: Applications   Recommended!   Adobe Acrobat Required
Goodhart, C.A.E., P. Sunirand & D.T. Tsomocos (2004)

Abstract: The purpose of our work is to explore contagious financial crises. To this end, we use simplified, thus numerically solvable, versions of our general model [Goodhart, Sunirand and Tsomocos (2003)]. The model incorporates heterogeneous agents, banks and endogenous default, thus allowing various feedback and contagion channels to operate in equilibrium. Such a model leads to different results from those obtained when using a standard representative agent model. For example, there may be a trade-off between efficiency and financial stability, not only for regulatory policies, but also for monetary policy. Moreover, agents which have more investment opportunities can deal with negative shocks more effectively by transferring ‘negative externalities’ onto others.

An Option-Based Approach to Bank Vulnerabilities in Emerging Markets
Chan-Lau, J., A. Jobert & J. Kong (2004)

IMF Global Financial Stability Report
IMF (April 2004)

Regime switching as an alternative early warning system of currency crises - an application to South-East Asia   Acrobat Required
Arias, G. & U. Erlandsson (2004)

Assessing Early Warning Systems: How Have They Worked in Practice?
Berg, A., E.R. Borensztein & C.A. Pattillo (2004)

Autocorrelation-Corrected Standard Errors in Panel Probits: An Application to Currency Crisis Prediction   Acrobat Required
Berg, A. & R.N. Coke (2004)

Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis
Das, U.S., M.G. Quintyn & K. Chenard (2004)

Towards a General Theory of Financial Regulation: Predicting, Measuring and Preventing Financial Crises   Acrobat Required
Currie, C. (2004)

Toward a Framework for Safeguarding Financial Stability
Houben, A., J. Kakes & G.J. Schinasi (2004)

Managing Volatility and Crises: A Practitioner's Guide Overview
Aizenman, J. & B. Pinto (2004)

Understanding Financial Vulnerability in Partially Dollarized Economies   Acrobat Required
Castro, J.F., E. Moron & D. Winkelried (2004)

IMF Global Financial Stability Report
IMF (Sep 2004)

Rating the rating agencies: Anticipating currency crises or debt crises?   ScienceDirect Required
Sy, A.N.R. (2004)

A Taxonomy of Financial Crisis Resolution Mechanisms: Cross-Country Experience
Calomiris, C., D. Klingebiel & L. Laeven (2004)

The Corporate Governance of Banks: A Concise Discussion of Concepts and Evidence
Levine, R. (2004)

Defining Financial Stability
Schinasi, G.J. (2004)

Financial Development, Financial Fragility, and Growth
Loayza, N. & R. Ranciere (2004)

Extreme Value Theory and the Incidence of Currency Crises   Adobe Acrobat Required
Pontines, V. & V. Siregar (2004)

The subordinated debt alternative to Basel II   ScienceDirect Required
Herring, R.J. (2004)

Macroeconomic Stability in Developing Countries: How Much Is Enough?
Servén, L. & P.J. Montiel (2004)

The simple economics of bank fragility   ScienceDirect Required
De Vries, C.G. (2005)

A (New) Country Insurance Facility | Published
Cordella, T. & E.L. Yeyati (2005)

Interest rate smoothing and financial stability   ScienceDirect Required
Smith, R.T. & H. van Egteren (2005)

Ex Ante Carrots instead of Ex Post Sticks: Two Examples
Aizenman, J. (2005)

IMF Global Financial Stability Report
IMF (April 2004)

Quantitative Analysis of Crisis: Crisis Identification and Causality
Ishihara, Y. (2005)

Liberalization, Prudential Supervision, and Capital Requirements: The Policy Trade-Offs
Ribakova, E. (2005)

Bank Concentration and Fragility: Impact and Mechanics
Beck, T., A. Demirgüç-Kunt & R. Levine (2005)

Measuring and Analyzing Sovereign Risk with Contingent Claims
Gapen, M.T., D.F. Gray, C.H. Lim & Y. Xiao (2005)

Financial Development, Financial Fragility, and Growth
Loayza, N. & R. Ranciere (2005)

Lending Booms and Lending Standards
Dell'Ariccia, G. & R.S. Marquez (2005)

Strengthening IMF Crisis Prevention
Ostry, J.D. & J. Zettelmeyer (2005)

Robust Lessons about Practical Early Warning Systems   Acrobat Required
Beckmann, D., L. Menkhoff & K. Sawischlewski (2005)

Predicting financial crises in emerging markets using a composite non-parametric model   ScienceDirect Required
Apoteker, T. & S. Barthélémy (2005)

FIRST: A Market-Based Approach to Evaluate Financial System Risk and Stability
Avesani, R. (2005)

Deposit insurance, bank regulation, and financial system risks   ScienceDirect Required
Pennacchi, G. (2006)

Is One Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision
Cihák, M. & R. Podpiera (2006)

Are Emerging Market Currency Crises Predictable? - A Test   Acrobat Required
Peltonen, T.A. (2006)

The Role of IMF Support in Crisis Prevention
Ramakrishnan, U. & J. Zalduendo (2006)

IMF Global Financial Stability Report
IMF (April 2006)

A New Approach to Modeling Early Warning Systems for Currency Crises : can a machine-learning fuzzy expert system predict the currency crises effectively?   Acrobat Required
Lin, C-S., H.A. Khan, Y-C. Wang & R-Y. Chang (2006)

Market-Based Estimation of Default Probabilities and Its Application to Financial Market Surveillance
Chan Lau, J.A. (2006)

A New Risk Indicator and Stress Testing Tool: A Multifactor Nth-to-Default CDS Basket
Avesani, R.G., A. Garcia Pascual & J. Li (2006)

On the duration of the financial system stability under liberalization   ScienceDirect Required
Aka, B.E. (2006)

An identity crisis? Examining IMF financial programming   ScienceDirect Required
Easterly, W. (2006)

Competition and Entry in Banking: Implications for Stability and Capital Regulation
Boot, A.W.A. & M. Marinc (2006)

Are More Competitive Banking Systems More Stable?
Schaeck, K., M. Cihák & S. Wolfe (2006)

IMF-Supported Programs and Crisis Prevention: An Analytical Framework
Kim, J.I. (2006)

How Do Central Banks Write on Financial Stability?
Cihák, M. (2006)

IMF Global Financial Stability Report
IMF (Sep 2006)

Does the Basle Capital Accord reduce bank fragility? An assessment of the value-at-risk approach   ScienceDirect Required
Alexander, G.J. & A.M. Baptista (2006)

The Limits of Market-Based Risk Transfer and Implications for Managing Systemic Risks
Groome, T., N.R. Blancher, F. Haas, J. Kiff, W. Lee, P.S. Mills, S. Nakagawa, P. Ramlogan, O. Khadarina & Y.S. Kim (2006)

Default, Credit Growth, and Asset Prices
Basurto, M.A.S., C.A.E. Goodhart & B. Hofmann (2006)

A framework for assessing financial stability?   ScienceDirect Required
Goodhart, C.A.E. (2006)

Financial fragility and economic fluctuations   ScienceDirect Required
Sordi, S. & A. Vercelli (2006)

An "almost-too-late" warning mechanism for currency crises   Acrobat Required
Cuaresma, J.C. & T. Slacik (2007)

Long Run Macroeconomic Relations in the Global Economy   Acrobat Required
Dees, S., S. Holly, M.H. Pesaran & L.V. Smith (2007)

Growing Up to Financial Stability
Bordo, M.D. (2007)

Banking Supervision: Quality and Governance
Arnone, M., S.M. Darbar & A. Gambini (2007)

IMF Global Financial Stability Report
IMF (Apr 2007)

Global Imbalances and Financial Stability | Published   ScienceDirect Required
Xafa, M. (2007)

Hedge Funds, Financial Intermediation, and Systemic Risk
Kambhu, J., T. Schuermann & K.J. Stiroh (2007)

Leaning Against the Wind   Wiley Interscience Required
Weill, P-O. (2007)

An 'Almost-Too-Late' Warning Mechanism for Currency Crises   Acrobat Required
Cuaresma, J.C. & T. Slacik (2007)

Should Bank Supervisors in Developing Countries Exercise More or Less Forbearance?   Acrobat Required
Honohan, P. (2007)

IMF Global Financial Stability Report
IMF (Sep 2007)

EU Framework for Safeguarding Financial Stability: Towards an Analytical Benchmark for Assessing its Effectiveness
Nieto, M. & G.J. Schinasi (2007)

Can We Predict the Next Capital Account Crisis?
Chamon, M., P. Manasse & A. Prati (2007)

How Well Do Aggregate Bank Ratios Identify Banking Problems?
Cihák, M. & K. Schaeck (2007)

Leverage Cycles and the Anxious Economy   Recommended!
Fostel, A. & J. Geanakoplos (2008)

Abstract: We provide a pricing theory for emerging asset classes, like emerging markets, that are not yet mature enough to be attractive to the general public. We show how leverage cycles can cause contagion, flight to collateral, and issuance rationing in a frequently recurring phase we call the anxious economy. Our model provides an explanation for the volatile access of emerging economies to international financial markets, and for three stylized facts we identify in emerging markets and high yield data since the late 1990s. Our analytical framework is a general equilibrium model with heterogeneous agents, incomplete markets, and endogenous collateral, plus an extension encompassing adverse selection.

Islamic Banks and Financial Stability: An Empirical Analysis
Cihák, M. & H. Hesse (2008)

Helping Hand or Grabbing Hand? Supervisory Architecture, Financial Structure and Market View
Masciandaro, D. & M. Quintyn (2008)

The Welfare Cost of Banking Regulation
Tchana Tchana, F. (2008)

IMF Global Financial Stability Report
IMF (Apr 2008)

Flexible inflation targeting and financial stability: Is it enough to stabilize inflation and output?   ScienceDirect Required
Akram, Q.F. & O. Eitrheim (2008)

The Procyclical Effects of Basel II
Repullo, R. & J. Suarez (2008)

Financial Supervisory Independence and Accountability-Exploring the Determinants
Masciandaro, D., M. Quintyn & M. Taylor (2008)

Bank Governance, Regulation, and Risk Taking
Laeven, L. & R. Levine (2008)

Bank regulations are changing: for better or worse?
Barth, J.R., C. Gerard, Jr. & R. Levine (2008)

Bank competition and financial stability: friends or foes?
Beck, T. (2008)

Quality of Regulation and Supervision Around the World
Cihák, M. & A.F. Tieman (2008)

Financial Stability, the Trilemma, and International Reserves
Obstfeld, M., J.C. Shambaugh & A.M. Taylor (2008)

Stress Testing at the IMF
Moretti, M., S. Stolz & M. Swinburne (2008)

Bank Losses, Monetary Policy and Financial Stability-Evidence on the Interplay from Panel Data
Nier, E. & L. Zicchino (2008)

IMF Global Financial Stability Report
IMF (Oct 2008)

A Theory of International Crisis Lending and IMF Conditionality
Jeanne, O., J.D. Ostry & J. Zettelmeyer (2008)

An Economic Index of Riskiness
Aumann, R.J. & R. Serrano (2008)

Endogenous screening, credit crunches, and competition in laxity   ScienceDirect Required
Shaffer, S. & S. Hoover (2008)

Financial (in)stability, supervision and liquidity injections : a dynamic general equilibrium approach   Acrobat Required
de Walque, G., O. Pierrard & A. Rouabah (2008)

The Value of Financial Stability   Wiley Interscience Required
Gollier, J-M. (2008)

Banking Stability Measures
Segoviano Basurto, M.A. & C.A.E. Goodhart (2009)

Securitisation and Financial Stability   Wiley Interscience Required
Shin, H.S. (2009)

On the Paradox of Prudential Regulations in the Globalized Economy: International Reserves and the Crisis a Reassessment
Aizenman, J. (2009)

The Use (and Abuse) of CDS Spreads During Distress
Singh, M. & C. Spackman (2009)

Financial (In)stability, Supervision and Liquidity Injections: A Dynamic General Equilibrium Approach
de Walque, G., O. Pierrard & A. Rouabah (2009)

Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis
Nier, E. (2009)

IMF Global Financial Stability Report   Recommended!
IMF (Apr 2009)

Abstract: The global financial system remains under severe stress as the crisis broadens to include households, corporations, and the banking sectors in both advanced and emerging market countries. In normal times, the Global Financial Stability Report aims to prevent crises by highlighting policies that may mitigate systemic risks, thereby contributing to financial stability and sustained economic growth. In the current crisis, the report traces the sources and channels of financial distress and provides policy advice on mitigating its effects on economic activity, stemming contagion, and mending the global financial system.

Financial market stability—A test   ScienceDirect Required
Baur, D.G. & N. Schulze (2009)

Unstable Banking | Published   ScienceDirect Required
Shleifer, A. & R.W. Vishny (2009/10)

Financial Stress, Downturns, and Recoveries
Cardarelli, R., S. Elekdag & S. Lall (2009)

Credit Risk Spreads in Local and Foreign Currencies
Galai, D. & Z. Wiener (2009)

The Systemic Regulation of Credit Rating Agencies and Rated Markets
Sy, A.N.R. (2009)

Governance Practices at Financial Regulatory and Supervisory Agencies
Seelig, S.A. & A. Novoa (2009)

A Theory of Liquidity and Regulation of Financial Intermediation   Wiley Interscience Required
Farhi, E., M. Golosov & A. Tsyvinski (2009)

Recent Advances in Credit Risk Modeling
Capuano, C., J.A. Chan-Lau, J.G. Gasha, C.I. Medeiros, A. Santos & M. Souto (2009)

The Challenge of Enforcement in Securities Markets: Mission Impossible?
Carvajal, A. & J.A. Elliott (2009)

The Real Effects of Financial Sector Risk
Tieman, A.F. & A.M. Maechler (2009)

Systemic Risk and the Refinancing Ratchet Effect
Khandani, A.E., A.W. Lo & R.C. Merton (2009)

A framework for assessing the systemic risk of major financial institutions   ScienceDirect Required
Huang, X., H. Zhou & H. Zhu (2009)

IMF Global Financial Stability Report
IMF (Oct 2002)

Constructing Forecast Confidence Bands During the Financial Crisis
Chen, H., K. Clinton, M. Johnson, O. Kamenik & D. Laxton (2009)

Cyclical effects of bank capital requirements with imperfect credit markets
Agenor, P-R. & L.A. Pereira da Silva (2009)

Global Market Conditions and Systemic Risk
González-Hermosillo, B. & H. Hesse (2009)

Excessive Lending, Leverage, and Risk-Taking in the Presence of Bailout Expectations
Georgiou, A. (2009)

Regulatory Competition and Bank Risk Taking
Agur, I. (2009)

Sovereign Wealth Funds and Financial Stability-An Event Study Analysis
Sun, T. & H. Hesse (2009)

Financial Sector Surveillance and the IMF
Gola, C. & F. Spadafora (2009)

A Tale of Two Policies: Prudential Regulation and Monetary Policy with Fragile Banks | Published   ScienceDirect Required
Angeloni, I. & E. Faia (2009/13)

Financial (in)stability, supervision and liquidity injections: a dynamic general equilibrium approach   Acrobat Required
de Walque, G., O. Pierrard & A. Rouabah (2009)

Macro Stress Tests and Crises: What Can We Learn?
Alfaro, R. & M. Drehmann (2009)

Financial firm bankruptcy and systemic risk   ScienceDirect Required
Helwege, J. (2009)

The New Multi-polar International Monetary System   ScienceDirect Required
Dailami, M. & P. Masson (2009)

Crisis Management and Resolution for a European Banking System
Fonteyne, W., W. Bossu, L. Cortavarria, A. Giustiniani, A. Gullo, D.C.L. Hardy & S. Kerr (2010)

Basel Core Principles and Bank Risk: Does Compliance Matter?
Demirgüç-Kunt, A. & E. Detragiache (2010)

IMF Global Financial Stability Report
IMF (Apr 2010)

Balance Sheet Network Analysis of Too-Connected-to-Fail Risk in Global and Domestic Banking Systems
Chan-Lau, J.A. (2010)

A Framework for Assessing Systemic Risk
Dijkman, M. (2010)

Toward a global risk map
Cecchetti, S., I. Fender & K.P. McGuire (2010)

Can You Map Global Financial Stability?
Dattels, P., R. McCaughrin, K. Miyajima & J. Puig (2010)

The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions
Ötker, I. & J. Podpiera
(2010)

Bank regulation, property prices and early warning systems for banking crises in OECD countries   ScienceDirect Required
Barrell, R., E.P. Davis, D. Karim & I. Liadze (2010)

Detecting and interpreting financial stress in the euro area   Acrobat Required
Grimaldi, M.B. (2010)

Financial Conditions Indexes: A Fresh Look after the Financial Crisis
Hatzius, J., P. Hooper, F.S. Mishkin, K.L. Schoenholtz & M.W. Watson (2010)

Central Banks and the Financial System
Giavazzi, F. & A. Giovannini (2010)

Why Does Bad News Increase Volatility and Decrease Leverage?
Fostel, A. & J. Geanakoplos (2010)

IMF Global Financial Stability Report
IMF (Oct 2010)

Currency Crises Early Warning Systems: why they should be Dynamic   Acrobat Required
Bertrand, C., D. Elena-Ivona & H. Christophe (2010)

The Squam Lake Report: Fifteen economists in search of financial reform   ScienceDirect Required
Blinder, A.S. (2010)

The Squam Lake Report: Observations from two policy professionals   ScienceDirect Required
Feldman, R.J. & G.H. Stern (2010)

Financial Sector Regulation and Reforms in Emerging Markets: An Overview
Prasad, E.S. (2010)

Financial (In)Stability, Supervision and Liquidity Injections: A Dynamic General Equilibrium Approach   Wiley Interscience Required
De Walque, G., O. Pierrard & A. Rouabah (2010)

A New Index of Currency Mismatch and Systemic Risk
Ranciere, R., A. Tornell & A. Vamvakidis (2010)

Monetary Policy, Leverage, and Bank Risk-Taking
Dell'Ariccia, G., L. Laeven & R. Marquez (2010)

Managing Public Debt and Its Financial Stability Implications
Das, U.S., M.G. Papaioannou, G. Pedras, F. Ahmed & J. Surti (2010)

Into the Great Unknown: Stress Testing with Weak Data
Ong, L.L., R. Maino & N. Duma (2010)

Informational Rents, Macroeconomic Rents, and Efficient Bailouts
Philippon, T. & P. Schnabl (2011)

Overborrowing, Financial Crises and ‘Macro-prudential’ Policy
Bianchi, J. & E.G. Mendoza (2011)

A Macroprudential Approach to Financial Regulation
Hanson, S.G., A.K. Kashyap & J.C. Stein (2011)

How better monetary statistics could have signaled the financial crisis   ScienceDirect Required
Barnett, W.A. & M. Chauvet (2011)

The Impact of Cross-Border Banking on Financial Stability   Acrobat Required
Schoenmaker, D. & W. Wagner (2011)

Financial Regulation: Lessons from the Recent Financial Crises
Hoshi, T. (2011)

Money, Financial Stability and Efficiency   Acrobat Required
Allen, F., E. Carletti & D. Gale (2011)

Over the hedge: exchange rate volatility, commodity price correlations, and the structure of trade
Raddatz, C. (2011)

Financial Crises and Macro-Prudential Policies | Published   Acrobat Required   ScienceDirect Required
Benigno, G., H. Chen, C. Otrok, A. Rebucci & E. Young (2011/13)

IMF Global Financial Stability Report
IMF (Apr 2011)

Fat Tails and their (Un)happy Endings: Correlation Bias and its Implications for Systemic Risk and Prudential Regulation
Chan Lau, J.A. (2011)

Are Copula-GoF-tests of any practical use? Empirical evidence for stocks, commodities and FX futures   ScienceDirect Required
Weiß, G.N.F. (2011)

Macroeconomic Costs of Higher Bank Capital and Liquidity Requirements
Roger, S. & J. Vlcek (2011)

Illiquid Banks, Financial Stability, and Interest Rate Policy | Published
Diamond, D.W. & R. Rajan (2011/12)

Systemic Risks and the Macroeconomy
De Nicolo, G. & M. Lucchetta (2011)

Identifying Vulnerabilities in Systemically-Important Financial Institutions in a Macro-financial Linkages Framework
Sun, T. (2011)

Bank Behavior in Response to Basel III: A Cross-Country Analysis
Cosimano, T.F. & D. Hakura (2011)

Risky Bank Lending and Optimal Capital Adequacy Regulation
Benes, J. & M. Kumhof (2011)

IMF Global Financial Stability Report Update
IMF (Jun 2011)

Bank Overleverage and Macroeconomic Fragility   Acrobat Required
Kato, R. & T. Tsuruga (2011)

Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses
Unsal, D.F. (2011)

Systemic Risk and Optimal Regulatory Architecture
Espinosa-Vega, M.A., C. Kahn, R. Matta & J. Sole (2011)

Ability of accounting and audit quality variables to predict bank failure during the financial crisis   ScienceDirect Required
Jin, J.Y., K. Kanagaretnam & G.J. Lobo (2011)

Joint effect of financial fragility and macroeconomic shocks on bank loan losses: Evidence from Europe   ScienceDirect Required
Pesola, J. (2011)

Who Should Supervise? The Structure of Bank Supervision and the Performance of the Financial System
Eichengreen, B. & N. Dincer (2011)

IMF Global Financial Stability Report
IMF (Sep 2010)

What Fuels the Boom Drives the Bust: Regulation and the Mortgage Crisis | Published   Wiley Interscience Required
Dagher, J. & N. Fu (2011/15)

CoVaR | Published
Adrian, T. & M.K. Brunnermeier (2011/16)

Complementing Bagehot: Illiquidity and insolvency resolution
Eijffinger, S.C.W. & R. Nijskens (2011)

Making Banks Safer: Can Volcker and Vickers Do It?
Chow, J.T.S. & J. Surti (2011)

Systemic Risks in Global Banking: What Available Data can tell us and What More Data are Needed?
Cerutti, E., S. Claessens & P. McGuire (2011)

Endogenous Credit Cycles | Published   JSTOR Required
Gu, C. & R. Wright (2011/13)

Monetary Policy, Bank Leverage, and Financial Stability | Published   ScienceDirect Required
Valencia, F. (2011/14)

Innovations in Globalized Regulation: Opportunities and Challenges
Levy, B. (2011)

Has the Global Banking System Become More Fragile over Time?
Anginer, F. & A. Demirguc-Kunt (2011)

The Economic Crisis: Did Financial Supervision Matter?
Masciandaro, D., R. Vega Pansini & M. Quintyn (2011)

Capital regulation, bank competition, and financial stability   ScienceDirect Required
Hakenes, H. & I. Schnabel (2011)

Modeling Correlated Systemic Liquidity and Solvency Risks in a Financial Environment with Incomplete Information
Schumacher, L. & T.M. Barnhill (2011)

Macroprudential Policies in Open Emerging Economie
Hahm, J-H., F.S. Mishkin, H.S. Shin & K. Shin (2011)

Bank Leverage Regulation and Macroeconomic Dynamics   Acrobat Required
Christensen, I., C. Meh & K. Moran (2011)

Inconsistent Regulators: Evidence From Banking
Agarwal, S., D. Lucca, A. Seru & F. Trebbi (2012)

The Role of Central Banks in Financial Stability: How has it changed?
Buiter, W.H. (2012)

Short-term Wholesale Funding and Systemic Risk: A Global CoVaR Approach | Published   ScienceDirect Required
Lopez-Espinosa, G., A. Moreno, A. Rubia & L. Valderrama (2012)

The ECB and the Interbank Market
Giannone, D., M. Lenza, H. Pill & L. Reichlin (2012)

Measuring Systemic Risk | Published
Acharya, V.V., L.H Pedersen, T. Philippon & M.P. Richardson (2012/16)

Does Macro-Pru Leak? Evidence from a UK Policy Experiment
Aiyar, S., C.W. Calomiris & T. Wieladek (2012)

From Stress to CoStress: Stress Testing Interconnected Banking Systems
Maino, R. & K. Tintchev (2012)

Systemic Real and Financial Risks: Measurement, Forecasting, and Stress Testing
De Nicoló, G. & M. Lucchetta (2012)

Capital Regulation, Liquidity Requirements and Taxation in a Dynamic Model of Banking
De Nicoló, G., A. Gamba & M. Lucchetta (2012)

IMF Global Financial Stability Report
IMF (Apr 2012)

Econometric measures of connectedness and systemic risk in the finance and insurance sectors   ScienceDirect Required   Recommended!
Billio, M., L. Getmansky, A.W. Lo & L. Pelizzon (2012)

Abstract: We propose several econometric measures of connectedness based on principal-components analysis and Granger-causality networks, and apply them to the monthly returns of hedge funds, banks, broker/dealers, and insurance companies. We find that all four sectors have become highly interrelated over the past decade, likely increasing the level of systemic risk in the finance and insurance industries through a complex and time-varying network of relationships. These measures can also identify and quantify financial crisis periods, and seem to contain predictive power in out-of-sample tests. Our results show an asymmetry in the degree of connectedness among the four sectors, with banks playing a much more important role in transmitting shocks than other financial institutions.

Neglected risks, financial innovation, and financial fragility   ScienceDirect Required
Gennaioli, N., A. Shleifer & R. Vishny (2012)

Consequences of Asset Shortages in Emerging Markets
Chen, J. & P.A. Imam (2012)

A dynamic analysis of bank bailouts and constructive ambiguity
Eijffinger, S.C.W. & R. Nijsken (2012)

Getting at Systemic Risk via an Agent-Based Model of the Housing Market
Geanakoplos, J. (2012)

Capital Shortfall: A New Approach to Ranking and Regulating Systemic Risks
Acharya, V., R. Engle & M. Richardson (2012)

Privacy-Preserving Methods for Sharing Financial Risk Exposures
Abbe, E.A., A.E. Khandani & A.W. Lo (2012)

Financial Risk Measurement for Financial Risk Management
Andersen, T.G., T. Bollerslev, P.F. Christoffersen & F.X. Diebold (2012)

Liaisons dangereuses: Increasing connectivity, risk sharing, and systemic risk   ScienceDirect Required
Battiston, S., D.D. Gatti, M. Gallegati, B. Greenwald & J.E. Stiglitz (2012)

Systemic Risk and Asymmetric Responses in the Financial Industry
López-Espinosa, G., A. Moreno, A. Rubia & L. Valderrama (2012)

Interbank lending and the spread of bank failures: A network model of systemic risk   ScienceDirect Required
Krause, A. & S. Giansante (2012)

'Too interconnected to fail' financial network of US CDS market: Topological fragility and systemic risk   ScienceDirect Required
Markose, S., S. Giansante & A.R. Shaghaghi (2012)

Macro-prudential Policy in a Fisherian Model of Financial Innovation   Wiley Interscience Required
Bianchi, J., E. Boz & E.G. Mendoza (2012)

Bank resilience to systemic shocks and the stability of banking systems: Small is beautiful   ScienceDirect Required
Vallascas, F. & K. Keasey (2012)

Characterising the financial cycle: don't lose sight of the medium term!
Drehmann, M., C. Borio & K. Tsatsaronis (2012)

The (Other) Deleveraging
Singh, M. (2012)

Measuring Systemic Liquidity Risk and the Cost of Liquidity Insurance
Severo, T. (2012)

Measuring Systemic Risk-Adjusted Liquidity (SRL) - A Model Approach
Jobst, A. (2012)

The future and dynamics of global systemically important banks   ScienceDirect Required
Moshirian, F. (2012)

A New Heuristic Measure of Fragility and Tail Risks: Application to Stress Testing
Taleb, N.N., E. Canetti, T. Kinda, E. Loukoianova & C. Schmieder (2012)

Algorithm for Identifying Systemically Important Banks in Payment Systems
Soramaki, K. & S. Cook (2012)

An Early Warning System to Predict the Speculative House Price Bubbles
Dreger, C. & K.A. Kholodilin (2012)

Financial integration, specialization, and systemic risk   ScienceDirect Required
Fecht, F., H.P. Grüner & P. Hartmann (2012)

Efficiency of Central Bank Policy During the Crisis : Role of Expectations in Reinforcing Hoarding Behavior   Acrobat Required
Audzei, V. (2012)

The impact of the LCR on the interbank money market
Bonner, C. & S.C.W. Eijffinger (2012)

A Macroeconomic Model of Endogenous Systemic Risk Taking
Martinez-Miera, D. & J. Suarez (2012)

Optimal Policy for Macro-Financial Stability
Benigno, G., H. Chen, C. Otrok, A. Rebucci &l E.R. Young (2012)

IMF Global Financial Stability Report
IMF (Oct 2012)

Macroeconomic Stability, Financial Stability, and Monetary Policy Rules   Wiley Interscience Required
Agénor, P-R. & L.A. Pereira da Silva (2012)

Efficient Bailouts?
Bianchi, J. (2012)

On policymakers' loss functions and the evaluation of early warning systems   ScienceDirect Required
Sarlin, P. (2013)

Financial systemic risk: Taxation or regulation?   ScienceDirect Required
Masciandaro, D. & F. Passarelli (2013)

Systemic Risk and Stability in Financial Networks | Published
Acemoglu, D., A. Ozdaglar & A. Tahbaz-Salehi (2013/15)

Quantifying Systemic Risk   Recommended!
Haubrich, J.G. & A.W. Lo (editors) (2013)

Abstract: In the aftermath of the recent financial crisis, the federal government has pursued significant regulatory reforms, including proposals to measure and monitor systemic risk. However, there is much debate about how this might be accomplished quantitatively and objectively. One of the first books to address the challenges of measuring statistical risk from a system-wide persepective, Quantifying Systemic Risk looks at the means of measuring systemic risk and explores alternative approaches.

Measuring Systemic Importance of Financial Institutions: An Extreme Value Theory Approach   ScienceDirect Required
Gravelle, T. & F. Li (2013)

Cap and Trade: A Proposal for Containing Systemic Liquidy Risk
Milne, A. (2013)

Optimal Bank Capital   Wiley Interscience Required
Miles, D., J. Yang & G. Marcheggiano (2013)

Early warning for currency crises: what is the role of financial openness? | Published   Acrobat Required   Wiley Interscience Required
Frost, J. & A. Saiki (2013/14)

The impact of banking sector stability on the real economy   ScienceDirect Required
Jokipii, T. & P. Monnin (2013)

Private sector share of external debt and financial stability: Evidence from bank loans   ScienceDirect Required
Hallak, I. (2013)

Early warning systems for currency crises: A multivariate extreme value approach   ScienceDirect Required
Cumperayot, P. & R. Kouwenberg (2013)

Market-Based Structural Top-Down Stress Tests of the Banking System
Chan-Lau, J. (2013)

IMF Global Financial Stability Report
IMF (Apr 2013)

Sustainable Shadow Banking | Published
Ordonez, G. (2013/18)

Survey of Reserve Managers: Lessons from the Crisis
Morahan, A. & C. Mulder (2013)

Assessing systemic risks and predicting systemic events   ScienceDirect Required
Lo Duca, M. & T.A. Peltonen (2013)

Bailouts, Time Inconsistency, and Optimal Regulation | Published
Chari, V.V. & P.J. Kehoe (2013)

Mapping the State of Financial Stability   ScienceDirect Required
Sarlin, P. & T.A. Peltonen (2013)

Comparing Parametric and Non-parametric Early Warning Systems for Currency Crises in Emerging Market Economies | Published   Wiley Interscience Required
Comelli, F. (2013/14)

Equilibrium Credit: The Reference Point for Macroprudential Supervisors
Buncic, D. & M. Melecky (2013)

Big Banks and Macroeconomic Outcomes: Theory and Cross-Country Evidence of Granularity
Bremus, F., C. Buch, K. Russ & M. Schnitzer (2013)

Evaluating early warning indicators of banking crises: Satisfying policy requirements
Drehmann, M. & M. Juselius (2013)

Bailouts and Bank Runs: Theory and Evidence from TARP   ScienceDirect Required
Wang, C. (2013)

SAFE: An early warning system for systemic banking risk   ScienceDirect Required
Oet, M.V., T. Bianco, D. Gramlich & S.J. Ong (2013)

Heterogeneity of the determinants of euro-area sovereign bond spreads; what does it tell us about financial stability?   ScienceDirect Required
Georgoutsos, D.A. & P.M. Migiakis (2013)

IMF Global Financial Stability Report
IMF (Oct 2013)

Credibility and Crisis Stress Testing
Ong, L.L. & C. Pazarbasioglu (2013)

Welfare Analysis of Policy Measures for Financial Stability   Acrobat Required
Munakata, K., K. Nakamura & Y. Teranishi (2013)

Stress testing credit risk: The Great Depression scenario   ScienceDirect Required
Varotto, S. (2013)

Determinants of Financial Stress in Emerging Market Economies   ScienceDirect Required
Park, C-Y. & R.V. Mercado (2013)

Modeling Banking, Sovereign, and Macro Risk in a CCA Global VAR
Gray, D.F. (2013)

Optimal Financial Transaction Taxes   Acrobat Required
Davila, E. (2013)

Rules of Thumb for Bank Solvency Stress Testing
Hardy, D.C. & C. Schmieder (2013)

Measuring Systemic Risk in a Post-Crisis World   Acrobat Required
de Bandt, O., J.-C. Héam, C. Labonne & S. Tavolaro (2013)

Stress Tests to Promote Financial Stability: Assessing Progress and Looking to the Future   Acrobat Required
Bookstaber, R., J. Cetina, G. Feldberg, M. Flood & P. Glasserman (2013)

Bailouts and Systemic Insurance
Dell'Ariccia , G. & L. Ratnovski (2013)

The Federal Reserve and Panic Prevention: The Roles of Financial Regulation and Lender of Last Resort
Gorton, G. & A. Metrick (2013)

Market-oriented banking, financial stability and macro-prudential indicators of leverage   ScienceDirect Required
Calmčs, C. & R. Théoret (2013)

A sectoral analysis of the financial instability hypothesis   ScienceDirect Required
Mulligan, R.F. (2013)

Inflation Targeters Do Not Care (Enough) about Financial Stability: A Myth?   Acrobat Required
Fouejieu Azangue, A. (2013)

Predicting Distress in European Banks   ScienceDirect Required
Betz, F., S. Oprica, T.A. Peltonen & P. Sarlin (2013)

The financial crisis and bank-client relationships: Foreign ownership, transparency, and portfolio selection   ScienceDirect Required
Pennathur, A.K. & S. Vishwasrao (2013)

Procyclicality and the Search for Early Warning Indicators
Shin, H.S. (2013)

Financial Soundness Indicators and Banking Crises
Navajasm, M.C. & A. Thegeya (2013)

Financial stability in open economies   Acrobat Required
Fujiwara, I. & Y. Teranishi (2013)

Sovereign Risk and Bank Balance Sheets: The Role of Macroprudential Policies   Acrobat Required
D'Erasmo, P., B. Durdu & E. Boz (2013)

Bank Regulation and International Financial Stability: A Case against the 2006 Basel Market Risk Framework   ScienceDirect Required
Alexander, G.J., A.M. Baptista & S. Yan (2014)

The External Balance Assessment (EBA) Methodology
Phillips, S., L. Catăo, L.A. Ricci, R. Bems, M. Das, J. di Giovanni, D.F. Unsal, M. Castillo, J. Lee, J. Rodriguez & M. Vargas (2014)

Systemic banks and the lender of last resort   ScienceDirect Required
Ponce, J. & M. Rennert (2014)

Financial Soundness Indicators and the Characteristics of Financial Cycles
Che, N.X. & Y. Shinagawa (2014)

A Macroeconomic Framework for Quantifying Systemic Risk | Published
He, Z. & A. Krishnamurthy (2014/19)

The impact of preferences on early warning systems - The case of the European Commission's Scoreboard   ScienceDirect Required
Knedlik, T. (2014)

The Application of Visual Analytics to Financial Stability Monitoring   Acrobat Required
Flood, M.D., V.L. Lemieux, M. Varga & B.L.W. Wong (2014)

Which Are the SIFIs? A Component Expected Shortfall Approach to Systemic Risk   ScienceDirect Required
Banulescu, G-D. & E-I. Dumitrescu (2014)

A Macroeconomic Framework for Quantifying Systemic Risk
He, Z. & A. Krishnamurthy (2014)

Winners in the spotlight: Media coverage of fund holdings as a driver of flows   ScienceDirect Required
Solomon, D.H., E.F. Soltes & D. Sosyura (2014)

The Regulatory Responses to the Global Financial Crisis: Some Uncomfortable Questions
Claessens, C. & L.E. Kodres (2014)

Macroprudential Policies in a Global Perspective
Jeanne, O. (2014)

Rating Agencies
Cole, H. & T.F. Cooley (2014)

Macroprudential Policies as Buffer Against Volatile Cross-border Capital Flows
Aysan, A.F., S. Fendoglu & M. Kilinc (2014)

IMF Global Financial Stability Report
IMF (Apr 2014)

'Too Systemically Important to Fail' in Banking - Evidence from Bank Mergers and Acquisitions   ScienceDirect Required
Molyneux, P., K. Schaeck & T.M. Zhou (2014)

Strengthening Post-Crisis Fiscal Credibility: Fiscal Councils on the Rise - A New Dataset
Debrun, X. & T. Kinda (2014)

Comparing the Performance of Logit and Probit Early Warning Systems for Currency Crises in Emerging Market Economies
Comelli, F. (2014)

The Empirics of Banking Regulation   ScienceDirect Required
Tchana Tchana, F. (2014)

Financial fragility, sovereign default risk and the limits to commercial bank bail-outs   ScienceDirect Required
van der Kwaak, C.G.F. & S.J.G. van Wijnbergen (2014)

Systemic Risk, Governance and Global Financial Stability   ScienceDirect Required
Ellis, L., A. Haldane & F. Moshirian (2014)

Capital account openness and early warning system for banking crises in G20 countries   ScienceDirect Required
Qin, X. & C. Luo (2014)

On the social usefulness of fractional reserve banking   ScienceDirect Required
Chari, V.V. & C. Phelan (2014)

On the network topology of variance decompositions: Measuring the connectedness of financial firms   ScienceDirect Required
Diebold, F.X. & K. Yilmaz (2014)

Financial stability indicators and public debt developments   ScienceDirect Required
Tagkalakis, A.O. (2014)

Safe Havens, Feedback Loops, and Shock Propagation in Global Asset Prices
Ohnsorge, F., M. Wolski & Y.S. Zhang (2014)

After the Fall: Lessons for Policy Cooperation from the Global Crisis
Bayoumi, T. (2014)

Ms. Muffet, the Spider(gram) and the Web of Macro-Financial Linkages
Cervantes, R., P. Jeasakul, J. Maloney & L.L. Ong (2014)

How to Capture Macro-Financial Spillover Effects in Stress Tests?
Hesse, H., F. Salman & C. Schmieder (2014)

Central Bank Communication on Financial Stability   Wiley Interscience Required
Born, B., M. Ehrmann & M. Fratzscher (2014)

Complex Financial Networks and Systemic Risk: A Review   Acrobat Required   SURVEY PAPER
Bougheas, S. & A. Kirman (2014)

Real and Financial Vulnerabilities from Crossborder Banking Linkages
Kim, K. ↦ S. Mitra (2014)

Testing macroprudential stress tests: The risk of regulatory risk weights   ScienceDirect Required
Acharya, V., R. Engle & D. Pierret (2014)

Bank Size and Systemic Risk
Laeven, L., L. Ratnovski & H. Tong (2014)

Everything you always wanted to know about systemic importance (but were afraid to ask) | Published   Acrobat Required   Wiley Interscience Required
Alessandri, P., S. Masciantonio & A. Zaghini (2014/15)

Bank Capital and Systemic Stability
Anginer, D. & A. Demirguc-Kunt (2014)

Diversification and systemic risk   ScienceDirect Required
Raffestin, L. (2014)

Measuring aggregate risk: Can we robustly identify asset-price boom-bust cycles?   ScienceDirect Required
Borgy, V., L. Clerc & J-R. Renne (2014)

How to make regulators and shareholders happy under Basel III   ScienceDirect Required
Schmaltz, C., S. Pokutta, T. Heidorn & S. Andrae (2014)

Macro-Prudential Policies to Mitigate Financial System Vulnerabilities   Acrobat Required
Claessens, S., S.R. Ghosh & R. Mihet (2014)

Does Effectiveness of Macroprudential Policies on Banking Crisis Depend on Institutional Structure?
Ganioglu, A. (2014)

Macroprudential Rules in Small Open Economies   Acrobat Required
Amado, M. (2014)

Optimal monetary policy and financial stability in a non-Ricardian economy   Acrobat Required
Nisticň, S. (2014)

On modeling banking risk   Acrobat Required
Tsionas, E.G. (2014)

Bailouts and Financial Fragility   Acrobat Required
Keister, T. (2014)

Financial Innovation and Fragility   Acrobat Required
Kühnhausen, F. (2014)

Early warning systems and systemic banking crises in low income countries: A multinomial logit approach   ScienceDirect Required
Caggiano, G., P. Calice & L. Leonida (2014)

Assessing the contribution of banks, insurance and other financial services to systemic risk   ScienceDirect Required
Bernal, P., J-Y. Gnabo & G. Guilmin (2014)

Reconsidering Bank Capital Regulation: A New Combination of Rules, Regulators, and Market Discipline
Fullenkamp, C. & C. Rochon (2014)

Basel III, Clubs and Eurozone Asymmetries   Acrobat Required
Fratianni, M. & J. Pattison (2014)

The impact of financial (de)regulation on current account balances   Acrobat Required
Enrique Moral-Benito; Oliver Roehn (2014)

A new index of financial conditions   ScienceDirect Required
Koop, G. & D. Korobilis (2014)

IMF Global Financial Stability Report
IMF (Oct 2014)

Monetary policy, financial conditions, and financial stability   Acrobat Required
Adrian, T. & J.N. Liang (2014)

Sudden floods, macroprudential regulation and stability in an open economy   ScienceDirect Required
Agénor, P-R., K. Alper & L.A. Pereira da Silva (2014)

Novel three-bank model for measuring the systemic importance of commercial banks   ScienceDirect Required
Lu, J. & X. Hu (2014)

Stability periods between financial crises: The role of macroeconomic fundamentals and crises management policies   ScienceDirect Required
Bicaba, Z., D. Kapp & F. Molteni (2014)

Central bank independence and macro-prudential regulation   ScienceDirect Required
Ueda, K. & F. Valencia (2014)

A Systemic Stress Test Model in Bank-Asset Networks   Acrobat Required
Dehmamy, N., S.V. Buldyrev, S. Havlin, H.E. Stanley & I. Vodenska (2014)

Interbank Lending and Distress: Observables, Unobservables, and Network Structure   Acrobat Required
Craig, B.R., M. Koetter & U. Kruger (2014)

Inside and Outside Collateral: Implications for Financial Market Instability
Cooper, R. & F. Boissay (2014)

Systemic risk and bank business models   Acrobat Required
van Oordt, M. & C. Zhou (2014)

Banking Competition and Stability: The Role of Leverage   Acrobat Required
Freixas, X. & K. Ma (2014)

Financial Stability and Interacting Networks of Financial Institutions and Market Infrastructures   Acrobat Required
León, C., R.J. Berndsen & L. Renneboog (2014)

The importance of being systemically important financial institutions   ScienceDirect Required
Bongini, P., L. Nieri & M. Pelagatti (2014)

Which are the SIFIs? A Component Expected Shortfall approach to systemic risk   ScienceDirect Required
Banulescu, G-D. & E-I. Dumitrescu (2014)

Financial fragility in the Great Moderation   ScienceDirect Required
Bezemer, D. & M. Grydaki (2014)

An Overview of Macroprudential Policy Tools   SURVEY PAPER
Claessens, S. (2014)

Assessing systemic fragility: A probabilistic perspective   Acrobat Required
Radev, D. (2014)

A Simple Macroprudential Liquidity Buffer
Hardy, D.C. & P. Hochreiter (2014)

Commodity Price Cycles and Financial Stability   Acrobat Required
Moreno, C., C. Saavedra & B. Ulloa (2014)

Towards a credit network based early warning indicator for crises   ScienceDirect Required
Catullo, E., M. Gallegati & A. Palestrini (2014)

To bail-out or to bail-in? Answers from an agent-based model   ScienceDirect Required
Klimek, P., S. Poledna, J.D. Farmer & S. Thurner (2014)

A Critical Evaluation of Bail-in as a Bank Recapitalisation Mechanism
Avgouleas, E. & C.A. Goodhart (2014)

Bank Systemic Risk-Taking and Loan Pricing: Evidence from Syndicated Loans   Acrobat Required
Gong, D. (2014)

The limits of model-based regulation   Acrobat Required
Behn, M., R. Haselmann & V. Vig (2014)

Price dynamics, financial fragility and aggregate volatility   ScienceDirect Required
Mandel, A., S. Landini, M. Gallegati & H. Gintis (2014)

Leading indicators of systemic banking crises: Finland in a panel of EU countries | Published   Acrobat Required   ScienceDirect Required
Lainŕ, P., J. Nyholm & P. Sarlin (2014/15)

Measuring macroeconomic instability: a critical survey illustrated with exports series   Wiley Interscience Required   SURVEY PAPER
Cariolle, J. & M. Goujon (2014)

Lending Pro-Cyclicality and Macro-Prudential Policy: Evidence from Japanese LTV Ratios   Acrobat Required
Ono, A., H. Uchida, G. Udell & I. Uesugi (2014)

Systemic Risk and Bank Size | Published   Acrobat Required   ScienceDirect Required
Varotto, S. & L. Zhao (2014/18)

What predicts financial (in)stability? A Bayesian approach   Acrobat Required
Eidenberger, J., B. Neudorfer, M. Sigmund & I. Stein (2015)

Central Banks Voting Records, Financial Crisis and Future Monetary Policy
Horváth; R. & J. Jonášová (2014)

Modeling Integral Financial Stability Index: A Cross-Country Study   Acrobat Required
Arzamasov, V. & H. Penikas (2014)

Bailouts And Moral Hazard: How Implicit Government Guarantees Affect Financial Stability
Mariathasan, M., O. Merrouche & C. Werger (2014)

Central Counterparties: Addressing their Too Important to Fail Nature
Wendt, F. (2015)

The Use and Effectiveness of Macroprudential Policies: New Evidence
Cerutti, E., S. Claessens & L. Laeven (2015)

Toward an early warning system of financial crises: What can index futures and options tell us?   ScienceDirect Required
Li, W-X., C.C-S. Chen & J.J. French (2015)

Credit, Financial Stability, and the Macroeconomy
Taylor, A.M. (2015)

Financial stress and economic dynamics: The transmission of crises   ScienceDirect Required
Hubrich, K. & R.J. Tetlow (2015)

Cheap but flighty: how global imbalances create financial fragility   Acrobat Required
Ahnert, T. & E.C. Perotti (2015)

Uncertainty Aversion and Systemic Risk | Published   UChicago Journals Required
Dicks, D.L. & P. Fulghieri (2015/19)

When is macroprudential policy effective?
McDonald, C. (2015)

Credit, Financial Stability, and the Macroeconomy
Taylor, A.M. (2015)

How Did Markets React to Stress Tests?
Candelon, B. & A.N.R. Sy (2015)

Banking Concentration and Financial Stability: Evidence from Developed and Developing Countries
Ben Ali, M.S., T. Intissar & R. Zeitun (2015)

Does central clearing reduce counterparty risk in realistic financial networks?   Acrobat Required
Garratt, R. & P. Zimmerman (2015)

Interconnectedness, Systemic Crises and Recessions
Espinosa-Vega, M.A. & S. Russell (2015)

Macro-Prudential Policy under Moral Hazard and Financial Fragility   Acrobat Required
Arango, C.A. & O.M. Valencia (2015)

Government Guarantees and Financial Stability | Published   ScienceDirect Required
Allen, F., E. Carletti, I. Goldstein & A. Leonello (2015/18)

Does Basel Compliance Matter for Bank Performance?   Acrobat Required
Ayadi, R, S. Ben Naceur, B. Casu & B. Quinn (2015)

High Liquidity Creation and Bank Failures
Fungacova, Z., R. Turk & L. Weill (2015)

Deleverage and Financial Fragility
Maffezzoli, M. & T. Monacelli (2015)

Reforming LIBOR and Other Financial Market Benchmarks
Duffie, D/ & J.C. Stein (2015)

Maintaining Central-Bank Financial Stability under New-Style Central Banking
Hall, R.E. & R. Reis (2015)

On the impact of leveraged buyouts on bank systemic risk   Acrobat Required
Grupp, M. (2015)

An entropy-based early warning indicator for systemic risk | Published   Acrobat Required   ScienceDirect Required
Billio, M., R. Casarin, M. Costola & A. Pasqualini (2015/16)

Interpreting financial market crashes as earthquakes: A new Early Warning System for medium term crashes   ScienceDirect Required
Gresnigt, F., E. Kole &mpa; P.H. Franses (2015)

Process Systems Engineering as a Modeling Paradigm for Analyzing Systemic Risk in Financial Networks   Acrobat Required
Bookstaber, R., P. Glasserman, G. Iyengar, Y. Luo, V. Venkatasubramanian & Z. Zhang (2015)

Regulating the Financial Cycle: An Integrated Approach with a Leverage Ratio   Acrobat Required
Schoenmaker, D. & P. Wierts (2015)

Economics as energy framework: Complexity, turbulence, financial crises, and protectionism   ScienceDirect Required
Rutledge, J. (2015)

Policy mandates for macro-prudential and monetary policies in a new Keynesian framework   Acrobat Required
Levine, P. & D. Lima (2015)

Does Easing Monetary Policy Increase Financial Instability?
Cesa-Bianchi, A. & A. Rebucci (2015)

Designing Effective Macroprudential Stress Tests: Progress So Far and the Way Forward
Demekas, D.G. (2015)

Systemic Risk: A New Trade-off for Monetary Policy?
Laseen, S., A. Pescatori & J. Turunen (2015)

Banks' Risk Exposures
Begenau, J., M. Piazzesi & M. Schneider (2015)

Bank Bias in Europe: Effects on Systemic Risk and Growth   Acrobat Required
Langfield, S. & M. Pagano (2015)

Systemic Risk, Aggregate Demand, and Commodity Prices
Gómez-Pineda, J., D.M. Guillaume & K. Tanyeri (2015)

What Matters for Financial Development and Stability?
Almarzoqi, R., S. Ben Naceur & A. Kotak (2015)

Placing Bank Supervision in the Central Bank: Implications for Financial Stability Based on Evidence from the Global Crisis
Melecky, M. & A.M. Podpiera (2015)

Systemic risk mitigation in financial networks   ScienceDirect Required
Capponi, A. & P-C. Chen (2015)

Equity Recourse Notes: Creating Counter-cyclical Bank Capital   Wiley Interscience Required
Bulow, J. & P. Klemperer (2015)

Macroprudential rules and monetary policy when financial frictions matter   ScienceDirect Required
Bailliu, J., C. Meh & Y. Zhang (2015)

The Optimal Tradeoff Between Consumption Smoothing and Macroprudential Regulation   Acrobat Required
L'Huillier, J-P., F. Piguillem & J. Flemming (2015)

External Balance Sheets as Countercyclical Crisis Buffers   Acrobat Required
Joyce, J. (2015)

Systemic risk of European banks: Regulators and markets   Acrobat Required
van Oordt, M. & C. Zhou (2015)

Estimating Global Bank Network Connectedness   Acrobat Required
Demirer, M., F.X. Diebold, L. Liu & K. Yilmaz (2015)

From banks' strategies to financial (in)stability   Acrobat Required
Berardi, S. & G. Tedeschi (2015)

Rethinking Financial Regulation: How Confusions Have Prevented Progress
Admati, A.R. (2015)

Macroprudential Policy in a World of High Capital Mobility: Policy Implications from an Academic Perspective
Engel, C. (2015)

Macroprudential policy and imbalances in the euro area   ScienceDirect Required
Brzoza-Brzezina, M., M. Kolasa & K. Makarski (2015)

Systemic risk in European sovereign debt markets: A CoVaR-copula approach   ScienceDirect Required
Reboredo, J.C. & A. Ugolini (2015)

Phases of Global Liquidity, Fundamentals News, and the Design of Macroprudential Policy | Published   ScienceDirect Required
Bianchi, J., C. Liu & E.G. Mendoza (2015/16)

Inflation targeting: Is IT to blame for banking system instability?   ScienceDirect Required
Fazio, D.M., B.M. Tabak & D.O. Cajueiro (2015)

Bank Competition and Financial Stability: Much Ado About Nothing?   Wiley Interscience Required   SURVEY PAPER
Zigraiova, D. & T. Havranek (2015)

Regulatory arbitrage in action: evidence from banking flows and macroprudential policy   Acrobat Required
Reinhardt, D. & R. Sowerbutts (2015)

Estimating the effects of macroprudential policy shocks: A Qual VAR approach   ScienceDirect Required
Tillmann, P. (2015)

Getting the Dog to Bark: Disclosing Fiscal Risks from the Financial Sector
Irwin, T. (2015)

IMF Global Financial Stability Report
IMF (Oct 2015)

Stress Testing Corporate Balance Sheets in Emerging Economies
Chow, J.T.S. (2015)

Networks, Shocks, and Systemic Risk
Acemoglu, D., A. Ozdaglar & A. Tahbaz-Salehi (2015)

The effectiveness of countercyclical capital requirements and contingent convertible capital: a dual approach to macroeconomic stability
Hollander, H. (2015)

Has the financial system become safer after the crisis? The changing nature of financial institution risk   ScienceDirect Required
Calluzzo, P. ∓ G.N. Dong (2015)

Basel III leverage ratio requirement and the probability of bank runs   ScienceDirect Required
Dermine, J. (2015)

March Madness in Wall Street: (What) Does the Market Learn from Stress Tests? | Published   ScienceDirect Required
Fernandes, M., D. Igan & M. Pinheiro (2018/20)

Monetary Policy and Financial Stability: Cross-Country Evidence   Acrobat Required
Friedrich, C., K, Hess & R. Cunningham (2015)

Vulnerable banks   ScienceDirect Required
Greenwood, R., A. Landier & D. Thesmar (2015)

When is macroprudential policy effective?   Acrobat Required
McDonald, C. (2015)

Maintaining Central-Bank Financial Stability under New-Style Central Banking   Acrobat Required
Hall, R.E. & R. Reis (2015)

The safer, the riskier: A model of financial instability and bank leverage   ScienceDirect Required
Kato, R. & T. Tsuruga (2015)

Fragility, stress, and market returns   ScienceDirect Required
Berger, D. & K. Pukthuanthong (2015)

Systemic Risk in Europe   Acrobat Required
Engle, R.F., E. Jondeau & M. Rockinger (2015)

Financial fragility and distress propagation in a network of regions   ScienceDirect Required
Vitali, S., S. Battiston & M. Gallegati (2015)

Will Macroprudential Policy Counteract Monetary Policy's Effects on Financial Stability?
Agur, I. & M. Demertzis (2015)

Do foreign institutional investors stabilize the capital market?   ScienceDirect Required
Han, L., Q. Zheng, L. Li & L. Yin (2015)

The perennial challenge to counter Too-Big-to-Fail in banking: Empirical evidence from the new international regulation dealing with Global Systemically Important Banks   ScienceDirect Required
Moenninghoff, S.C., S. Ongena & A. Wieandt (2015)

Macroprudential supervision: from theory to policy   Acrobat Required
Schoenmaker, D. & P. Wierts (2015)

Global Imbalances and Bank Risk-Taking   Acrobat Required
te Kaat, D.M. & V. Dinger (2015)

Regulation and Market Liquidity
Trebbi, F. & K. Xiao (2015)

Insurance activities and systemic risk   Acrobat Required
Berdin, E. & M. Sottocornolay (2015)

Don't Stand So Close to Me: The role of supervisory style in banking stability   ScienceDirect Required
Carretta, A., V. Farina, F. Fiordelisi, P. Schwizer & F.S. Stentella Lopes (2015)

Measuring the Instability of China's Financial System: Indices Construction and an Early Warning System
Sun, L. & Y. Huang (2016)

The Lender of Last Resort Function after the Global Financial Crisis
Dobler, M., S. Gray, D. Murphy & B. Radzewicz-Bak (2016)

Measuring the Instability of China's Financial System: Indices Construction and an Early Warning System
Sun, L. & Y. Huang (2016)

Implicit rating: A potential new method to alert crisis on the interbank lending market   Acrobat Required
Berlinger, E. (2016)

Short-Selling Bans and Bank Stability   Acrobat Required
Beber, A., D. Fabbri & M. Pagano (2016)

The Fiscal Costs of Contingent Liabilities: A New Dataset
Bova, E., M. Ruiz-Arranz, F.G. Toscani & H.E. Ture (2016)

The information in systemic risk rankings   Acrobat Required
Nucera, F., B. Schwaab, S.J. Koopman & A. Lucas (2016)

Liquidity Trap and Excessive Leverage
Korinek, A. & A. Simsek (2016)

Too-Big-To-Fail Before the Fed
Gorton, G. & E.W. Tallman (2016)

Too-international-to-fail? Supranational bank resolution and market discipline   ScienceDirect Required
Górnicka, L.A. & M.A. Zoican (2016)

Systemic risk, international regulation, and the limits of coordination   ScienceDirect Required
Kara, G.I. (2016)

CoCo Design, Risk Shifting and Financial Fragility
Chan, S. & S. van Wijnbergen (2016)

Systemic risk and the macroeconomy: An empirical evaluation | Published   ScienceDirect Required
Giglio, S., B. Kelly & S. Pruitt (2015/16)

Subprime Borrowers, Securitization and the Transmission of Business Cycles   Acrobat Required
Grodecka, A. (2016)

Shedding a clearer light on financial stability risks in the shadow banking system   Acrobat Required
van der Veer, K., E. Klaaijsen & R. Roerink (2016)

IMF Global Financial Stability Report
IMF (Apr 2016)

Evaluating systemic risk using bank default probabilities in financial networks   ScienceDirect Required
Rubens, S., S. de Souza, T.C. Silva, B.M. Tabak & S.M Guerra (2016)

Mitigating the Deadly Embrace in Financial Cycles: Countercyclical Buffers and Loan-to-Value Limits
Benes, J., D. Laxton & J. Mongardini (2016)

Systemic risk among European banks: A copula approach   ScienceDirect Required
Kleinow, J. & F. Moreira (2016)

Effective Macroprudential Policy: Cross-Sector Substitution from Price and Quantity Measures
Cizel, J., J. Frost, A.G.F.J. Houben & P. Wierts (2016)

Generalized Systematic Risk
Kadan, O., F. Liu & S. Liu (2016)

Asset Encumbrance, Bank Funding and Financial Fragility | Published   Acrobat Required   Oxford Journals Required
Ahnert, T., K. Anand, P. Gai & J. Chapman (2016/19)

Is financial instability male-driven? Gender and cognitive skills in experimental asset markets   ScienceDirect Required
Cueva, C. & A. Rustichini (2016)

Measuring Systemic Risk Across Financial Market Infrastructures   Acrobat Required
Li, F. & H. Perez Saiz (2016)

Monetary shocks, macroprudential shocks and financial stability   ScienceDirect Required
Greenwood-Nimmo, M. & A. Tarassow (2016)

Evaluating Systemic Risk using Bank Default Probabilities in Financial Networks   Acrobat Required
de Souza, S.R.S., T.C. Silva, B.M. Tabak & S.M. Guerra (2016)

On the limits of macroprudential policy   Acrobat Required
Kolasa, M. (2016)

Financial Fragility and Over-the-Counter Markets | Published   Acrobat Required   ScienceDirect Required
Sultanum, B. (2016/18)

The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities | Published
Del Negro, M., G. Eggertsson, A. Ferrero & N. Kiyotaki (2016/17)

Countercyclical capital rules for small open economies | Published   ScienceDirect Required
Clancy, D. (2016/17)

Quantitative Easing and Financial Stability
Woodford, M. (2016)

The Run for Safety: Financial Fragility and Deposit Insurance   Acrobat Required
Iyer, R., T. Jensen, N. Johannesen & A. Sheridan (2016)

Credit provision and banking stability after the Great Financial Crisis: The role of bank regulation and the quality of governance   ScienceDirect Required
Fratzscher, M., P.J. König & C. Lambert (2016)

Switching costs and financial stability   Acrobat Required
Stenbacka, R. & T. Takalo (2016)

Incentivizing Resilience in Financial Networks | Published   Acrobat Required   ScienceDirect Required
Leduc, M.V. & S. Thurner (2016/17)

The Financial Stability Dark Side of Monetary Policy   Acrobat Required
Smets, F. & S. Villa (2016)

Measuring Concentration Risk - A Partial Portfolio Approach
Grippa, P. & L. Gornicka (2016)

Fire-Sale Externalities
Dávila, E. & A. Korinek (2016)

Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk?   Acrobat Required
Carlson, M.A. & D.C. Wheelock (2016)

Assessing the costs and benefits of capital-based macroprudential policy   Acrobat Required
Behn, M., M. Gross & T. Peltonen (2016)

The Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies   Acrobat Required
Bauer, G., G. Pasricha, R. Sekkel & Y. Terajima (2016)

Financial Safety Nets
Bengui, J., J. Bianchi & L. Coulibaly (2016)

Network, Market, and Book-Based Systemic Risk Rankings | Published   Acrobat Required   ScienceDirect Required
van de Leur, M.C.W. & A. Lucas (2016/17)

Optimal Bank Capital Regulation, the Real Sector, and the State of the Economy   Acrobat Required
Kogler, M. (2016)

Bank size, capital, and systemic risk: Some international evidence   ScienceDirect Required
Laeven, L., L. Ratnovski & H. Tong (2016)

Assessing financial stability: The Capital and Loss Assessment under Stress Scenarios (CLASS) model   ScienceDirect Required
Hirtle, B., A. Kovner, J. Vickery & M. Bhanot (2016)

A Theory of Macroprudential Policies in the Presence of Nominal Rigidities   Wiley Interscience Required
Farhi, E. & I. Werning (2016)

A Proposal to Eliminate the Distortions Caused by Bailouts   Acrobat Required
Chari, V.V. & P.J. Kehoe (2016)

Information sharing, credit booms, and financial stability   Acrobat Required
Guerneau, S. & F. Leon (2016)

Risk-Consistent Conditional Systemic Risk Measures   Acrobat Required
Hoffmann, H., T. Meyer-Brandis & G. Svindland (2016)

Financial Intermediation, Leverage, and Macroeconomic Instability
Phelan, G. (2016)

IMF Global Financial Stability Report: Fostering Stability in a Low-Growth, Low-Rate Era
IMF (Oct 2016)

Do bank bailouts reduce or increase systemic risk? the effects of TARP on financial system stability   Acrobat Required
Roman, R., A.N. Berger & J. Sedunov (2016)

A DGSE Model to Assess the Post-Crisis Regulation of Universal Banks   Acrobat Required
de Bandt, O. & M. Chahad (2016)

Do banks differently set their liquidity ratios based on their network characteristics?   Acrobat Required
Distinguin, I., A. Mahdavi-Ardekani & A. Tarazi (2016)

International prudential policy spillovers: a global perspective
Avdjiev, S., C. Koch, P. McGuire & G. von Peter (2016)

The trade-off between monetary policy and bank stability   Acrobat Required
Lamers, M., F. Mergaerts, E. Meuleman & R.V. Vennet (2016)

Random forests-based early warning system for bank failures   ScienceDirect Required
Tanaka, K., T. Kinkyo & S. Hamori (2016)

Financial innovation: The bright and the dark sides   ScienceDirect Required
Beck, T., T. Chen, C. Lin & F.M. Song (2016)

Does high-frequency trading increase systemic risk?   ScienceDirect Required
Jain, P.K., P. Jain & T.H. McInish (2016)

Competition and bank stability   Acrobat Required
Goetz, M. (2016)

The Nexus of Financial Inclusion and Financial Stability: A Study of Trade-Offs and Synergies
Cihák, M., D.S. Mare & M. Melecky (2016)

Resolution of International Banks: Can Smaller Countries Cope? | Published   Wiley Interscience Required
Schoenmaker, D. (2016/17)

Bank Networks and Systemic Risk: Evidence from the National Banking Acts | Published   Acrobat Required
Paddrik, M. & J.J. Wang (2016/19)

Bank equity and macroprudential policy   ScienceDirect Required
Liu, K. (2016)

Do hedge funds dynamically manage systematic risk?   ScienceDirect Required
Namvar, E., B. Phillips, K. Pukthuanthong & P.R. Rau (2016)

Measuring systemic risk using vine-copula   ScienceDirect Required
Pourkhanali, A., J-M. Kim, L. Tafakori & F.A. Fard (2016)

Macroprudential policy under high capital mobility: policy implications from an academic perspective   ScienceDirect Required
Engel, C. (2016)

Macroprudential Policy: Promise and Challenges
Mendoza, E.G. (2016)

Financial Fragility in Monetary Economies   Acrobat Required
Martin, F., A. Berentsen & D. Andolfatto (2016)

SRISK: A Conditional Capital Shortfall Measure of Systemic Risk   Oxford Journals Required
Brownlees, C. & R.F. Engle (2016)

Active risk management and banking stability   ScienceDirect Required
Buston, C.S. (2016)

Central Bankers as Supervisors: Do Crises Matter?   Acrobat Required
Masciandaro, D. & D. Romelli (2016)

Macroprudential policy with liquidity panics   Acrobat Required
Garcia-Macia, D. & A. Villacorta (2016)

Credit default swap spreads and systemic financial risk   Acrobat Required
Giglio, S. (2016)

The Corporate Complexity of Global Systemically Important Banks   Acrobat Required
Carmassi, J. & R. Herring (2016)

Bank stability and the allocation of liquidity in the banking system   Acrobat Required
Hakenes, H. & E. Schiephake (2016)

Why countries differ in thin capitalization rules: The role of financial development   ScienceDirect Required
Mardan, M. (2017)

Inflation targeting and financial stability in emerging markets   ScienceDirect Required
Fouejieu, A. (2017)

Optimal Monetary and Prudential Policies
Collard, F., H. Dellas, B. Diba & O. Loisel (2017)

Size is everything: Explaining SIFI designations   ScienceDirect Required
Irresberger, F., C. Bierth & G.N.F. Weiß (2017)

The impact of the Basel III liquidity coverage ratio on macroeconomic stability: an agent-based approach
Li, B. (2017)

Backtesting European Stress Tests
Philippon, T., P. Pessarossi & B. Camara (2017)

Financial Structure and Instability in an Open Economy   Acrobat Required
Ninomiya, K. (2017)

Optimal Capital Regulation   Acrobat Required
Moyen, S. & J. Schroth (2017)

Taming macroeconomic instability: Monetary and macro-prudential policy interactions in an agent-based model   ScienceDirect Required
Popoyan, L., M. Napoletano & A. Roventini (2017)

Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?   Acrobat Required
Passmore, W. & A.H. von Hafften (2017)

Financial Cycles with Heterogeneous Intermediaries
Coimbra, N. & H. Rey (2017)

Where the Risks Lie: A Survey on Systemic Risk   Oxford Journals Required
Benoit, S., J-E. Colliard, C. Hurlin & C. Pérignon (2017)

Banks, market organization, and macroeconomic performance: An agent-based computational analysis   ScienceDirect Required
Ashraf, Q., B. Gershman & P. Howitt (2017)

Basel III capital surcharges for G-SIBs are far less effective in managing systemic risk in comparison to network-based, systemic risk-dependent financial transaction taxes   ScienceDirect Required
Poledna, S., O. Bochmann & S. Thurner (2017)

Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?
Cecchetti, S., T.M. Griffoli & M. Narita (2017)

Countercyclical Capital Regulation in a Small Open Economy DSGE Model   Acrobat Required
Lozej, M., L. Onorante & A. Rannenberg (2017)

Bank Capital Redux: Solvency, Liquidity, and Crisis | Published   Oxford Journals Required
Jorda, O., B. Richter, N. Schularick & A.M. Taylor (2017/21)

Mapping the Interconnectedness between EU Banks and Shadow Banking Entities
Abad, J., M. D'Errico, N. Killeen, V. Luz, T. Peltonen, R. Portes & T. Urbano (2017)

Efficiency and stability of a financial architecture with too-interconnected-to-fail institutions   ScienceDirect Required
Gofman, M. (2017)

System stress testing of bank liquidity risk   ScienceDirect Required
Pagratis, S., N. Topaloglou & M. Tsionas (2017)

Policy, Risk and Spillover Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach
Vitek, F. (2017)

Did the Basel Process of Capital Regulation Enhance the Resiliency of European Banks?
Gehrig, T. & M.C. Iannino (2017)

Systemic risk and individual risk: A trade-off?   Acrobat Required
Gaelle, T. & Y. Tchikanda (2017)

IMF Global Financial Stability Report
IMF (Apr 2017)

Credibility of History-Dependent Monetary Policies and Macroeconomic Instability   Acrobat Required
Cateau, G. & M. Shukayev (2016)

Selloffs, bailouts, and feedback: Can asset markets inform policy?   ScienceDirect Required
Boleslavsky, R., D.L. Kelly & C.R. Taylor (2017)

Macroprudential Liquidity Stress Testing in FSAPs for Systemically Important Financial Systems
Jobst, A.A., L.L. Ong & C. Schmieder (2017)

Lasso Regressions and Forecasting Models in Applied Stress Testing
Chan-Lau, J.A. (2017)

Capital regulation and the macroeconomy: Empirical evidence and macroprudential policy   ScienceDirect Required
Meeks, R. (2017)

Macroprudential policies, capital flows, and the structure of the banking sector   ScienceDirect Required
Beirne, J. & C. Friedrich (2017)

The international dimensions of macroprudential policies
Agénor, P-R., E. Kharroubi, L. Gambacorta, G. Lombardo & L.A. Pereira da Silva (2017)

The Optimal Response of Bank Capital Requirements to Credit and Risk in a Model with Financial Spillovers
Occhino, F. (2017)

Towards Macroprudential Stress Testing: Incorporating Macro-Feedback Effects
Krznar, I. & T.D. Matheson (2017)

The Disturbing Interaction between Countercyclical Capital Requirements and Systemic Risk   Oxford Journals Required
Horváth, B.L. & W. Wagner (2017)

Financial Stability Analysis: What are the Data Needs?
Heath, R.M. & E.B. Goksu (2017)

Optimal Regulation of Financial Intermediaries | Pubished
Di Tella, S. (2017/19)

Macroprudential Policy Spillovers : A Quantitative Analysis
Kang, H., F. Vitek, R. Bhattacharya, P. Jeasakul, S. Muńoz, N. Wang & R. Zandvakil (2017)

A Risk-centric Model of Demand Recessions and Macroprudential Policy
Caballero, R.J. & A. Simsek (2017)

Macroprudential policy and bank risk | Published   Acrobat Required   ScienceDirect Required
Altunbas, Y., M. Binici & L. Gambacorta (2017/18)

Mapping heat in the U.S. financial system   ScienceDirect Required
Aikman, D., M. Kiley, S.J. Lee, M.G. Palumbo & M. Warusawitharana (2017)

Back to the Future: The Nature of Regulatory Capital Requirements
Chami, R., T.F. Cosimano, E. Kopp & C. Rochon (2017)

The Nonlinear Interaction Between Monetary Policy and Financial Stress
Saldías, M. (2017)

The Tradeoffs in Leaning Against the Wind
Gourio, F., A.K. Kashyap & J. Sim (2017)

Cyber Risk, Market Failures, and Financial Stability
Kopp, E., L. Kaffenberger & N. Jenkinson (2017)

Back to the Future: Backtesting Systemic Risk Measures during Historical Bank Runs and the Great Depression | Published   Acrobat Required   ScienceDirect Required
Brownlees, C., B. Chabot, E. Ghysels & C. Kurz (2017/20)

Banks' Liquidity Management and Systemic Risk   Acrobat Required
Panetti, E. & L.G. Deidda (2017)

Portfolio diversification and systemic risk in interbank networks   ScienceDirect Required
Tasca, P., S. Battiston & A. Deghi (2017)

Systemic Risk in Financial Systems: a feedback approach | Published   Acrobat Required   ScienceDirect Required
Christiano Silva, T., M.A. da Silva & B.M. Tabak (2017)

Financial intermediaries' instability and euro area macroeconomic dynamics   ScienceDirect Required
Lhuissier, S. (2017)

Financial Vulnerability and Monetary Policy   Acrobat Required
Duarte, F. & T. Adrian (2017)

Macroprudential Policy, Countercyclical Bank Capital Buffers, and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments   UChicago Journals Required
Peydro, J-L., G. Jimenez, S. Ongena & J. Saurina (2017)

Bail-ins and Bail-outs: Incentives, Connectivity, and Systemic Stability
Bernard, B., A. Capponi & J.E. Stiglitz (2017)

Liquidity Policies and Systemic Risk
Adrian, T. & N. Boyarchenko (2017)

Calibrating Macroprudential Policy to Forecasts of Financial Stability   Acrobat Required
Brave, S.A. & J.A. Lopez (2017)

Systemic risk in clearing houses: Evidence from the European repo market   ScienceDirect Required
Boissel, C., F. Derrien, E. Ors & D. Thesmar (2017)

IMF Global Financial Stability Report
IMF (Oct 2017)

Resaleable debt and systemic risk
Donaldson, J.R. & E. Micheler (2017)

Interconnectedness of Global Systemically-Important Banks and Insurers
Malik, S. & T. Xu (2017)

Systemic Risk: A New Trade-Off for Monetary Policy?   Acrobat Required
Laséen, S., A. Pescatori & J. Turunen (2017)

Optimal Bank Regulation in the Presence of Credit and Run Risk   Acrobat Required
Kashyap, A.K., D.P. Tsomocos & A. Vardoulakis (2017)

Countercyclical prudential tools in an estimated DSGE model   Acrobat Required
Frache, S., J. Ponce & J. Garcia-Cicco (2017)

An integrated shortfall measure for Basel III   Acrobat Required
Torchiani, I., T. Heidorn & C. Schmaltz (2017)

Shadow Banking and the Four Pillars of Traditional Financial Intermediation | Published   Oxford Journals Required
Farhi, E. & J. Tirole (2017/21)

Does going easy on distressed banks help economic growth?
Hundtofte, S. (2017)

Uncertainty, systemic shocks and the global banking sector: Has the crisis modified their relationship?   ScienceDirect Required
Uribe, J.M., H. Chuliá & M. Guillén (2017)

Contractual Externalities and Systemic Risk   Oxford Journals Required
Ozdenoren, E. & K. Yuan (2017)

Financial Stability in Europe: Banking and Sovereign Risk   Acrobat Required
Bruha, J. & E. Kocenda (2017)

Capital Requirements for Government Bonds - Implications for Financial Stability   Acrobat Required
Sterzel, A. & U. Neyer (2017)

The two faces of interbank correlation
Schaeck, K., C. Silva Buston & W. Wagner (2017)

Minskey Models: A Structured Survey   Wiley Interscience Required   SURVEY PAPER
Nikolaidi, M. & E. Stockhammer (2017)

Design of Macro-prudential Stress Tests
Orlov, D., P. Zryumov & A. Skrzypacz (2017)

Cross-country spillovers from macroprudential regulation: Reciprocity and leakage | Published   Acrobat Required   ScienceDirect Required
Rubio, M. (2017/20)

A new IV approach for estimating the efficacy of macroprudential measures | Published   Acrobat Required   ScienceDirect Required
Gadatsch, N., L. Mann & I. Schnabel (2017/18)

Financial shocks, financial stability, and optimal Taylor rules   ScienceDirect Required
Verona, F., M.M.F. Martins & I. Drumond (2017)

Optimal monetary and macroprudential policies: Gains and pitfalls in a model of financial intermediation   ScienceDirect Required
Kiley, M.T. & J. Sim (2017)

Macroprudential policy with convertible debt   ScienceDirect Required
Hollander, H. (2017)

Monetary and macroprudential policy with foreign currency loans   ScienceDirect Required
Brzoza-Brzezina, M., M. Kolasa & K. Makarski (2017)

CoCo Issuance and Bank Fragility | Published   ScienceDirect Required
Avdjiev, S., B. Bogdanova, P. Bolton, W. Jiang & A. Kartasheva (2017/20)

Financial Spillovers and Macroprudential Policies
Aizenman, J., M.D. Chinn & H. Ito (2017)

Risk Management and Regulation   Acrobat Required
Adrian, T. (2017)

Monetary policy and long-run systemic risk-taking   ScienceDirect Required
Colletaz, G., G. Levieuge & A. Popescu (2017)

Financial Fragility and the Keynesian Multiplier
van der Kwaak, C. & S. van Wijnbergen (2017)

The Persistence of Financial Distress | Published   Acrobat Required   Oxford Journals Required
Athreya, K.B., J. Mustre-del-Rio & J.M.Sanchez (2017/19)

Shadow Banking and Market Discipline on Traditional Banks
Ari, A., M. Darracq-Paries, C. Kok & D. Zochowski (2017)

R&D, growth, and macroprudential policy in an economy undergoing boom-bust cycles | Published   Acrobat Required   ScienceDirect Required
Battiati, C. (2017/19)

Capturing macroprudential regulation effectiveness: A DSGE approach with shadow intermediaries   Acrobat Required
Lubello, F. & A. Rouabah (2017)

Macroprudential policy and foreign interest rate shocks: A comparison of different instruments and regulatory regimes
Garbers, C. & G. Liu (2017)

Can macroprudential measures make cross-border lending more resilient?
Takáts, E. & J. Temesvary (2017)

Can Macroprudential Measures Make Cross-Border Lending More Resilient? Lessons from the Taper Tantrum | Published   Acrobat Required   ScienceDirect Required
Takats, E. & J. Temesvary (2017/21)

Measuring the systemic importance of banks   Acrobat Required
Moratis, G. & P. Sakellaris (2017)

RiskRank: Measuring interconnected risk   ScienceDirect Required
Mezei, J. & P. Sarlin (2018)

Friend or Foe? Cross-Border Linkages, Contagious Banking Crises, and "Coordinated" Macroprudential Policies
Choi, S.M., L.E. Kodres & J. Lu (2018)

Household Credit, Global Financial Cycle, and Macroprudential Policies : Credit Register Evidence from an Emerging Country
Epure, M., T. Mihai, C. Minoiu & J-L. Peydró (2018)

Overleveraging, Financial Fragility, and the Banking-Macro Link: Theory and Empirical Evidence   Cambridge Online Required
Mittnik, S. & W. Semmler (2018)

Monitoring Banking System Fragility with Big Data | Published   ScienceDirect Required   Acrobat Required
Hale, G. & J.A. Lopez (2018/19)

News and narratives in financial systems: exploiting big data for systemic risk assessment   Acrobat Required
Nyman, R., S. Kapadia, D. Tuckett, D. Gregory, P. Ormerod & R. Smith (2018)

The interaction between monetary and macroprudential policy: should central banks "lean against the wind" to foster macro-financial stability?
Krug, S. (2018)

Central Bank Reserve Management and International Financial Stability-Some Post-Crisis Reflections
Jones, B. (2018)

Pitfalls in the Use of Systemic Risk Measures   Cambridge Online Required
Löffler, G. & P. Raupach (2018)

Resaleable debt and systemic risk   ScienceDirect Required
Donaldson, J.R. & E. Micheler (2018)

A Leverage-Based Measure of Financial Stability   Acrobat Required
Adrian, T., K. Borowiecki & A. Tepper (2018)

Household Credit, Global Financial Cycle, and Macroprudential Policies; Credit Register Evidence from an Emerging Country   Acrobat Required
Epure, M., I. Mihai, C. Minoiu & J-L. Peydró (2018)

Monetary and Macroprudential Policies in a Leveraged Economy   Wiley Interscience Required
Leduc, S. & J-M. Natal (2018)

Systematic risk, bank moral hazard, and bailouts   Acrobat Required
Lucchetta, M., M. Moretto & B.M. Parigi (2018)

Credit-based early warning indicators of banking crises in emerging markets   ScienceDirect Required
Geršl, A. & M. Jašová (2018)

Leverage-A Broader View
Singh, M. & Z. Alam (2018)

Market Discipline and Systemic Risk
Morrison, A. & A. Walther (2018)

When Do We Repair the Roof? Insights from Responses to Fiscal Crisis Early Warning Signals
Honda, J., R. Tapsoba & I. Issifou (2018)

IMF Global Financial Stability Report
IMF (Apr 2018)

The Economics of Supranational Bank Supervision
Beck, T., C. Silva-Buston & W. Wagner (2018)

Short-Term Debt and Bank Risk   Cambridge Online Required
Du, B. & D. Palia (2018)

The effects of global bank competition and presence on local economies: The Goldilocks principle may not apply to global banking   ScienceDirect Required
Aysun, U. (2018)

On Fairness of Systemic Risk Measures   Acrobat Required
Biagini, F., J-P. Fouque, M. Frittelli & T. Meyer-Brandis (2018)

Systemic risk in the US: Interconnectedness as a circuit breaker   ScienceDirect Required
Dungey, M., M. Luciani & D. Veredas (2018)

How ETFs Amplify the Global Financial Cycle in Emerging Markets   Acrobat Required
Converse, N., E. Levy-Yeyati & T. Williams (2018)

The Stabilizing Role of Net Foreign Asset Returns
Adler, G. & D. Garcia-Macia (2018)

The Interplay between Regulations and Financial Stability
Allen, F. & X. Gu (2018)

What's the value of a TBTF guaranty? Evidence from the G-SII designation for insurance companies?   ScienceDirect Required
Dewenter, K.L. & L.A. Riddick (2018)

When panic makes you blind: a chaotic route to systemic risk | Published   Acrobat Required   ScienceDirect Required
Mazzarisi, P., F. Lillo & S. Marmi (2018/19)

Interconnectedness and systemic risk of China's financial institutions   ScienceDirect Required
Wang, G-J., Z-Q. Jiang, M. Lin, C. Xie & H.E. Stanley (2018)

Systemic risk network of Chinese financial institutions   ScienceDirect Required
Fang, L., B. Sun, H. Li & H. Yu (2018)

Regulating the doom loop   Acrobat Required
Alogoskoufis, S. & S. Langfield (2018)

Does Financial Tranquility Call for Stringent Regulation?
Basak, D. & Y. Zhao (2018)

Government Debt and Banking Fragility: The Spreading of Strategic Uncertainty   Wiley Interscience Required
Cooper, R. & K. Nikolov (2018)

Macroprudential policy instruments and procyclicality of loan-loss provisions - Cross-country evidence   ScienceDirect Required
Olszak, M., S. Roszkowska & I. Kowalska (2018)

Macrofinancial imbalances in historical perspective: A global crisis index   ScienceDirect Required
Gallegati, M. & D.D. Gatti (2018)

Bail-in vs. Bailout: a False Dilemma?   Acrobat Required
Pandolfi, L. (2018)

Does Financial Tranquility Call for Stringent Regulation?
Basak, D. & Y. Zhao (2018)

Determining size thresholds for the Too-Small-To-Survive and the Too-Big-To-Fail banks   Acrobat Required
Papanikolaou, N.I. (2018)

Macroprudential policy and income inequality   Acrobat Required
Frost, J. & R. van Stralen (2018)

Targeting financial stability: macroprudential or monetary policy?   Acrobat Required
Aikman, D., J. Giese, S. Kapadia & M. McLeay (2018)

Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors
Khan, A. (2018)

Bank capital shocks and countercyclical requirements: Implications for banking stability and welfare   ScienceDirect Required
Bekiros, S., R. Nilavongse & G.S. Uddin (2018)

Bank Resolution and the Structure of Global Banks | Published   Oxford Journals Required
Bolton, P. & M. Oehmke (2018/19)

Resolving "Too Big to Fail"
Cetorelli, N. & J. Traina (2018)

A General Equilibrium Appraisal of Capital Shortfall
Jondeau, E. & J-G. Sahuc (2018)

The Macroeconomic Effectiveness of Bank Bail-ins   Acrobat Required
Katz, M. & C. van der Kwaak (2018)

Banks' Liquidity Management and Financial Fragility   Acrobat Required
Deidda, L.G. & E. Panetti (2018)

Assessing systemic risk due to fire sales spillover through maximum entropy network reconstruction   ScienceDirect Required
Di Gangi, D., F. Lillo & D. Pirino (2018)

Stress tests and information disclosure   ScienceDirect Required
Goldstein, I. & Y. Leitner (2018)

A Theory of Government Bailouts in a Heterogeneous Banking System   Acrobat Required
Garcia, F. & E. Panetti (2018)

Macroprudential Stress Tests and Policies: Searching for Robust and Implementable Frameworks
Anderson, R., J. Danielsson, C. Baba, U.S. Das, H. Kang & M.A. Segoviano Basurto (2018)

Did the Fed Respond to Liquidity Shortage Episodes During the Great Depression?   Cambridge Online Required
Damette, O. & A. Parent (2018)

Destabilizing Effects of Bank Overleveraging on Real Activity--An Analysis Based on a Threshold MCS-GVAR   Cambridge Online Required
Gross, M., J. Henry & W. Semmler (2018)

Implicit Bank Debt Guarantees: Costs, Benefits and Risks   SURVEY PAPER   Wiley Interscience Required
Schich, S. (2018)

The Costs of Macroprudential Policy | Published   ScienceDirect Required
Richter, B., M. Schularick & I. Shim (2018/19)

Corporate governance of banks and financial stability   ScienceDirect Required
Anginer, D., A. Demirguc-Kunt, H. Huizinga & K. Ma (2018)

IMF Global Financial Stability Report
IMF (Oct 2018)

Macroprudential Policy with Leakages
Bengui, J. & J. Bianchi (2018)

Financial Openness, Bank Capital Flows, and the Effectiveness of Macroprudential Policies   Acrobat Required
Jin, H. & C. Xiong (2018)

Bank Holdings and Systemic Risk   Acrobat Required
Brunetti, C., J.H. Harris & S. Mankad (2018)

The Differential Impact of Bank Size on Systemic Risk   Acrobat Required
Lorenc, A. & J.Y. Zhang (2018)

Fintech, regulatory arbitrage, and the rise of shadow banks   ScienceDirect Required
Buchak, G., G. Matvos, T. Piskorski & A. Seru (2018)

Monetary and Macroprudential Policy Coordination Among Multiple Equilibria | Published   ScienceDirect Required
Agur, I. (2018/19)

On the ranking consistency of global systemic risk measures: empirical evidence   Acrobat Required
Abendschein, M. & P. Grundke (2018)

Monetary Easing, Investment and Financial Instability   Acrobat Required
Acharya, V. & G. Plantin (2018)

Exploring the implications of different loan-to-value macroprudential policy designs   Acrobat Required
Basto, R., D. Lima & S. Gomes (2018)

Central bank disclosure as a macroprudential tool for financial stability   ScienceDirect Required
Ferreira de Mendonça, H. & C. Oliveira de Moraes (2018)

Tail event driven networks of SIFIs   ScienceDirect Required
Chen, C. Y-H., W.K. Härdle & Y. Okhrin (2018)

Macroprudential Policy in the New Keynesian World   Acrobat Required
Gersbach, H., V. Hahn & Y. Liu (2018)

An Early Warning System for Systemic Banking Crises: A Robust Model Specification   Acrobat Required
O'Brien, M. & M. Wosser (2018)

The leverage ratio, risk-taking and bank stability   Acrobat Required
Acosta-Smith, J., M. Grill & J.H. Lang (2018)

Macroprudential margins: a new countercyclical tool?   Acrobat Required
O'Neill, C. & N. Vause (2018)

The Micro Impact of Macroprudential Policies: Firm-Level Evidence
Ayyagari, M., T. Beck & M.S. Martinez Peria (2018)

Dynamic Consequences of Monetary Policy for Financial Stability   Acrobat Required
Chen, W. & G. Phelan (2018)

Ignorant Experts and Financial Fragility   Acrobat Required
Asano, K. (2018)

Systemic risk governance in a dynamical model of a banking system   Acrobat Required
Fatone, L. & F. Mariani (2018)

Systemic Risk and the Great Depression
Das, S., K.J. Mitchener & A. Vossmeyer (2018)

Regulatory responses to banking crisis: Lessons from Japan   ScienceDirect Required
Imai, M. (2019)

The regulatory response to the sovereign-bank nexus   ScienceDirect Required
Laeven, L. (2019)

Capital regulation: What is an appropriate minimum level?   ScienceDirect Required
Carey, M. (2019)

The interplay between liquidity regulation, monetary policy implementation and financial stability   ScienceDirect Required
Keister, T. (2019)

Predicting European bank stress tests: Survival of the fittest   ScienceDirect Required
Kolari, J.W., F.J. López-Iturriaga & I.P. Sanz (2019)

Bank Profitability and Financial Stability
Xu, T., K. Hu & U.S. Das (2019)

Margin requirements and systemic liquidity risk   ScienceDirect Required
Bakoush, M., E.H. Gerding & S. Wolfe (2019)

Corporate Debt, Firm Size and Financial Fragility in Emerging Markets | Published   ScienceDirect Required
Alfaro, L., G. Asis, A. Chari & U. Panizza (2019)

Global Banking, Financial Spillovers, and Macroprudential Policy Coordination
Agénor, P-E. & L.A. Pereira da Silva (2019)

Systemic Risk: Conditional Distortion Risk Measures   Acrobat Required
Dhaene, J., R.J.A. Laeven & Y. Zhang (2019)

What Can We Learn from the Implementation of Monetary and Macroprudential Policies: A Systematic Literature Review   SURVEY PAPER
Lubis, A., C. Alexiou & J.G. Nellis (2019)

Macroprudential Policy with Capital Buffers
Schroth, J. (2019)

Monetary Policy, Macroprudential Policy, and Financial Stability
Martinez-Miera, D. & R. Repullo (2019)

Measuring network systemic risk contributions: A leave-one-out approach   ScienceDirect Required
Hué, S., Y. Lucotte & S. Tokpavi (2019)

Understanding flash crash contagion and systemic risk: A micro-macro agent-based approach   ScienceDirect Required
Paulin, J., A. Calinescu & M. Wooldridge (2019)

The Drivers of Hedge Fund Interconnectedness
Dimova, D., S. Malik & M.A. Segoviano Basurto (2019)

Macroprudential Interventions in Liquidity Traps   Acrobat Required
Tayler, W.J. & R. Zilberman (2019)

Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database   Acrobat Required
Alam, Z., A. Alter, J. Eiseman, R.G. Gelos, H. Kang, M. Narita, E. Nier & N. Wang (2019)

Systemic risk and competition revisited   ScienceDirect Required
Silva-Buston, C. (2019)

Financial Regulation: Still Unsettled a Decade after the Crisis
Tarullo, D.K. (2019)

Tracking Financial Fragility   Acrobat Required
Giordani, P. & S.H. Kwan (2019)

Bailouts: The lesser of two evils?   ScienceDirect Required
Calň, S. (2019)

Identifying Systemically Important Banks: A temporal approach for macroprudential policies   ScienceDirect Required
Spelta, A., N. Pecora & P. Rovira Kaltwasser (2019)

Is financial inclusion good for bank stability? International evidence   ScienceDirect Required
Ahamed, M.M. & S.K. Mallick (2019)

Shadow banking and financial regulation: A small-scale DSGE perspective   ScienceDirect Required
Fčve, P., A. Moura & O. Pierrard (2019)

Monetary Easing, Investment and Financial Instability   Acrobat Required
Acharya, V. & G. Plantin (2019)

Conceptual Issues in Calibrating the Basel III Countercyclical Capital Buffer
Wezel, T. (2019)

Does the lack of financial stability impair the transmission of monetary policy? | Published   Acrobat Required   ScienceDirect Required
Acharya, V.V., B. Imbierowicz, S. Steffen & D. Teichmann (2019/20)

On the Instability of Banking and Financial Intermediation   Acrobat Required
Gu, C., C. Monnet, E. Nosal & R. Wright (2019)

Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market | Published   Acrobat Required   ScienceDirect Required
Popoyan, L., M. Napoletano & A. Roventini (2019/20)

Taming Financial Development to Reduce Crises | Published   ScienceDirect Required
Ben Naceur, S., B. Candelon & Q. Lajaunie (2019)

Bank Leverage, Welfare, and Regulation   Acrobat Required
Admati, A.R. & M.F. Hellwig (2019)

Macroprudential Policy and Bank Systemic Risk   Acrobat Required
Meuleman, E. & R.V. Vennet (2019)

Assessing the macroeconomic impact of alternative macroprudential policies   ScienceDirect Required
Davis, E.P., I. Liadze & R. Piggott (2019)

Permutation entropies of short?term interest rates as an early?warning signal   Wiley Interscience Required
Lee, D. & H. Park (2019)

Interconnectedness in the interbank market   ScienceDirect Required
Brunetti, C., J.H. Harris, S. Mankad & G. Michailidis (2019)

Systematic extreme downside risk   ScienceDirect Required
Harris, R.D.F., L.H. Nguyen & E. Stoja (2019)

Cross-border effects of prudential regulation: evidence from the euro area   Acrobat Required
Zochowski, D., F. Franch & L. Nocciola (2019)

Prudential Monetary Policy
Caballero, R.J. & A. Simsek (2019)

Heterogeneous effects of the implementation of macroprudential policies on bank risk   Acrobat Required
Ely, R.A., B.M. Tabak & A.M. Teixeira (2019)

The Bank-Sovereign Loop and Financial Stability in the Euro Area   Acrobat Required
Langedijk, S. & A. Fontana (2019)

House Prices, (Un)Affordability and Systemic Risk   Acrobat Required
Pavlidis, E., I. Paya & A. Skouralis (2019)

Quest for robust optimal macroprudential policy   Acrobat Required
Aguilar, P., S. Hurtado, S. Fahr & E. Gerba (2019)

Informality and bank stability   ScienceDirect Required
Liu-Evans, G. & S. Mitra (2019)

The broad policy toolkit for financial stability: Foundations, fences, and fire doors
Lepers, E. & C. Mehigan (2019)

Systemic Risk and Collateral Adequacy   Acrobat Required
Raykov, R. (2019)

External debt financing and macroeconomic instability in emerging market economies   Acrobat Required
Goyal, A., R. Sengupta & A. Verma (2019)

Financial Stability Implications of Policy Mix in a Small Open Commodity-Exporting Economy   Acrobat Required
Kozlovtceva, I., A. Ponomarenko, A. Sinyakov & S. Tatarintsev (2019)

Bank Assets, Liquidity and Credit Cycles   Acrobat Required
Lubello, F., I. Petrella & E. Santoro (2019)

Macroprudential Regulation and Leakage to the Shadow Banking Sector   Acrobat Required
Gebauer, S. & F. Mazelis (2019)

Fiscal Risk and Financial Fragility   Acrobat Required
Silva, T.C., S.M. Guerra & B. M. Tabak (2019)

Monetary policy, macroprudential policy, and financial stability   Acrobat Required
Martinez-Miera, D. & R. Repullo (2019)

Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy
Monnet, E. & M. Vari (2019)

Finding the Bad Apples in the Barrel: Using the Market Value of Equity to Signal Banking Sector Vulnerabilities
Kerry, W. (2019)

Macroprudential Regulation and Leakage to the Shadow Banking Sector   Acrobat Required
Gebauer, S. & F. Mazelis (2019)

(Un)Conventional monetary policy and bank risk-taking: A nonlinear relationship   ScienceDirect Required
Brana, S., A. Campmas & I. Lapteacru (2019)

Do reserve requirements reduce the risk of bank failure?   Acrobat Required
Glocker, C. (2019)

Inflation Targeting, Credit Flows, and Financial Stability in a Regime Change Model   Cambridge Online Required
Gross, M. & W. Semmler (2019)

The Riskiness of Credit Allocation and Financial Stability
Brandao-Marques, L., Q. Chen, C. Raddatz, J. Vandenbussche & P. Xie (2019)

Macroprudential policy spillovers and international banking - Taking the gravity approach   Acrobat Required
Norring, A. (2019)

Fiscal distress and banking performance: The role of macroprudential regulation
Balfoussia, H., H. Dellas & D. Papageorgiou (2019)

Income inequality, consumer debt, and prudential regulation: An agent-based approach to study the emergence of crises and financial instability   ScienceDirect Required
D'Orazio, P. (2019)

Optimal Policy for Macro-Financial Stability
Benigno, G., H. Chen, C. Otrok, A. Rebucci & E.R. Young (2019)

Integrating Solvency and Liquidity Stress Tests: The Use of Markov Regime-Switching Models
Han, F. & M. Leika (2019)

Informality, Frictions, and Macroprudential Policy
Ben Hassine, M. & N. Rebei (2019)

Liquidity Transformation and Financial Fragility: Evidence from Funds of Hedge Funds   Cambridge Online Required
Agarwal, V., G.O. Aragon & Z. Shi (2019)

Macro-prudential taxation in good times   ScienceDirect Required
Flemming, J., J-P. L'Huillier & F. Piguillem (2019)

Macroprudential Ring-Fencing   Acrobat Required
Konecny, T. & L. Pfeifer (2019)

Micro-prudential regulation and banks' systemic risk   Acrobat Required
de Haan, J., Z. Jin & C. Zhou (2019)

Credit, capital and crises: a GDP-at-Risk approach   Acrobat Required
Aikman, D., J. Bridges, S. Hacioglu Hoke, C. O'Neill & A. Raja (2019)

Growth and Welfare Effects of Macroprudential Regulation   Cambridge Online Required
Agénor, P.R. (2019)

Sovereign Risk in Macroprudential Solvency Stress Testing
Jobst, A.A. & H. Oura (2019)

Interconnected banks and systemically important exposures | Published   Acrobat Required   ScienceDirect Required
Roncoroni, A., S. Battiston, M. D'Errico, G. Halaj & C. Kok (2019/21)

Dynamic Interpretation of Emerging Risks in the Financial Sector   Oxford Journals Required
Hanley, R.W. & G. Hoberg (2019)

The Distortive Effects of Too Big To Fail: Evidence from the Danish Market for Retail Deposits   Oxford Journals Required
Iyer, R., T.L. Jensen, N. Johannesen & A. Sheridan (2019)

Office Market Interconnectedness and Systemic Risk Exposure   Acrobat Required
Füss, R. & D. Ruf (2019)

Bail-in regulation and stock market reaction   ScienceDirect Required
Fiordelisi, F., F. Minnucci, D. Previati & O. Ricci (2019)

Networks and systemic risk in the financial system   Oxford Journals Required
Gai, P. & S. Kapadia (2019)

Shadow banking and financial stability under limited deposit insurance   Acrobat Required
Voellmy, L. (2019)

The SHERLOC: an EWS-based index of vulnerability for emerging economies   Acrobat Required
Alonso, I. & L. Molina (2019)

Macroprudential policies, corporate governance and bank risk: Cross-country evidence   ScienceDirect Required
Gaganis, C., A. Lozano-Vivas, P. Papadimitri & F. Pasiouras (2020)

Financial stability, growth and macroprudential policy   ScienceDirect Required
Ma, C. (2020)

Should Monetary Policy Target Financial Stability?   Acrobat Required
Chen, W. & G. Phelan (2020)

Predicting Downside Risks to House Prices and Macro-Financial Stability
Deghi, A., M. Katagiri, S. Shahid & N. Valckx (2020)

Reconstructing and stress testing credit networks   ScienceDirect Required
Ramadiah, A., F. Caccioli & D. Fricke (2020)

Market Structure and Financial Stability: Theory and Evidence   Acrobat Required
Amendola, A., C. Barra, M. Boccia & A. Papaccio (2019)

Bank instability: Interbank linkages and the role of disclosure   Acrobat Required
König-Kersting, C., S.T. Trautmann & R. Vlahu (2019)

Looking through systemic credit risk: Determinants, stress testing and market value   ScienceDirect Required
Chamizo, A. & A. Novales (2020)

Structural Differences in the Eurozone: Measuring Financial Stability by FCI   Cambridge Online Required
Foglia, M., A. Cartone & C. Fiorelli (2020)

Macroeconomic impact of Basel III: Evidence from a meta-analysis   ScienceDirect Required
Fidrmuc, J. & R. Lind (2020)

Sectoral risk-weights and macroprudential policy   ScienceDirect Required
Hodbod, A., S.J. Huber & K. Vasilev (2020)

Does size matter? Bailouts with large and small banks   ScienceDirect Required
Dávila, E. & A. Walther (2020)

How connected is the global sovereign credit risk network?   ScienceDirect Required
Bostanci, G. & K. Yilmaz (2020)

Systemic Risk Modeling: How Theory Can Meet Statistics
Espinoza, R.A., M.A. Segoviano & J. Yan (2020)

The impact of the Basel III liquidity ratios on banks: Evidence from a simulation study   ScienceDirect Required
Grundke, P. & A. Kühn (2020)

Credit, banking fragility and economic performance   Acrobat Required
Creel, J., P. Hubert & F. Labondance (2020)

An early warning system for predicting systemic banking crises in the Eurozone: A logit regression approach   ScienceDirect Required
Filippopoulou, C., E. Galariotis & S. Spyrou (2020)

Bank-based versus market-based financing: Implications for systemic risk   ScienceDirect Required
Bats, J.V. & A.C.F.J. Houben (2020)

Optimal Bailouts and the Doom Loop with a Financial Network
Capponi, A., F.C. Corell & J.E. Stiglitz (2020)

Financial Stability Committees and Basel III Macroprudential Capital Buffers   Acrobat Required
Edge, R.M. & J.N. Liang (2020)

Banks to basics! Why banking regulation should focus on equity   Acrobat Required
Durand, P. & G. Le Quang (2020)

The Macroprudential Role of Stock Markets
Chousakos, K.T., G.B. Gorton & G. Ordońez (2020)

Effects of macroprudential policies on bank lending and credit risks   Acrobat Required
Behncke, S. (2020)

The Effects of Macroprudential Policy on Banks' Profitability   Acrobat Required
Davis, E.P., D. Karim & D. Noel (2020)

The Interaction Between Macroprudential Policy and Financial Stability   Acrobat Required
Venter, Z. (2020)

Systemic Credit Freezes in Financial Lending Networks
Acemoglu, D., A. Ozdaglar, J. Siderius & A. Tahbaz-Salehi (2020)

SME lending and banking system stability: Some mechanisms at work   ScienceDirect Required
Brei, M., B. Gadanecz & A. Mehrotra (2020)

Bank Regulation under Fire Sale Externalities   Oxford Journals Required
Kara, G.I. & S.M. Ozsoy (2020)

In Search of Distress Risk in Emerging Markets
Asis, G., A. Chari & A. Haas (2020)

The Rise of Shadow Banking: Evidence from Capital Regulation | Published   Acrobat Required   Oxford Journals Required   Recommended!
Irani, R., R. Iyer, J-L. Peydró & R. Meisenzahl (2020/21)

Abstract: We investigate the connections between bank capital regulation and the prevalence of lightly regulated nonbanks (shadow banks) in the U.S. corporate loan market. For identification, we exploit a supervisory credit register of syndicated loans, loan-time fixed effects, and shocks to capital requirements arising from surprise features of the U.S. implementation of Basel III. We find that less-capitalized banks reduce loan retention, particularly among loans with higher capital requirements and at times when capital is scarce, and nonbanks step in. This reallocation is associated with important adverse effects during the 2008 crisis: loans funded by nonbanks with fragile liabilities are less likely to be rolled over and experience greater price volatility.

Risk Spillovers and Interconnectedness between Systemically Important Institutions
Andries, A.M., S. Ongena, N. Sprincean & R. Tunaru (2020)

Foundations of system-wide financial stress testing with heterogeneous institutions   Acrobat Required
Farmer, J.D., A.M. Kleinnijenhuis, P. Nahai-Williamson & T. Wetzer (2020)

The safe asset, banking equilibrium, and optimal central bank monetary, prudential and balance-sheet policies   ScienceDirect Required
Magill, M., M. Quinzii & J-C. Rochet (2020)

Banking stress test effects on returns and risks   ScienceDirect Required
Sahin, C., J. de Haan & E. Neretina (2020)

Institutional Diversity in Domestic Banking Sectors and Bank Stability: A Cross-Country Study   Acrobat Required
Baum, C.F., C.F. Grazzini & D. Schäfer (2020)

Bank Complexity, Governance, and Risk
Correa, R. & L.S. Goldberg (2020)

Foreign Banks, Liquidity Shocks, and Credit Stability
Belton, D., L. Gambacorta, S. Kokas & R. Minetti (2020)

The Anatomy of the Transmission of Macroprudential Policies
Acharya, V.V., K. Bergant, M. Crosignani, T. Eisert & F.J. McCann (2020)

The costs of macroprudential deleveraging in a liquidity trap
Chen, J., D. Finocchiaro, J. Lindé & K. Walentin (2020)

Central bank independence and systemic risk   Acrobat Required
Andries, A.M., A.M. Podpiera & N. Sprincean (2020)

Liquidity Regulation and Financial Stability   Cambridge Online Required
Li, Y. (2020)

Financial Vulnerability and Risks to Growth in Emerging Markets
Acharya, V.V., S. Bhadury & J. Surti (2020)

Liquidity at Risk: Joint Stress Testing of Solvency and Liquidity | Published   ScienceDirect Required
Cont, R., A. Kotlicki & L. Valderrama (2020)

When Banks Punch Back: Macrofinancial Feedback Loops in Stress Tests
Catalan, M. & A.W. Hoffmaister (2020)

Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates   Acrobat Required
Araujo, J.D., M. Patnam, A. Popescu, F. Valencia & W. Yao (2020)

Macroprudential Policies, Economic Growth, and Banking Crises   Acrobat Required
Belkhir, M., S. Ben Naceur, B. Candelon & J-C. Wijnandts (2020)

Collateral rehypothecation, safe asset scarcity, and unconventional monetary policy   ScienceDirect Required
Grilli, R., F. Giri & M. Gallegati (2020)

Bank Heterogeneity and Financial Stability
Goldstein, I., A. Kopytov, L. Shen & H. Xiang (2020)

What is the tipping point? Low rates and financial stability   Acrobat Required
Porcellacchia, D. (2020)

Diversification and bank stability   ScienceDirect Required
Liang, S., F. Moreira & J. Lee (2020)

How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries
Poghosyan, T. (2020)

Welfare analysis of bank merger with financial instability   Acrobat Required
Ino, A. & Y. Matsuki (2020)

Identifying indicators of systemic risk | Published   Acrobat Required   ScienceDirect Required
Hartwig, B., C. Meinerding & Y. Schüler (2020/21)

Systemic Risk: a Network Approach   Acrobat Required
Hasse, J-B. (2020)

The Macroeconomic Effects of Macroprudential Policy: Evidence from a Narrative Approach
Rojas, D., C.A. Vegh & G. Vuletin (2020)

The International Aspects of Macroprudential Policy
Forbes, K.J. (2020)

Cross-border spillovers of macroprudential policy in the Euro area   ScienceDirect Required
Badarau, C., M. Carias & J-M. Figuet (2020)

A historical loss approach to community bank stress testing   ScienceDirect Required
Fang, C. & T.J. Yeager (2020)

Systematic stress tests on public data   ScienceDirect Required
Breuer, T. & M. Summer (2020)

Risk shifting and the allocation of capital: A Rationale for macroprudential regulation   ScienceDirect Required
Kogler, M. (2020)

Rethinking capital regulation: the case for a dividend prudential target   Acrobat Required
Muńoz, M.A. (2020)

The intertwining of credit and banking fragility   Acrobat Required
Creel, J., P. Hubert & F. Labondance (2020)

Global Banks' Dollar Funding: A Source of Financial Vulnerability
Barajas, A., A. Deghi, C. Raddatz, D. Seneviratne, P. Xie & Y. Xu (2020)

The simpler the better: measuring financial conditions for monetary policy and financial stability   Acrobat Required
Bobasu, A., F. Venditti & S. Arrigoni (2020)

Macroprudential policy in the presence of external risks   ScienceDirect Required
Reyes-Heroles, R. & G. Tenorio (2020)

Macroprudential and monetary policies: The need to dance the Tango in harmony   ScienceDirect Required
Garcia Revelo, J.D., Y. Lucotte & F. Pradines-Jobet (2020)

The simpler the better: measuring financial conditions for monetary policy and financial stability   Acrobat Required
Bobasu, A., F. Venditti & S. Arrigoni (2020)

Economic uncertainty and bank risk: Evidence from emerging economies   ScienceDirect Required
Wu, J., Y. Yao, M. Chen & B.N. Jeon (2020)

International Coordination of Macroprudential Policies with Capital Flows and Financial Asymmetries   Acrobat Required
Chen, W. & G. Phelan (2020)

Backtesting macroprudential stress tests   Acrobat Required
Ramadiah, A., D. Fricke & F. Caccioli (2020)

Prudential policies and bailouts - a delicate interaction   ScienceDirect Required
Pasten, E. (2020)

Regulatory Arbitrage and Economic Stability   Acrobat Required
Aysun, U. & S. Alpanda (2020)

Measuring Global Financial Market Stresses
Groen, J.J.J., M. Nattinger & A.I. Noble (2020)

Real effects of foreign exchange risk migration: Evidence from matched firm-bank microdata   Acrobat Required
Abbassi, P. & F. Bräuning (2020)

On the effects of macroprudential policies on Growth-at-Risk   ScienceDirect Required
Franta, M. & L. Gambacorta (2020)

Corporate Debt Overhang and Credit Policy
Brunnermeier, M. & A. Krishnamurthy (2020)

Sovereign risk and bank fragility   Acrobat Required
Anand, K. & J. Mankart (2020)

Conditional Systemic Risk Measures   Acrobat Required
Doldi, A. & M. Frittelli (2020)

The Financial (In)Stability Real Interest Rate, R**
Akinci, O., G. Benigno, M. Del Negro & A. Queraltó (2020)

Rules versus Discretion in Bank Resolution   Oxford Journals Required
Walther, A. & L. White (2020) https://www.imf.org/en/Publications/WP/Issues/2020/09/11/Exchange-Rates-and-Domestic-Credit-Can-Macroprudential-Policy-Reduce-the-Link-49725

Friend or foe: The divergent effects of FinTech on financial stability   ScienceDirect Required
Fung, D.W.H., W.Y. Lee, J.J.H. Yeh & F.L. Yuen (2020)

How do banking groups react to macroprudential policies? Cross-border spillover effects of higher capital buffers on lending, risk-taking and internal markets   Acrobat Required
Cappelletti, G., A. Ponte Marques, C. Salleo & D.V. Carmelo (2020)

The Impact of Policy Interventions on Systemic Risk across Banks
Nistor, S. & S. Ongena (2020)

Financial stability policies and bank lending: quasi-experimental evidence from Federal Reserve interventions in 1920-21   Acrobat Required
Rieder, K. (2020)

Central Bank Digital Currency: When Price and Bank Stability Collide
Schilling, L., J. Fernández-Villaverde & H. Uhlig (2020)

Systemic Risk in Financial Networks: A Survey   Acrobat Required   SURVEY PAPER
Jackson, M.O. & A. Pernoud (2020)

Managing Macrofinancial Risk
Adrian, T. & F. Vitek (2020)

On the origin of systemic risk   Acrobat Required
Montagna, M., G. Torri & G. Covi (2020)

Exchange Rates and Domestic Credit-Can Macroprudential Policy Reduce the Link?
Nier, E., T.T. Olafsson & Y.G. Rollinson (2020)

Global Banks' Dollar Funding: A Source of Financial Vulnerability
Barajas, A., A. Deghi, C. Raddatz, D. Seneviratne, P. Xie & Y. Xu (2020)

Monetary and Macroprudential Policy with Endogenous Risk
Adrian, T., F. Duarte, N. Liang & P. Zabczyk (2020)

Assessing the cyclical behaviour of bank capital buffers in a finance-augmented macro-economy   ScienceDirect Required
Montagnoli, A., K. Mouratidis & K. Whyte (2021)

Economic policy uncertainty and financial stability-Is there a relation?   ScienceDirect Required
Phan, D.H.B., B.N. Iyke, S.S. Sharma & Y. Affandi (2021)

Interactions and Coordination between Monetary and Macroprudential Policies
Van der Ghote, A. (2021)

A model-based index for systemic risk contribution measurement in financial networks   ScienceDirect Required
Deng, Y., Z. Zhang & L. Zhu (2021)

Macroprudential policy and the inward transmission of monetary policy: The case of Chile, Mexico, and Russia   Wiley Interscience Required
Bush, G., T. Gómez, A. Jara, D. Moreno, K. Styrin & Y. Ushakova (2021)

Bank liquidity creation and systemic risk   ScienceDirect Required
Davydov, D., S. Vähämaa & S. Yasar (2021)

The macroprudential toolkit: effectiveness and interactions   Acrobat Required
Millard, S., M. Rubio & A. Varadi (2021)

Systemic risk shifting in financial networks   ScienceDirect Required
Elliott, M., C-P. Georg & J. Hazell (2021)

Measurement of common risks in tails: A panel quantile regression model for financial returns   ScienceDirect Required
Baruník, J. & F. Cech (2021)

Systematic risk, debt maturity, and the term structure of credit spreads   ScienceDirect Required
Chen, H., Y. Xu & J. Yang (2021)

Savings Gluts and Financial Fragility   Oxford Journals Required
Bolton, P., T. Santos & J.A. Scheinkman (2021)

Financial Destabilization   Acrobat Required
Hashimoto, K., R. Im, T. Kunieda & A. Shibata (2021)

The link between the federal funds rate and banking system distress: An empirical investigation   ScienceDirect Required
Akcay, M. &l; E. Elyasiani (2021)

Macroprudential policy interactions in a sectoral DSGE model with staggered interest rates   Acrobat Required
Hinterschweiger, M., K. Khairnar, T. Ozden & T. Stratton (2021)

Reserve requirements and financial stability   ScienceDirect Required
Glocker, C. (2021)

Short-Selling Bans and Bank Stability   Oxford Journals Required
Beber, A., D. Fabbri, M. Pagano & S. Simonelli (2021)

Salience, systemic risk and spectral risk measures as capital requirements   ScienceDirect Required
Matyska, B. (2021)

SRISKv2 - A note   ScienceDirect Required
Migueis, M. & A. Jiron (2021)

Macroprudential Regulation in the Post-Crisis Era: Has the Pendulum Swung Too Far? | Published   Acrobat Required   ScienceDirect Required
Lyu, J., V.P.M. Le, D. Meenagh & P. Minford (2021)

The Unholy Trinity: Regulatory Forbearance, Stressed Banks and Zombie Firms
Chari, A., L. Jain & N. Kulkarni (2021)

Strengthening Bank Regulation and Supervision; National Progress and Gaps
Dordevic, L., C. Ferreira, M. Kitonga & K. Seal (2021)

The importance of technology in banking during a crisis   Acrobat Required
Timmer, Y. (2021)

Do macroprudential policies affect non-bank financial intermediation?
Claessens, S., G. Cornelli, L. Gambacorta, F. Manaresi & Y. Shiina (2021)

Systemic risk allocation using the asymptotic marginal expected shortfall   ScienceDirect Required
Qin, X. & C. Zhou (2021)

Finding a needle in a haystack: Do Early Warning Systems for Sudden Stops work?   Acrobat Required
Collodel, U. (2021)

The Role of Macroprudential Policy in Times of Trouble   Acrobat Required
Chadha, J.S., G. Corrado, L. Corrado & I. De Lorenzo Buratta (2021)

Feedbacks: Financial Markets and Economic Activity
Brunnermeier, M., D. Palia, K.A. Sastry & C.A. Sims (2021)

Leaning against the Wind and Crisis Risk
Schularick, M., L. ter Steege & F. Ward (2021)

News and narratives in financial systems: Exploiting big data for systemic risk assessment   ScienceDirect Required
Nyman, R., S. Kapadia & D. Tuckett (2021)

Prudential Policy with Distorted Beliefs
Dávila, E. & A. Walther (2021)

Optimal Monetary and Macroprudential Policies   Acrobat Required
Schroth, J. (2021)

Does alternative finance moderate bank fragility? Evidence from the euro area   ScienceDirect Required
Mamatzakis, E.C., S. Ongena & M.G. Tsionas (2021)

Toothless tiger with claws? Financial stability communication, expectations, and risk-taking   ScienceDirect Required
Beutel, J., N. Metiu & V. Stockerl (2021)

Monetary and Macroprudential Policies under Dollar-Denominated Foreign Debt   Acrobat Required
Matsumoto, H. (2021)

On the effectiveness of macroprudential policy   Acrobat Required
Ampudia, M., M. Lo Duca, M. Farkas, G. Perez-Quiros, M. Pirovano, G. Rünstler & E. Tereanu (2021)

The Anatomy of the Transmission of Macroprudential Policies
Acharya, V.V., K. Bergant, M. Crosignani, T. Eisert & F. McCann (2021)

Is COVID-19 a threat to financial stability in Europe?
Reinders, H.J., D. Schoenmaker & M.A.Van Dijk (2021)

Macro- and Microprudential Policies: Sweet and Lowdown in a Credit Network Agent-Based Model   Cambridge Online Required
Catullo, E., F. Giri & M. Gallegati (2021)

What determines wholesale funding costs of the global systemically important banks?   ScienceDirect Required
Cottrell, S., X. Yu, S. Delpachitra & Y. Ma (2021)

Monetary, financial and fiscal fragility in 2020s   ScienceDirect Required
El-Shagi, M. & C. Turcu (2021)

State ownership, macroprudential policies, and bank lending   ScienceDirect Required
Mirzaei, A., F. Pasiouras & A. Samet (2021)

Counterparty Choice, Bank Interconnectedness, and Systemic Risk   Acrobat Required
Ellul, A. & D. Kim (2021)

Did Basel regulation cause a significant procyclicality?   ScienceDirect Required
Ly, K.C. & K. Shimizu (2021)

The Bank Liquidity Channel of Financial (In)stability   Acrobat Required
Bosshardt, J., A. Kakhbod & F. Saidi (2021)

The Side Effects of Safe Asset Creation   Acrobat Required
Acharya, S. & K. Dogra (2021)

Reversal interest rate and macroprudential policy   Acrobat Required
Darracq Paričs, C. Kok Sřrensen & M. Rottner (2021)

Bank Cleanups, Capitalization, and Lending: Evidence from India   Oxford Journals Required
Chopra, T., K. Subramanian & P.L. Tantri (2021)

A Model-Based Comparison of Macroprudential Tools   Acrobat Required
Rots, E. & B. Szekely (2021)

Concentration-stability vs concentration-fragility: New cross-country evidence   ScienceDirect Required
Calice, P., L. Leonida & E. Muzzupappa (2021)

Traders, forecasters and financial instability: A model of individual learning of anchor-and-adjustment heuristics   ScienceDirect Required
Makarewicz, T. (2021)

Comparing minds and machines: implications for financial stability   Oxford Journals Required
Buckmann, M., A. Haldane & A-C. Hüser (2021)

Financial Risk Capacity
Bigio, S. & A. d'Avernas (2021)

Stress Tests, Entrepreneurship, and Innovation   Oxford Journals Required
Doerr, S. (2021)

Regulation of bank proprietary trading post 2007-09 crisis: An examination of the Basel framework and Volcker rule   ScienceDirect Required
Alexander, G.J., A.M. Baptista & S. Yan (2021)

The Effects of Banking Competition on Growth and Financial Stability: Evidence from the National Banking Era   UChicago Journals Required
Carlson, M., S. Correia & S. Luck (2021)

Monetary policy or macroprudential policies: What can tame the cycles?   Wiley Interscience Required   SURVEY PAPER
Vollmer, U. (2021)

Regulatory and bailout decisions in a banking union   ScienceDirect Required
Haufler, A. (2021)

The simpler, the better: Measuring financial conditions for monetary policy and financial stability   Acrobat Required
Arrigoni, S., A. Bobasu & F. Venditti (2021)

Financial condition indices for emerging market economies: can Google help?   Acrobat Required
Ferriani, F. & A. Gazzani (2021)

Safe-Asset Shortages: Evidence from the European Government Bond Lending Market   Cambridge Online Required
Aggarwal, R., J. Bai & L. Laeven (2021)

The impact of regulatory reforms for systemically important institutions, defined as "other" (O-SII)   ScienceDirect Required
Grodzicki, M. & M. Jarmuzek (2021)

How do institutional settings condition the effect of macroprudential policies on bank systemic risk?   ScienceDirect Required
Apergis, N., A.F. Aysan & Y. Bakkar (2021)

Systemic risk and severe economic downturns: A targeted and sparse analysis   ScienceDirect Required
Caporin, M., M. Costola, J-C. Garibal & B. Maillet (2021)

On the predictive power of network statistics for financial risk indicators   ScienceDirect Required
Song, J., Z. Zhang & M.K.P. So (2021)

The Effects of Banking Competition on Growth and Financial Stability: Evidence from the National Banking Era   UChicago Journals Required
Carlson, M., S. Correia & S. Luck (2022)

Home | Back | Index


Macroeconomic Crises

Macroeconomic Crises since 1870 | Published
Barro, R. & J. Ursua (2008)

On the Size Distribution of Macroeconomic Disasters | Published   Wiley Interscience Required
Barro, R.J. & T. Jin (2009/11)

Crises and Recoveries in an Empirical Model of Consumption Disasters | Published
Nakamura, E., J. Steinsson, R. Barro & J. Ursua (2010)

Can Cross-Border Financial Markets Create Endogenously Good Collateral in a Crisis?   Acrobat Required
Saito, M., S. Suzuki & T. Yamada (2010)

After the Fall
Reinhart, C.M. & V.R. Reinhart (2010)

Shocks and Crashes
Lettau, M. & S.V. Ludvigson (2011)

Credit Risk and Disaster Risk
Gourio, F. (2011)

Does Microfinance Work as a Recovery Tool After Disasters? Evidence from the 2004 Tsunami   ScienceDirect Required
Becchetti, L. & S. Castriota (2011)

Asset Pricing under Rational Learning about Rare Disasters
Koulovatianos, C. & V. Wieland (2011)

Rare Macroeconomic Disasters
Barro, R.J. & J.F. Ursua (2011)

Disaster Risk and Business Cycles
Gourio, F. (2012)

Economic Depression in the World   ScienceDirect Required
Breuer, J.B. & J. McDermott (2013)

Endogenous Economic Disasters and Asset Prices   Acrobat Required
Zhang, L., L-A. Kuehn & N. Petrosky-Nadeau (2013)

Unemployment Crises | Published   ScienceDirect Required
Petrosky-Nadeau, N. & L. Zhang (2013/21)

Does Uncertainty Reduce Growth? Using Disasters as Natural Experiments
Baker, S.R. & N. Bloom (2013)

Exogenous Shocks and Growth Crises in Low-Income Countries: A Vulnerability Index   ScienceDirect Required
Dabla-Norris, E. & Y. Bal Gündüz (2014)

Conventional and Insidious Macroeconomic Balance-Sheet Crises
Bakker, B.B. & L. Lipschitz (2014)

Tipping points in macroeconomic agent-based models   ScienceDirect Required
Gualdi, S., M. Tarzia, F. Zamponi & J-P. Bouchaud (2014)

News, disaster risk, and time-varying uncertainty   ScienceDirect Required
Shen, W. (2014)

Microeconomic Origins of Macroeconomic Tail Risks | Published
Acemoglu, D., A. Ozdaglar & A. Tahbaz-Salehi (2015/17)

Health and Unemployment during Macroeconomic Crises
Bharadwaj, P., P. Lundborg & D-O. Rooth (2015)

Towards a General Theory of Deep Downturns
Stiglitz, J.E. (2015)

Credit frictions and the cleansing effect of recessions   Wiley Interscience Required
Osotimehin, S. & F. Pappadŕ (2015)

Health Effects of Economic Crises
Ruhm, C.J. (2015)

Solution Methods for Models with Rare Disasters
Fernandez-Villaverde, J. & O. Levintal (2016)

Deep Recessions and Slow Recoveries   Acrobat Required
Kirsanova, T., C. Nolan & M. Shafiei Deh Abad (2016)

Do Rare Events Explain CDX Tranche Spreads?
Seo, S.B. & J.A. Wachter (2016)

Innovations Lead to Economic Crises
Johannessen, J-A. (2016)

Disaster Risk and Asset Returns: An International Perspective | Published   ScienceDirect Required
Lewis, K.K. & E.X. Liu (2017)

News implied volatility and disaster concerns   ScienceDirect Required
Manela, A. & A. Moreira (2017)

Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence
Nakamura, E., D. Sergeyev & J. Steinsson (2017)

Rare shocks vs. non-linearities: What drives extreme events in the economy? Some empirical evidence   ScienceDirect Required
Franta, M. (2017)

In good times and bad - Reciprocal behavior at the workplace in times of economic crises   ScienceDirect Required
Gerhards, L. & M. Heinz (2017)

Tracing out capital flows: How financially integrated banks respond to natural disasters   ScienceDirect Required
Romero Cortés, C. & P.E. Strahan (2017)

The Financing of Ideas and the Great Deviation
Garcia-Macia, D. (2017)

Financial Regulation and Endogenous Macroeconomic Crises   Cambridge Online Required
Riccetti, L., A. Russo & M. Gallegati (2018)

Income distribution and economic crises   Wiley Interscience Required
Neyapti, B. (2018)

Endogenous Disasters
Petrosky-Nadeau, N., L. Zhang & L-A. Kuehn (2018)

Predicting Fiscal Crises
Cerovic, S., K. Gerling, A. Hodge & P. Medas (2018)

Income distribution and economic crises   Wiley Interscience Required
Neyapti, B. (2018)

Macroprudential capital regulation in general equilibrium   Acrobat Required
Nelson, B. & G. Pinter (2018)

How Do Banks React to Catastrophic Events? Evidence from Hurricane Katrina   Oxford Journals Required
Schüwer, U., C. Lambert & F. Noth (2019)

The adjustment effect of the extensive margin on the terms of trade during economic crises   ScienceDirect Required
Kang, K. (2019)

A Keynes + Schumpeter model to explain development, speculation and crises   Acrobat Required
Bertocco, G. & A. Kalajzic (2019)

Macroeconomic Outcomes in Disaster-Prone Countries
Cantelmo, A., G. Melina & C. Papageorgiou (2019)

Macroeconomic disasters and the equity premium puzzle: Are emerging countries riskier?   ScienceDirect Required
Horvath, J. (2020)

The Coronavirus and the Great Influenza Pandemic: Lessons from the "Spanish Flu" for the Coronavirus's Potential Effects on Mortality and Economic Activity
Barro, R.J., J.F. Ursua & J. Weng (2020)

The Macroeconomics of Epidemics
Eichenbaum, M.S., S. Rebelo & M. Trabandt (2020)

Mitigating Disaster Risks to Sustain Growth
Hong, H., N. Wang & J. Yang (2020)

Pandemic Recession: L or V-Shaped?
Gregory, V., G. Menzio & D.G. Wiczer (2020)

Using Disasters to Estimate the Impact of Uncertainty
Baker, S.R., N. Bloom & S.J. Terry (2020)

Uncertainty and Growth Disasters   Acrobat Required
Jovanovic, B. & S. Ma (2020)

Earthquakes and Economic Growth   Acrobat Required
Lackner, S. (2020)

The predicting abilities of social trust and good governance on economic crisis duration   Acrobat Required
Nguyen, J., T. Dinh & M. Selart (2020)

Optimal Management of a Pandemic in the Short Run and the Long Run
Abel, A.B. & S. Panageas (2020)

How economic crises damage potential output - Evidence from the Great Recession   ScienceDirect Required
Dovern, J. & C. Zuber (2020)

Uncertainty and Growth Disasters
Jovanovic, B. & S. Ma (2020)

Predicting catastrophe risk: Evidence from catastrophe bond markets   ScienceDirect Required
Zhao, Y. & M-T. Yu (2020)

Rare disasters, the natural interest rate and monetary policy   Acrobat Required
Cantelmo, A. (2020)

Rare events and long-run risks   ScienceDirect Required
Barro, R.J. & T. Jin (2021)

Fear, lockdown, and diversion: Comparing drivers of pandemic economic decline 2020   ScienceDirect Required
Goolsbee, A. & C. Syverson (2021)

Rare disaster probability and options pricing   ScienceDirect Required
Barro, R.J. & G.Y. Liao (2021)

Local scars of the US housing crisis   ScienceDirect Required
Bhattarai, S., F. Schwartzman & C. Yang (2021)

The Hammer and the Dance: Equilibrium and Optimal Policy during a Pandemic Crisis   Acrobat Required
Assenza, T., C. Hellwig, F. Collard, M. Dupaigne, P. Fčve, S. Kankanamge & N. Werquin (2021)

Revisiting the process of aggregate growth recovery after a capital destruction   ScienceDirect Required
Alonso-Carrera, J., S. Bouché & C. de Miguel (2021)

Can large trade shocks cause crises? The case of the Finnish-Soviet trade collapse   ScienceDirect Required
Gulan, A., M. Haavio & J. Kilponen (2021)

The welfare costs of uncertainty: Cross-country evidence   ScienceDirect Required
Aurland-Bredesen, K.J. (2021)

Disastrous Defaults   Acrobat Required
Gouriéroux, C., A. Monfort, S. Mouabbi & J-P. Renne (2021)

How economic crises affect inflation beliefs: Evidence from the Covid-19 pandemic   ScienceDirect Required
Armantier, O., G. Ko?ar, R. Pomerantz, D. Skandalis, K. Smith, G. Topa & W. van der Klaauw (2021)

The Market Events of Mid-September 2019
Afonso, G., M. Cipriani, A. Copeland, A. Kovner, G. La Spada & A. Martin (2021)

Large Current Account Deficits and Neglected Vulnerabilities   SpringerLink Required
Aromí, J.D. (2021)

Home | Back | Index


Sovereign Debt Crises

Sovereign Liquidity Crisis: The Strategic Case for A Payments Standstill
Miller, M. & L. Zhang (1999)

Sovereign liquidity crises: analytics and implications for public policy   Acrobat Required
Chui, M., P. Gui & A.G. Haldane (2001)

An Alternative Tax on Cross-Border Investment
Truman, T. (2001)

Bond Restructuring and Moral Hazard: Are Collective Action Clauses Costly?
Becker, T.I., A.J. Richards & Y. Thaicharoen (2001)

Competition and Intervention in Sovereign Debt Markets
Paasche, B. & S. Zin (2002)

Early Ideas on Sovereign Bankruptcy Reorganization: A Survey   SURVEY PAPER
Rogoff, K. & J. Zettelmeyer (2002)

Odious Debt
Kremer, M. & S. Jayachandran (Jul 2002)

Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001
Rogoff, K. & J. Zettelmeyer (2002)

Sovereign Defaults: The Role of Volatility
Catao, L.A. & B.W. Sutton (2002)

Sovereign Debt Restructuring Mechanism - Further Considerations
IMF (2002)

A Fiscal Theory of Sovereign Risk
Uribe, M. (2002)

Sovereign Credit Ratings Methodology: An Evaluation
Bhatia, A.V. (2002)

A Brazilian-Type Debt Crisis: Simple Analytics | Published
Razin, A. & E. Sadka (2003)

Anticipating Credit Events using Credit Default Swaps, with an Application to Sovereign Debt Crises
Chan-Lau, J. (2003)

Rating the Rating Agencies: Anticipating Currency Crises or Debt Crises
Sy, A.N. (2003)

Speculative attacks on debts and optimum currency area: A welfare analysis   Acrobat Required
de Araujo, A.P. & M.S. Leon (2003)

Exchange Rate Policy and Debt Crises in Emerging Economies
Jahjah, S. & P. Montiel (2003)

Recovery Rates from Distressed Debt - Empirical Evidence from Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings
Singh, M. (2003)

Crisis Resolution: Next Steps | Revised
Eichengreen, B., K. Kletzer & A. Mody (2003)

Predicting Sovereign Debt Crises
Manasse, P., N. Roubini & A. Schimmelpfennig (2003)

Sovereign Credit Ratings and Their Impact on Recent Financial Crises   Acrobat Required
Kraeussl, R. (2003)

Bail out or work out? theoretical considerations   Wiley Interscience Required
Haldane, A.G., G. Irwin & V. Saporta (2004)

Debt Crises and the Development of International Capital Markets
Pescatori, A. & A.N. Sy (2004)

Sovereign Debt Defaults and Financing Needs
Kruger, M. & M. Messmacher (2004)

Stochastic Optimal Control Modeling of Debt Crises   Recommended!
Stein, J. (2003)

Abstract: What is an optimal or a sustainable external debt - for a country, region or sector? How should one monitor and evaluate debt to preclude a crisis? We use stochastic optimal control/dynamic programming to derive an optimal debt. The deviation of the actual from the optimal will serve as a Warning Signal of a crisis. There is a correspondence between Hamilton-Jacobi-Bellman equation of Dynamic Programming and the static Mean-Variance (M-V) analysis in finance. A graphic analysis of M-V is helpful to explain the implications of DP. An explicit example is the US Agricultural debt crisis.

Can Debt Crises Be Self-Fulfilling? | Published   ScienceDirect Required
Chamon, M. (2004/06)

Debt Maturity and the International Financial Architecture | Published   Ingenta Select Required
Jeanne, O. (2004/09)

Sovereign Debt: Default, Market Sanction, and Bailout   Adobe Acrobat Required
de Britto, P.A. (2004)

Sovereign default and the sustainability risk premium effect   ScienceDirect Required
Akemann, M. & F. Kanczuk (2004)

Optimal Debt and Equilibrium Exchange Rates in a Stochastic Environment: an Overview   Acrobat Required
Stein, J. (2004)

Resolution of Sovereign Debt Crises: The New Old Framework
Portes, R. (2004)

"Rules of Thumb" for Sovereign Debt Crises | Published   ScienceDirect Required
Manasse, P. & N. Roubini (2005/09)

Overpricing in Emerging Market Credit-Default-Swap Contracts: Some Evidence from Recent Distress Cases
Singh, M. & J.R. Andritzky (2005)

Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005 | Published   ScienceDirect Required
Sturzenegger, F. & J. Zettelmeyer (2005/08)

Designing an early warning system for debt crises   ScienceDirect Required
Ciarlone, A. & G. Trebeschi (2005)

Managing Financial Crises in Emerging Market Economies: Experience with the Involvement of Private Sector Creditors   Acrobat Required
Thimann, C., T. Bracke, P-F. Weber & C. Just (2005)

Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings
Kozack, J. (2005)

Toward a Lender of First Resort
Cohen, D & R. Portes (2006)

Lending Resumption After Default: Lessons from Capital Markets During the 19th Century
Sole, J. (2006)

The Level and Composition of Public Sector Debt in Emerging Market Crises
de Bolle, M.B., I. Hakobyan & B. Rother
(2006)

Debt Defaults and Lessons from a Decade of Crises   Recommended!
Sturzenegger, F. & J. Zettelmeyer

Abstract: Detailed case studies of debt defaults by Russia, Ukraine, Pakistan, Ecuador, Moldova, and Uruguay, framed by a comprehensive discussion of the history, economic theory, legal issues, and policy lessons of sovereign debt crises.

Sovereign default risk, the IMF and creditor moral hazard   ScienceDirect Required
Noy, I. (2008)

Sovereign debt crises and credit to the private sector   ScienceDirect Required
Arteta, C. & G. Hale (2008)

A solution to the default risk-business cycle disconnect
Mendoza, E.G. & V.Z. Yue

Default and the maturity structure in sovereign bonds   Acrobat Required
Arellano, C. & A. Ramanarayanan (2008)

Who Saw Sovereign Debt Crises Coming?
Parra, S.N. (2008)

Equilibrium sovereign default with endogenous exchange rate depreciation
Popov, S.V. & D.G. Wiczer (2009)

Sovereign defaulters: Do international capital markets punish them?   ScienceDirect Required
Fuentes, M. & D. Saravia (2009)

Long-duration bonds and sovereign defaults   ScienceDirect Required
Hatchondo, J.C. & L. Martinez (2009)

Sovereign Default, Private Sector Creditors and the IFIs | Published   ScienceDirect Required
Boz, E. (2009/11)

Unpleasant surprises: sovereign default determinants and prospects   Acrobat Required
Bandiera, L., J.C. Cuaresma & G.A. Vincelette (2010)

The elusive costs of sovereign defaults   ScienceDirect Required
Levy Yeyati, E. & U. Panizza (2010)

Sovereign Default, Domestic Banks and Financial Institutions
Gennaioli, N., A. Martin & S. Rossi (2010)

Asymmetric Shocks, Long-term Bonds and Sovereign Default
Zhu, J. & S. Xie (2011)

News and sovereign default risk in small open economies | Published   ScienceDirect Required
Durdu, C.B., R. Nunes & H. Sapriza (2010/13)

Fiscal Imbalances, Ination and Sovereign Default Dynamics
Guillard, M. & R. Sosa Navarro (2010)

Quantitative Properties of Sovereign Default Models: Solution Methods Matter
Hatchondo, J.C., L. Martinez & H. Sapriza (2010)

Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets
Das, U.S., M.G. Papaioannou & C. Trebesch (2010)

Sovereign default and debt renegotiation   ScienceDirect Required
Yue, V.Z. (2010)

Revisiting Overborrowing and its Policy Implications
Benigno, G., H. Chen, C. Otrok, A. Rebucci & E.R. Young (2010)

Observing bailout expectations during a total eclipse of the sun   Recommended!   ScienceDirect Required
Bernal, O., K. Oosterlinck & A. Szafarz (2010)

Abstract: The literature has not reached a consensus yet regarding the existence of sovereign creditor moral hazard. Exploiting an exceptional historical example, this paper proposes an original method to address this issue. As the corona which is observable only during a total eclipse of the sun, market-specific prices of repudiated bonds are observable only when extreme conditions segment the markets. Such very rare events allow for isolating pure country-specific bailout expectations. The paper shows that bailouts do create creditor moral hazard. Based on an impulse response analysis, the econometric results further emphasize the influence of bailout expectations in sovereign bonds valuation.

Endogenous debt crises | Published   ScienceDirect Required
Cohen, D. & S. Villemot (2011/15)

40 years of sovereign debt crises
Cohen, D. & C. Valadier (2011)

Sovereign Default Risk and Bank Fragility in Financially Integrated Economies
Bolton, P. & O. Jeanne (2011)

Is it punishment? Sovereign defaults and the decline in trade   ScienceDirect Required
Martinez, J.V. & G. Sandleris (2011)

Sovereign default: Which shocks matter?   ScienceDirect Required
Guimaraes, B. (2011)

What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
Aizenman, J., M.M. Hutchison & Y. Jinjarak (2011)

Recent developments in quantitative models of sovereign default   Acrobat Required   SURVEY PAPER
Stähler, N. (2011)

Sovereign Defaults: The Price of Haircuts | Published   Acrobat Required
Cruces, J.J. & C. Trebesch (2011/13)

Debt Dilution and Sovereign Default Risk | Published
Hatchondo, J.C., L. Martinez & C. Sosa Padilla (2011/16)

Sovereign Default Risk Premia, Fiscal Limits and Fiscal Policy   Acrobat Required
Bi, H. (2011)

A General Equilibrium Model of Sovereign Default and Business Cycles
Mendoza, E.G. & V.Z. Yue (2011)

Exchange rate policy under sovereign default risk   ScienceDirect Required
Schabert, A. (2011)

Sovereign defaults and liquidity crises   ScienceDirect Required
Brutti, F. (2011)

A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk
Acharya, V.V., I. Drechsler & P. Schnabl (2011)

Crash risk of the euro in the sovereign debt crisis of 2009–2010   ScienceDirect Required
Hui, C-H. & T-K. Chung (2011)

Why Prices Don't Respond Sooner to a Prospective Sovereign Debt Crisis   Acrobat Required
Braun, R.A. & T. Nakajima (2012)

Sovereign default risk premia, fiscal limits, and fiscal policy   ScienceDirect Required
Bi, H. (2012)

The Sovereign Default Puzzle: Modelling Issues and Lessons for Europe
Cohen, D. & S. Villemot (2012)

Efficient Sovereign Default | Published   Acrobat Required   Oxford Journals Required
Dovis, A. (2012/19)

Sovereign default risk and commitment for fiscal adjustment
Goncalves, C.E. & B. Guimarăes (2012)

Optimal Sovereign Default | Published
Adam, K. & M. Grill (2012/17)

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending
Committeri, M. & F. Spadafora (2013)

The mystique surrounding the central bank’s balance sheet, applied to the European crisis
Reis, R. (2013)

The Mystery of the Printing Press: Self-fulfilling debt crises and monetary sovereignty
Corsetti, G. & L. Dedola (2013)

Credibility For Sale   Acrobat Required
Niepelt, D. & H. Dellas (2013)

Slow Moving Debt Crises | Published
Lorenzoni, G. & I. Werning (2013/19)

Sovereigns versus Banks: Credit, Crises, and Consequences
Jorda, O., M.H.P. Schularick & A.M. Taylor (2013)

Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises   Recommended!
Aguiar, M., M. Amador, E. Farhi & G. Gopinath (2013)

Abstract: We propose a continuous time model of nominal debt and investigate the role of inflation credibility in the potential for self-fulfilling debt crises. Inflation is costly, but reduces the real value of outstanding debt without the full punishment of default. With high inflation credibility, which can be interpreted as joining a monetary union or issuing foreign currency debt, debt is effectively real. By contrast, with low inflation credibility, sovereign debt is nominal and in a debt crisis a government may opt to inflate away a fraction of the debt burden rather than explicitly default. This flexibility potentially reduces the country's exposure to self-fulfilling crises. On the other hand, the government lacks credibility not to inflate in the absence of crisis. This latter channel raises the cost of debt in tranquil periods and makes default more attractive in the event of a crisis, increasing the country's vulnerability. We characterize the interaction of these two forces. We show that there is an intermediate inflation credibility that minimizes the country's exposure to rollover risk. Low inflation credibility brings the worst of both worlds--high inflation in tranquil periods and increased vulnerability to a crisis.

Puzzling over the Anatomy of Crises: Liquidity and the Veil of Finance   Acrobat Required
Calvo, G. (2013)

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects | Published   ScienceDirect Required
Broner, F., A. Erce, A. Martin & J. Ventura (2013)

Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten
Reinhart, C. & K. Rogoff (2013)

Do Sovereign Credit Default Swaps Represent a Clean Measure of Sovereign Default Risk? A Factor Model Approach   ScienceDirect Required
Badaoui, S., L. Cathcart & L. El-Jahel (2013)

Recent Developments in Quantitative Models of Sovereign Default   SURVEY PAPER
  Wiley Interscience Required
Stahler, N. (2013)

Sovereign defaults and optimal reserves management   Acrobat Required
Martinez, L., J. Hatchondo & J. Bianchi (2013)

The "forward premium puzzle" and the sovereign default risk   ScienceDirect Required
Coudert, V. & V. Mignon (2013)

Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default
D'Erasmo, P. & E.G. Mendoza (2013)

Sovereign Default Risk Premia and State-Dependent Twin Deficits | Published   Acrobat Required   ScienceDirect Required
Hürtgen, P. & R. Rühmkorf (2013/14)

Debt Crises and Risk Sharing: The Role of Markets versus Sovereigns
Kalemli-Ozcan, S., E.E. Luttini & B. Sorensene (2014)

Information quality and crises in regime-change games   ScienceDirect Required
Iachan, F.S. & P.T. Nenov (2014)

Renegotiation Policies in Sovereign Defaults   Acrobat Required
Arellano, C. & Y. Bai (2014)

Monetary and Fiscal Policy with Sovereign Default   Acrobat Required
Röttger, J. (2014)

The Welfare Cost of Sovereign Default and Liquidity Injections
Liu, G. (2014)

Sovereign Bailouts   Acrobat Required
Martinez, M., J. Hatchondo, B. Kuruscu & B. Guler (2014)

Debt Crises: For Whom the Bell Tolls   Acrobat Required
Ordonez,G., D. Neuhann & H. Cole (2014)

The Long and the Short of It: Sovereign Debt Crises and Debt Maturity   Acrobat Required
Fernández, R. & A. Martín (2014)

Varieties of Sovereign Crises: Latin America 1820-1931
Kaminsky, G.L. & P. Vega-Garcia (2014)

Sovereign Default and the Choice of Maturity | Published   Acrobat Required   ScienceDirect Required
Sanchez, J.M., H. Sapriza & E. Yurdagul (2014/18)

Bank regulation, risk and return: Evidence from the credit and sovereign debt crises   ScienceDirect Required
Hoque, H., D. Andriosopoulos, K. Andriosopoulos & R. Douady (2014)

Global Monetary Tightening: Emerging Markets Debt Dynamics and Fiscal Crises
Escolano, J., C. Kolerus & C.L. Ngouana (2014)

The Long and the Short of It: Sovereign Debt Crises and Debt Maturity
Fernandez, R. & A. Martin (2014)

Equilibrium sovereign default with endogenous exchange rate depreciation   Acrobat Required
Popov, S.V. & D.G. Wiczer (2014)

Gambling for Redemption and Self-Fulfilling Debt Crises
Conesa, J.C. & T.J. Kehoe (2015)

A Tale of Two Countries: Sovereign Default, Exchange Rate, and Trade   Acrobat Required
Gu, G.W. (2015)

The macroeconomic effects of the sovereign debt crisis in the euro area   Acrobat Required
Neri, S. & T. Ropele (2015)

Sovereign defaults by currency denomination   ScienceDirect Required
Jeanneret, A. & S. Souissi (2015)

Self-Fulfilling Debt Crises: Can Monetary Policy Really Help? | Published   ScienceDirect Required
Bacchetta, P., E. Perazzi & E. van Wincoop (2015/18)

Information quality and crises in regime-change games   ScienceDirect Required
Iachan, F.S. & P.T. Nenov (2015)

Country Solidarity in Sovereign Crises
Tirole, J. (2015)

Liquidity Crises, Liquidity Lines and Sovereign Risk | Published   Acrobat Required   ScienceDirect Required
Onder, Y.K. (2015/21)

Time-Consistent Fiscal Policy in a Debt Crisis   Acrobat Required
Balke, N.L. & M.O. Ravn (2015)

From Financial Repression to External Distress: The Case of Venezuela
Reinhart, C.M. & M.A. Santos (2015)

External and Public Debt Crises
Arellano, C., A. Atkeson & M. Wright (2015)

Time-Consistent Fiscal Policy in a Debt Crisis   Acrobat Required
Ravn, M. & N. Balke (2015)

Fiscal rules and the Sovereign Default Premium   Acrobat Required
Escaniano, J.C., L. Martinez & F. Roch (2015)

Sovereign Default and Information Frictions   Acrobat Required
Pancrazi, R., C. Hellwig & C. de Soyres (2015)

Sovereign Defaults: has the current system resulted in lasting (re)solutions?   Acrobat Required
Mariscal, R., A. Powell, G. Sandleris & P. Tavella (2015)

Sovereign Default Risk and Uncertainty Premia | Published   Acrobat Required
Pouzo, D. & I. Presno (2015/16)

Domestic Debt and Sovereign Defaults   Acrobat Required
Mallucci, E. (2015)

Leverage and Default in Binomial Economies: A Complete Characterization   Wiley Interscience Required
Fostel, A. & J. Geanakoplos (2018)

Exit Expectations and Debt Crises in Currency Unions | Published   Acrobat Required   ScienceDirect Required
Kriwoluzky, A., G.J. Müller & M. Wolf (2015/19)

Exit expectations and debt crises in currency unions
Kriwoluzky, A., G. Müller & M. Wolf (2015)

Labor Market Distortions under Sovereign Default Crises   Acrobat Required
Tavares, T. (2015)

A Pecking Order Theory of Sovereign Default   Acrobat Required
Wright, M., C. Trebesch & M. Schlegl (2015)

The Pitfalls of External Dependence: Greece, 1829-2015
Reinhart, C.M. & C. Trebesch (2015)

Exit Expectations and Debt Crises in Currency Unions   Acrobat Required
Kriwoluzky, A., G.J. Müller & M. Wolf (2015)

How are market preferences shaped? The case of sovereign debt of stressed euro-area countries   ScienceDirect Required
Mamatzakis, E. & M.G. Tsionas (2015)

Liquidity, Government Bonds and Sovereign Debt Crises   Acrobat Required
Molteni, F. (2015)

Fiscal Austerity during Debt Crises   Acrobat Required
Arellano, C. & Y. Bai (2016)

Quantitative Models of Sovereign Debt Crises   SURVEY PAPER
Aguiar, M., S. Chatterjee, H. Cole & Z. Stangebye (2016)

Absence of safe assets and fiscal crisis   ScienceDirect Required
Sakuragawa, M. & Y. Sakuragawa (2016)

Debt Crises: For Whom the Bell Tolls
Cole, H., D. Neuhann & G. Ordonyez (2016)

Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics
Asonuma, T. (2016)

Serial Sovereign Defaults and Debt Restructurings
Asonuma, T. (2016)

Reputational Effects in Sovereign Default   Acrobat Required
Egorov, K. & M. Fabinger (2016)

The Costs of Sovereign Default: Evidence from Argentina
Hebert, B. & J. Schreger (2016)

Income Inequality and Sovereign Default   Acrobat Required
Jeon, K. & Z. Kabukcuoglu (2016)

Optimal Domestic (and External) Sovereign Default
D'Erasmo, P. & E.G. Mendoza (2016)

Fiscal Rules and Sovereign Default   Acrobat Required
Alfaro, L. (2016)

Self-Fulfilling Debt Crises: A Quantitative Analysis | Published
Bocola, L. & A. Dovis (2016/19)

Take the Short Route: Equilibrium Default and Debt Maturity | Published   Wiley Interscience Required
Aguiar, M., M. Amador, H. Hopenhayn & I. Werning (2016/19)

Systemic and Idiosyncratic Sovereign Debt Crises   Acrobat Required
Kaminsky, G.L. & P. Vega-Garcia (2016)

Sovereign Defaults, Eexternal Debt, and Real Exchange Rate Dynamics
Asonuma, T. (2016)

Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815-2015
Reinhart, C.M., V. Reinhart & C. Trebesch (2016)

Flooded with debt   ScienceDirect Required
Klomp, J. (2017)

Optimal Fiscal and Monetary Policy, Debt Crisis and Management | Published   Cambridge Online Required
Cantore, C., P.L. Levine, G. Melina & J.G. Pearlman (2017/19)

Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal
Aguiar, M., S. Chatterjee, H. Cole & Z. Stangebye (2017)

Emerging economies' short-term private external debt as evidence of economic crisis   ScienceDirect Required
Ekici, O. & K. Nemlioglu (2017)

Is Inflation Default? The Role of Information in Debt Crises | Published
Bassetto, M. & C. Galli (2017/19)

Financial Repression in the European Sovereign Debt Crisis | Published   Acrobat Required   Oxford Journals Required
Becker, B. & V. Ivashina (2017/18)

Default Risk, Sectoral Reallocation, and Persistent Recessions | Published   ScienceDirect Required
Arellano, C., Y. Bai & G. Mihalache (2017/18)

Sovereign Bond Prices, Haircuts and Maturity
Asonuma, T., D. Niepelt & R. Ranciere (2017)

Sovereign debt renegotiation and credit default swaps   ScienceDirect Required
Salomao, J. (2017)

Sovereign Default Risk and Firm Heterogeneity
Arellano, C., Y. Bai & L. Bocola (2017)

Fiscal Rules and Sovereign Default
Alfaro, L. & F. Kanczuk (2017)

Commodity price risk management and fiscal policy in a sovereign default model | Published   ScienceDirect Required
Lopez-Martin, B., J. Leal & A. Martinez Fritscher (2017/19)

Sovereign Default and Capital Accumulation | Published   ScienceDirect Required
Park, J. (2014/17)

Commodity Price Risk Management and Fiscal Policy in a Sovereign Default Model   Acrobat Required
Bernabé, L-M., J.C. Leal-Ordońez & M. André (2017)

Asymmetric business cycles and sovereign default   ScienceDirect Required
Gordon, G. & P.A. Guerron-Quintana (2017)

Reputation and Sovereign Default | Published   Acrobat Required   Wiley Interscience Required
Phelan, C. & M. Amador (2017/21)

Sovereign Default Resolution Through Maturity Extension | Published   Acrobat Required   ScienceDirect Required
Mihalache, G. (2017/20)

Life after default: Private vs. official sovereign debt restructurings | Published   Acrobat Required   ScienceDirect Required
Marchesi, S. & T. Masi (2017/21)

External Imbalances, Gross Capital Flows and Sovereign Debt Crises   Acrobat Required
de Ferra, S. (2017)

Bank Exposures and Sovereign Stress Transmission   Oxford Journals Required
Altavilla, C., M. Pagano & S. Simonelli (2017)

Sovereign debt and systemic risk in the eurozone: A macroeconomic perspective   ScienceDirect Required
Popescu, A. & C. Turcu (2017)

Sovereign Risk and Bank Risk-Taking
Ari, A. (2017)

Assessing the predictive ability of sovereign default risk on exchange rate returns   ScienceDirect Required
Foroni, C., F. Ravazzolo & B. Sadaba (2018)

Sovereign defaults in court | Published   Acrobat Required   ScienceDirect Required
Schuhmacher, J., C. Trebesch & H. Enderlein (2018/21)

The Costs of Sovereign Default: Evidence from the Stock Market   Oxford Journals Required
Andrade, S.C. & V. Chhaochharia (2018)

Assessing sovereign default risk: A bottom-up approach   ScienceDirect Required
Liu, F., E. Kalotay & S. Trück (2018)

Do credit rating agencies provide valuable information in market evaluation of sovereign default risk?   ScienceDirect Required
Binici, M. & M. Hutchison (2018)

Fiscal Commitment and Sovereign Default Risk   Acrobat Required
Liu, S. & H. Shen (2018)

Credit Rating and Debt Crises   Wiley Interscience Required
Holden, S., G.J. Natvik & A. Vigier (2018)

Sovereign Default: The Role of Expectations | Published   ScienceDirect Required
Ayres, G.N., J.P. Nicolini & P. Teles (2018)

Sovereign credit rating determinants under financial crises   ScienceDirect Required
Teixeira, J.C.A., F.J.F. Silva, M.B.S. Ferreira & J.A.C. Vieira (2018)

Debt Seniority and Sovereign Debt Crises
Ari, A., G. Corsetti & L. Dedola (2018)

Sovereign Default and Liquidity: the Case for a World Safe Asset | Published   Acrobat Required   ScienceDirect Required
Le Grand, F. & X. Ragot (2018/21)

Official Debt Restructurings and Development   Acrobat Required
Cheng, G., J. Diaz-Cassou & A. Erce (2018)

"Whatever it takes" to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects   ScienceDirect Required
Afonso, A., M.G. Arghyrou, M.D. Gadea & A. Kontonikas (2018)

Reputation and Sovereign Default
Amador, M. & C. Phelan (2018)

Sovereign Default in a Monetary Union
de Ferra, S. & F. Romei (2018)

International tax cooperation and sovereign debt crisis resolution: reforming global governance to ensure no one is left behind   Acrobat Required
Alonso, J.A. (2018)

Life After Default: Private vs. Official Sovereign Debt Restructurings   Acrobat Required
Marchesi, S. & T. Masi (2018)

A mechanism to regulate sovereign debt restructuring in the euro area   Wiley Interscience Required
Andritzky, J., D.I. Christofzik, L.P. Feld & U. Scheuering (2018)

Financial friction sources in emerging economies: Structural estimation of sovereign default models   Acrobat Required
Yamazaki, T. (2018)

Sovereign Debt Restructurings
Dvorkin, M., J.M. Sanchez, H. Sapriza & E. Yurdagul (2018)

Dynamic adjustment of fiscal policy under a debt crisis   ScienceDirect Required
Dioikitopoulos, E.V. (2018)

Determinants of sovereign defaults   ScienceDirect Required
Ghulam, Y. & J. Derber (2018)

Quantitative Sovereign Default Models and the European Debt Crisis | Published   ScienceDirect Required
Bocola, L., G. Bornstein & A. Dovis (2018/19)

(At Least) Four Theories for Sovereign Default
Eberhardt, M. (2018)

History Remembered: Optimal Sovereign Default on Domestic and External Debt | Published   ScienceDirect Required
D'Erasmo, P. & E.G. Mendoza (2018/21)

Banks, Government Bonds, and Default: What Do the data Say?   ScienceDirect Required
Gennaioli, N., A. Martin & S. Rossi (2018)

How International Reserves Reduce the Probability of Debt Crises   Acrobat Required
Hernandez, J. (2018)

The dynamics of sovereign debt crises and bailouts   ScienceDirect Required
Roch, F. & H. Uhlig (2018)

Honoring sovereign debt or bailing out domestic residents? The limits to bailouts   ScienceDirect Required
Mengus, E. (2018)

On the Role of Financial Aid in a Default Episode   Acrobat Required
Cuadra, G., M. Ramon-Francia & S. Garcia-Verdu (2018)

Inflation, Debt, and Default
Hur, S., I.O. Kondo & F. Perri (2018)

International Reserves Management in a Model of Partial Sovereign Default   Acrobat Required
Sabbadini, R. (2018)

Sovereign default, domestic banks and exclusion from international capital markets | Published   Acrobat Required   ScienceDirect Required
Thaler, D. (2018/21)

Selective Sovereign Defaults   Acrobat Required
Erce, A. & E. Mallucci (2018)

Sovereign debt crises and cross-country assistance | Published   Acrobat Required   Oxford Journals Required
Grisse, C. & G.J. Natvik (2018/22)

News, Country Risk, and Sovereign Default   Acrobat Required
Dvorkin, M., J.M. Sanchez, H. Sapriza & E. Yurdagul (2018)

Monetary Independence and Rollover Crises | Published   Oxford Journals Required
Bianchi, J. & J. Mondragon (2018/22)

Interest Rate Uncertainty and Sovereign Default Risk   Acrobat Required
Khan, S., A. Johri & C. Sosa-Padilla (2018)

The Impact of Bailouts on the Probability of Sovereign Debt Crises: Evidence from IMF-Supported Programs
Balima, H.W. & A.N. Sy (2019)

Time-Varying Volatility, Default and the Sovereign Risk Premium   Wiley Interscience Required
Seoane, H.D. (2019)

Banking Regulation with Risk of Sovereign Default   Acrobat Required
D'Erasmo, P., I. Livshits & K. Schoors (2019)

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel
Asonuma, T., M.D. Chamon, A. Erce & A. Sasahara (2019)

Self-Fulfilling Debt Crises, Fiscal Policy and Investment | Published   Acrobat Required   ScienceDirect Required
Galli, C. (2019/21)

Self-Fulfilling Debt Crises with Long Stagnations   Acrobat Required
Ayres, J.L., G. Navarro, J.P. Nicolini & P. Teles (2019)

Sovereign default and imperfect tax enforcement   Acrobat Required
Pappada, F. & Y. Zylberberg (2019)

Anatomy of a Sovereign Debt Crisis: CDS Spreads and Real-Time Macroeconomic Data   Acrobat Required
Alessi, L., P. Balduzzi & R. Savona (2019)

Partial Default
Arellano, C., X. Mateos-Planas & J-V. Ríos-Rull (2019)

Debt Service and Default: Calibrating Macroprudential Policy Using Micro Data
Nier, E., R. Popa, M. Shamloo & L. Voinea (2019)

Sovereign Default Triggered by Inability to Repay Debt   Acrobat Required
Okachi, M. (2019)

Interest Rate Targets and Speculative Attacks on Public Debt   Cambridge Online Required
Della Posta, P. (2019)

Sovereigns going bust: Estimating the cost of default   ScienceDirect Required
Kuvshinov, D. & K. Zimmermann (2019)

Sovereign Default Risk and Migration   Acrobat Required
Alessandria, G., M. Deng & Y. Bai (2019)

Policy Interventions in Sovereign Debt Restructurings   Acrobat Required
Dvorkin, M., J.M. Sanchez, H. Sapriza & E. Yurdagul (2019)

Welfare gains of bailouts in a sovereign default model | Published   Acrobat Required   ScienceDirect Required
Pancrazi, R., H.D. Seoane & M. Vukotic (2019/20)

Fiscal policy and the output costs of sovereign default   De Gruyter Journals Required
Durán, L.G-O., S. Niemann & P. Pichler (2020)

Debt Crises, Fast and Slow   Acrobat Required
Corsetti, G. & S.H. Maeng (2020)

Seigniorage and Sovereign Default: The Response of Emerging Markets to COVID-19   Acrobat Required
Espino, E., J. Kozlowski, F.M. Martin & J.M. Sanchez (2020)

Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models
Aguiar, M. & M. Amador (2020)

Migration and sovereign default risk   ScienceDirect Required
Alessandria, G., Y. Bai & M. Deng (2020)

Infation, default and sovereign debt: The role of denomination and ownership   ScienceDirect Required
Sunder-Plassmann, L. (2020)

Sovereign default risk, macroeconomic fluctuations and monetary-fiscal stabilisation   Acrobat Required
Kirchner, M. & M. Rieth (2020)

Sovereign debt standstills
Hatchondo, J.C., L. Martínez & C. Sosa-Padilla (2020)

Secular Stagnation and Low Interest Rates under the Fear of a Government Debt Crisis   Acrobat Required
Kobayashi, K. & K. Ueda (2020)

Sovereign illiquidity and recessions   ScienceDirect Required
Gutkowski, V.A. (2021)

Inflation-default trade-off without a nominal anchor: The case of Greece   ScienceDirect Required
Önder, Y.K. & E. Sunel (2021)

Sovereign Debt Standstills
Hatchondo, J.C., L. Martinez & C. Sosa-Padilla (2020)

The "Dark Side" of Credit Default Swaps Initiation: A Close Look at Sovereign Debt Crises   Cambridge Online Required
Balima, H.W., J-L. Combes & A. Minea (2021)

Optimal Bailouts in Banking and Sovereign Crises
Hur, S., C. Sosa-Padilla & Z. Yom (2021)

Default Costs and Self-fulfilling Fiscal Limits in a Small Open Economy   Acrobat Required
Pekarski, S. & A. Sokolova (2021)

Self-inflicted Debt Crises
Dimopoulos, T. & N. Schürhoff (2021)

Global Banks and Systemic Debt Crises
Morelli, J.M., P. Ottonello & D.J. Perez (2021)

Public Capital and Fiscal Constraint in Sovereign Debt Crises   Acrobat Required
Asonuma, T. & H. Joo (2021)

Reputation and Partial Default
Amador, M/ & C. Phelan (2021)

Stock liquidity and default risk around the world   ScienceDirect Required
Nadarajah, S., H.N. Duong, S. Ali, B. Liu & A. Huang (2021)

Sovereign Default, Trade, and Terms of Trade   Cambridge Online Required
Gu, G.W. (2021)

The Root Cause of Sovereign Default   Acrobat Required
Harashima, T. (2021)

Preventing self-fulfilling debt crises: A global games approach   ScienceDirect Required
Szkup, M. (2022)

Home | Back | Index


Stock Market Crashes

Rational panics and stock market crashes   ScienceDirect Required
Barlevy, G. & P. Veronesi (2003)

Stock market crashes and dynamics of aftershocks   ScienceDirect Required
Kapopoulos, P. & F. Siokis (2005)

Crashes and recoveries in illiquid markets   Acrobat Required
Lagos, R., G. Rocheteau & P-O. Weill (2007)

stock market crashes as social phase transitions   ScienceDirect Required
Levy, M. (2007)

Adaptive Expectations and Stock Market Crashes   ScienceDirect Required
Frankel, D.M. (2008)

The Costs of Sovereign Default
Borensztein, E. & U. Panizza (2008)

Monetary policy and stock market boom-bust cycles   Acrobat Required
Christiano, L., C. Ilut, R. Motto & M. Rostagno (2008)

Stock-Market Crashes and Depressions
Barro, R.J. & J.F. Ursua (2009)

Stock market crashes, firm characteristics, and stock returns   ScienceDirect Required
Wang, J., G. Meric, Z. Liu & I. Meric (2009)

Disasters implied by equity index options
Backus, D., M. Chernov & I. Martin (2009)

Can a stochastic cusp catastrophe model explain stock market crashes?   ScienceDirect Required
Barunik, J. & M. Vosvrda (2009)

The Stock Market Crash of 2008 Caused the Great Recession: Theory and Evidence | Published   Wiley Interscience Required
Farmer, R. (2011/12)

Should the government directly intervene in stock market during a crisis?   ScienceDirect Required
Khan, S. & P. Batteau (2011)

Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective
Giesecke, K., F.A. Longstaff, S. Schaefer & I. Strebulaev (2012)

Market fragility and international market crashes   ScienceDirect Required
Berger, D. & K. Pukthuanthong (2012)

Sudden Spikes in Global Risk | Published   ScienceDirect Required
Bacchetta, P. & E. van Wincoop (2012/13)

The changing macroeconomic response to stock market volatility shocks   ScienceDirect Required
Beetsma, R. & M. Giuliodori (2012)

U.S. stock market crash risk, 1926-2010   ScienceDirect Required
Bates, D.S. (2012)

Corporate social responsibility and stock price crash risk   ScienceDirect Required
Kim, Y., H. Li & S. Li (2014)

Sectoral and industrial performance during a stock market crisis   ScienceDirect Required
Ranjeeni, K. (2014)

Momentum Crashes   Acrobat Required
Daniel, K. & T.J. Moskowitz (2014)

Shifts in volatility driven by large stock market shocks   ScienceDirect Required
Dendramis, Y., G. Kapetanios & E. Tzavalis (2015)

Slow capital, fast prices: Shocks to funding liquidity and stock price reversals   Acrobat Required
Gissler, S. (2015)

Equilibrium theory of stock market crashes   ScienceDirect Required
Isaenko, S. (2015)

Short-sales and stock price crash risk: Evidence from an emerging market   ScienceDirect Required
Ni, X. & W. Zhu (2016)

Can a stochastic cusp catastrophe model explain housing market crashes?   ScienceDirect Required
Diks, C. & J. Wang (2017)

Momentum crashes   ScienceDirect Required
Daniel, K. & T.J. Moskowitz (2016)

Communist party control and stock price crash risk: Evidence from China   ScienceDirect Required
Li, X. & K.C. Chan (2016)

Trust and stock price crash risk: Evidence from China   ScienceDirect Required
Li, X., S.S. Wang & X. Wang (2017)

CEO Age and Stock Price Crash Risk   Oxford Journals Required
Andreou, P.C., C. Louca & A.P. Petrou (2017)

Credit Expansion and Neglected Crash Risk   Oxford Journals Required
Baron, M. & W. Xiong (2017)

Leaders, followers, and equity risk premiums in booms and busts   ScienceDirect Required
Goto, M., K. Nishide & R. Takashima (2017)

Stock Liquidity and Stock Price Crash Risk   Cambridge Online Required
Chang, X., Y. Chen & L. Zolotoy (2017)

Shadows in the Sun: Crash risk behind Earnings Transparency   ScienceDirect Required
Hung, S. & Z. Qiao (2017)

Systemic co-jumps   ScienceDirect Required
Caporin, M., A. Kolokolov & R. Renň (2017)

Stock price related financial fragility and growth patterns
Assmuth, P. (2017)

Momentum and crash sensitivity   ScienceDirect Required
Ruenzi, S. & F. Weigert (2018)

The reality of stock market jumps diversification   ScienceDirect Required
Chen, K., L. Vitiello, S. Hyde & S-H. Poon (2018)

Inference on the tail process with application to financial time series modeling   ScienceDirect Required
Davis, R.A., H. Drees, J. Segers & M. Warchol (2018)

Crash Sensitivity and the Cross Section of Expected Stock Returns   Cambridge Online Required
Chabi-Yo, F., S. Ruenzi & F. Weigert (2018)

Ownership structure, audit quality, board structure, and stock price crash risk: Evidence from China   ScienceDirect Required
Yeung, W.H. & C. Lento (2018)

On Liquidity Shocks and Asset Prices   Acrobat Required
Guerron-Quintana, P.A. & R. Jinnai (2019)

Does Unusual News Forecast Market Stress?   Cambridge Online Required
Glasserman, P. & H. Mamaysky (2019)

Avoiding momentum crashes: Dynamic momentum and contrarian trading   ScienceDirect Required
Dobrynskaya, V. (2019)

Ratings matter: Announcements in times of crisis and the dynamics of stock markets   ScienceDirect Required
Rosati, N., M. Bellia, P.V. Matos & V. Oliveira (2020)

Institutional investors, selling pressure and crash risk: Evidence from China   ScienceDirect Required
Fan, Y. & H. Fu (2020)

Joint extreme events in equity returns and liquidity and their cross-sectional pricing implications   ScienceDirect Required
Ruenzi, S., M. Ungeheuer & F. Weigert (2020)

Inside the Mind of a Stock Market Crash
Giglio, S., M. Maggiori, J. Stroebel & S. Utkus (2020)

Persistence, non-linearities and structural breaks in European stock market indices   ScienceDirect Required
Caporale, G.M., L.A. Gil-Alana & C. Poza (2020)

Company visits and stock price crash risk: Evidence from China   ScienceDirect Required
Yang, J., J. Lu & C. Xiang (2020)

Quant Bust 2020
Kakushadze, Z. (2020)

Loss aversion and market crashes   ScienceDirect Required
Ouzan, S. (2020)

Financial Shocks to Banks, R&D Investment, and Recessions   Acrobat Required
Ohdoi, R. (2020)

Corporate customer concentration and stock price crash risk   ScienceDirect Required
Ma, X., W. Wang, J. Wu & W. Zhang (2020)

Hedging crash risk in optimal portfolio selection   ScienceDirect Required
Zhu, S., W. Zhu, X. Pei & X. Cui (2020)

Self-fulfilling arbitrages necessitate crash risk   ScienceDirect Required
Ahn, D-H., S. Kim & K. Seo (2020)

Explain or conceal? Causal language intensity in annual report and stock price crash risk   ScienceDirect Required
Kong, D., L. Shi & F. Zhang (2021)

The double-edged role of social learning: Flash crash and lower total volatility   ScienceDirect Required
Xu, H-C., W. Zhang, X. Xiong, X. Wang & W-X. Zhou (2021)

What Triggers Stock Market Jumps?
Baker, S.R., N. Bloom, S.J. Davis & M.C. Sammon (2021)

Time-Varying Crash Risk Embedded in Index Options: The Role of Stock Market Liquidity   Oxford Journals Required
Christoffersen, P., B. Feunou, Y. Jeon & C. Ornthanalai (2021)

Short-term stock price reversals after extreme downward price movements   ScienceDirect Required
Rif, A. & S. Utz (2021)

Modeling the contagion of bank runs with a Markov model   ScienceDirect Required
Parnes, D. (2021)

Financial contagion in the futures markets amidst global geo-economic events   ScienceDirect Required
Zainudin, A.D. & A. Mohamad (2021)

Corporate social activities and stock price crash risk in the banking industry: International evidence   ScienceDirect Required
Wang, K.T., S. Liu & Y. Wu (2021)

Retail attention, retail trades, and stock price crash risk   ScienceDirect Required
Cheng, F., C. Wang, C. Chiao, S. Yao & Z. Fang (2021)

Who Sells During A Crash? Evidence from Tax-Return Data on Daily Sales of Stock Short Title: Who Sells During A Crash?   Oxford Journals Required
Hoopes, J. L., P. Langetieg, S. Nagel, D. Reck, J. Slemrod & B.A. Stuart (2022)

Information disclosure source, investors' searching and stock price crash risk   ScienceDirect Required
He, F., Y. Feng & J. Hao (2022)

Home | Back | Index


Twin Crises

The Twin Crises: Causes of Banking and Balance-of-Payments Problems   Recommended!
Kaminsky, G. & C. Reinhart (1999)

Abstract: In the wake of the Mexican and Asian currency turmoil, the subject of financial crises has come to the forefront of academic and policy discussions. This paper analyzes the links between banking and currency crises. We find that: problems in the banking sector typically precede a currency crisis—the currency crisis deepens the banking crisis, activating a vicious spiral; financial liberalization often precedes banking crises. The anatomy of these episodes suggests that crises occur as the economy enters a recession, following a prolonged boom in economic activity that was fueled by credit, capital inflows, and accompanied by an overvalued currency.

Manias, Panics and Crashes: A History of Financial Crises   Recommended!
Kindleberger, C.P. & R.Z. Aliber (2005)

Abstract: Manias, Panics and Crashes is a scholarly and entertaining account of the way that mismanagement of money and credit has led to financial explosions over the centuries. Covering such topics as the history and anatomy of crises, speculative manias, and the lender of last resort, this book has been hailed as 'a true classic...both timely and timeless.' In this new, updated fifth edition, Kindleberger and Aliber expand upon the ideas presented in the previous edition, and include two new chapters on the real estate price bubble that occurred in Norway, Sweden and Finland at the end of the 1980s, and the three asset price bubbles that occurred between 1985 and 2000 in Japan and other Asian countries. Selected as one of the best investment books of all time by the Financial Times, Manias, Panics and Crashes puts the turbulence of the financial world in perspective.

On the Fiscal Implications of Twin Crises
Burnside, C., M. Eichenbaum & S. Rebelo (2001)

Banking and Currency Crises: How Common Are Twins?   Acrobat Required
Glick, R. & M.M. Hutchison (2001)

A Model of the Joint Distribution of Banking and Exchange-Rate Crises | Published   ScienceDirect Required
Flood, R.P. & N.P. Marion (2001)

Economic and Financial Crises in Emerging Market Economies: Overview of Prevention and Management   SURVEY PAPER
Feldstein, M. (2002)

Liquidity Crises in Emerging Markets: Theory and Policy   Acrobat Required!
Chang, R. & A. Velasco (2002)

Margin Calls, Trading Costs, and Asset Prices in Emerging Markets: The Finanical Mechanics of the 'Sudden Stop' Phenomenon
Mendoza, E.G. & K.A. Smith (2002)

How Bad Are Twins? Output Costs of Currency and Banking Crises   Adobe Acrobat Required!
Hutchison, M. & I. Neuberger (2002)

Another Twin Crisis: Currency and Debt   Adobe Acrobat Required
Bauer, C., B. Herz & V. Karb (2003)

What drives financial crises in emerging markets?   ScienceDirect Required
Komulainen, T. & J. Lukkarila (2003)

Is There a Causal Link between Currency and Debt Crises?   Adobe Acrobat Required!
Dreher, A., B. Herz & V. Karb (2004)

When Bad Things Happen to Good Banks: Contagious Bank Runs and Currency Crises   Acrobat Required
Solomon, R.H. (2004)

An Exegesis on Currency and Banking Crises   Wiley Interscience Required   SURVEY PAPER
Breuer, J.B. (2004)

Dollar Shortages and Crises
Rajan, R.G. (2004)

Strategic Complementarities and the Twin Crises   Wiley Interscience Required
Goldstein, I. (2005)

Quantitative Analysis of Crisis: Crisis Identification and Causality
Ishihara, Y. (2005)

What Might the Next Emerging-Market Financial Crisis Look Like?   Acrobat Required
Goldstein, M. (2005)

Are Debt Crises Adequately Defined?
Pescatori, A. & A.N.R. Sy (2007)

Will Subprime be a Twin Crisis for the United States? | Published   Wiley Interscience Required
Dooley, M.P., D. Folkerts-Landau & P.M. Garber (2008/09)

A model of the interactions between banking crises and currency crises   ScienceDirect Required
Bleaney, M., S. Bougheas & I. Skamnelos (2008)

Modelling the dependency between currency and debt crises: An option based approach   ScienceDirect Required
Maltritz, D. (2008)

Debt and Currency Crises: Complements or Substitutes?   Wiley Interscience Required
Herz, B. & H. Tong (2008)

The role of liquidity and implicit guarantees in the German twin crisis of 1931   ScienceDirect Required
Schnabel, I. (2009)

Asset prices and twin crises   ScienceDirect Required
Singh, R. (2009)

International macroeconomic dynamics: A factor vector autoregressive approach   ScienceDirect Required
Bagliano, F.B. & C. Morana (2009)

From Financial Crash to Debt Crisis | Published
Reinhart, C.M. & K.S. Rogoff (2010/11)

On Graduation from Default, Inflation and Banking Crisis: Elusive or Illusion?
Qian, R., C.M. Reinhart & K.S. Rogoff (2010)

Modeling Financial Crises Mutation   Acrobat Required
Dumitrescu, E-I., B. Candelon, C. Hurlin & F.C. Palm (2011)

Sovereign Defaults and Banking Crises | Published   ScienceDirect Required
Sosa-Padilla, C. (2012/18)

Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis
Adler, G. (2012)

Bailout Guarantees, Banking Crises and Sovereign Debt Crises   Acrobat Required
Bianchi, J., S. Lizarazo & H. Sapriza (2012)

Banking, Debt, and Currency Crises: Early Warning Indicators for Developed Countries
Babecký, J,, T. Havránek; J. Mateju, M. Rusnák, K. Šmídková & B. Vašícek (2012)

Dual Liquidity Crises-A Financial Accounts Framework   Wiley Interscience Required
Bindseil, U. & A. Winkler (2013)

Three Sisters: The Interlinkage between Sovereign Debt, Currency and Banking Crises
Eijffinger, S.C.W. & B. Karatas (2013)

Currency versus Banking in the Financial Crisis of 1931   Wiley Interscience Required
Ritschl, A. & S. Sarferaz (2014)

Monetary Policy and the Twin Crises   ScienceDirect Required
Lothian, J.R. (2014)

Banking and Sovereign Debt Crises in a Monetary Union Without Central Bank Intervention   Acrobat Required
Cheng, J. & M. Dai & F. Dufourt (2014)

Guarantees, transparency and the interdependency between sovereign and bank default risk   ScienceDirect Required
König, P., K. Anand & F. Heinemann (2014)

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops
Farhi, E. & J. Tirole (2016)

Fiscal and Financial Crises
Bordo, M.D. & C.M. Meissner (2016)

Sovereign debt and reserves with liquidity and productivity crises   ScienceDirect Required
Corneli, F. & E. Tarantino (2016)

Bailouts, moral hazard and banks? Home bias for Sovereign debt   ScienceDirect Required
Gaballo, G. & A. Zetlin-Jones (2016)

Bank Exposures and Sovereign Stress Transmission   Acrobat Required
Altavilla, C., M. Pagano & S. Simonelli (2016)

Banks and Sovereigns: A Model of Mutual Contagion   Acrobat Required
Gruber, A. & M. Kogler (2016)

Currency and external debt crises: A unifying framework   ScienceDirect Required
Della Posta, P. (2016)

Banking crises, external crises and gross capital flows   Acrobat Required
Janus, T. & D. Riera-Crichton (2016)

The Sovereign-Bank Diabolic Loop and ESBies   Acrobat Required
Brunnermeier, M.K., L. Garicano, P.R. Lane, M. Pagano, R. Reis, T. Santos, D. Thesmar, S. Van Nieuwerburgh& D. Vayanos (2016)

Fiscal Crises | Published   ScienceDirect Required
Gerling, K., P.A. Medas, T. Poghosyan, J. Farah-Yacoub & Y. Xu (2017/18)

Linking Bank Crises and Sovereign Defaults: Evidence from Emerging Markets   Acrobat Required
Balteanu, I. & A. Erce (2017)

ESBies: safety in the tranches   Oxford Journals Required
Brunnermeier, M.K., S. Langfield, M. Pagano, R. Reis, S. Van Nieuwerburgh & D. Vayanos (2017)

Government guarantees and the two-way feedback between banking and sovereign debt crises | Published   Acrobat Required   ScienceDirect Required
Leonello, A. (2017/18)

The Bank-Sovereign Nexus: Evidence from a non-Bailout Episode   Acrobat Required
Caporin, M., G.J. Natvik, F. Ravazzolo & P.S. de Magistris (2017)

Why Are Banks Not Recapitalized During Crises?   Acrobat Required
Crosignani, M. (2017)

Government debt and banking fragility: the spreading of strategic uncertainty   ScienceDirect Required
Nikolov, K. & R. Cooper (2018)

Sovereigns and Financial Intermediaries Spillovers
Tabarraei, H.R., A. Rouabah & O. Pierrard (2019)

Relationship Networks in Banking Around a Sovereign Default and Currency Crisis   Acrobat Required
D'Erasmo, P., H.J. Moscoso Boedo, M. Pia Olivero & M. Sangiacomo (2019)

The Bright Side of the Doom Loop: Banks Exposure and Default Incentives   Acrobat Required
Rojas, L. & D. Thaler (2019)

Twin Default Crises   Acrobat Required
Mendicino, C., K. Nikolov, J. Rubio-Ramirez & J. Suarez (2019)

Financial Stability with Sovereign Debt   Acrobat Required
Izumi, R. (2020)

The impact of the twin financial crises   ScienceDirect Required
Malliaris, A.G. & M. Malliaris (2020)

Together or apart? The relationship between currency and banking crises   ScienceDirect Required
Eijffinger, S.C.W. & B. Karatas (2020)

The Complex Crises Database: 70 Years of Macroeconomic Crises   Acrobat Required
Bétin, M. & U. Collodel (2021)

Policy uncertainty, interest rate environment and the dynamic correlation between sovereign and bank default risk   ScienceDirect Required
Bales, S. & H-P. Burghof (2021)

Home | Back | Index


Country/Region/Episodal Studies

The Asian Crisis, the IMF and Dr Mahathir   Acrobat Required!
Visser, H., & J. Wengel (1999)

From Asian Miracle to Asian Crisis: Why Vulnerability, Why Collapse?   Acrobat Required
Corbett, J., G. Irwin & D. Vines (1999)

How the Sick Man Avoided Pneumonia: The Philippines in the Asian Financial Crisis
Noland, M. (2000)

Economic Shocks, Wealth and Welfare   Acrobat Required
Frankenberg, E., J.P. Smith & D. Thomas (2000)

Currency Market Reactions to Good and Bad News During the Asian Crisis
Jo, G.J. & T.D. Willett (2000)

Asian Crisis: Distilling Critical Lessons   Acrobat Required
Das, D.K. (2000)

Stock Market Responses to Bank Restructuring Policies during the East Asian Crisis
Klingebiel, D., R. Kroszner, L. Laeven & P. van Oijen (2001)

Were the Peseta Exchange Rate Crises Forecastable During Target Zone Period?   Acrobat Required
Campos, M.I. & Z. Jiménez-Ridruejo (2001)

Did the Malaysian Capital Controls Work?
Kaplan, E. & D. Rodrick (2001)

Malaysia: Was it Different?
Dornbusch, R. (2001)

Malaysian Capital Controls   Acrobat Required
Hood, R. (2001)

The Value of Relationship Banking during Financial Crises: Evidence from the Republic of Korea   Acrobat Required
Ferri, G., T.S. Kang & I.J. Kim (2001)

Lending Booms: Latin America and the World
Pierre-Olivier, G., R. Valdés & O. Landerretche (2001)

Reactions to the Thai economic crisis: informed critique of globalisation or utopia?
Hewison, K. (2001)

Between Meltdown and Moral Hazard: The International Monetary and Financial Policies of the Clinton Administration
J.B. DeLong & B. Eichengreen (2001)

Internal Capital Markets: An explanation of the Mexican recovery after the 1995 crisis   Acrobat Required
Castańeda, G. (2001)

Crisis Dynamics of Implied Default Recovery Ratios: Evidence from Russia and Argentina   Acrobat Required
Merrik, J. (2001)

Econometric Modelling of Argentine Default   Acrobat Required
Garegnani, M.L. & H. Ahumada (2001)

Monetary Policy and the Exchange Rate during the Asian Crisis: Identification through Heteroscedasticity | Published   Recommended!   Acrobat Required   ScienceDirect Required
Caporale, G., A. Cipollini & P. Demetriades (2001)

Abstract: This paper evaluates whether a tight monetary policy (i.e., an increase in the domestic interest rate) was successful in defending the exchange rate from speculativepressures during the Asian financial crisis. The empirical analysis applied to five Asian countries utilizes a bivariate VAR model, which is identified by taking intoaccount the heteroscedasticity properties of the time-series of interest, following Sentana and Fiorentini (1999). The empirical evidence shows that tight monetary policy did not help to stabilize the currencies under investigation.

Does Foreign Ownership Contribute to Sounder Banks in Emerging Markets? The Latin American Experience
Crystal, J.S., B.G. Dages & L.S. Goldberg (2001)

A Leading Indicators Approach to the Predictability of Currency Crises in Turkey   Acrobat Required
Kibritcioglu, B., B. Kose & G. Ugur (2001)

Testing for Contagion during the Asian Crisis   Acrobat Required
Thanyalakpark, K. & D. Filson (2001)

Searching for New Regulatory Frameworks for the Intermediate Financial Structure in Post-Crisis Asia   Acrobat Required
Shirai, S. (2001)

The Asian Disease: Plausible Diagnoses, Possible Remedies, Regulation of Cross-Border Interbank Lending and Derivatives Trade   Acrobat Required
Mayer, M. (2001)

Lessons from the Russian Meltdown: The Economics of Soft Legal Constraints   Acrobat Required
Perotti, E. (2001)

Cronyism and Capital Controls: Evidence from Malaysia
Johnson, S. & T. Mitton (2001)

The German Twin Crisis of 1931
Gödde, I. (2001)

Foreign Direct Investors in Three Financial Crises   Adobe Acrobat Required!
Lipsey, R.E. (2001)

Financial Crisis in Russia: The Behavior of Non-Residents   Acrobat Required
Medvedev, A. & G. Kolodyazhny (2001)

The Russian Financial Crisis and its Consequences for Central Asia
Pastor, G.C. & T. Damjanovic (2001)

Capital Flows and Their Macroeconomic Effects in India
Kohli, R. (2001)

The Asian Financial Crisis: What Happened, and What is to be done   Acrobat Required
Sachs, J.D. & W.T. Woo (2001)

Accident waiting to happen? The Thai banking crisis of 1997
Mullineux, A., V. Murinde & A. Pinijkulviwat (2001)

The Output Decline in Asian Crisis Countries: Investment Aspects
Greene, J.E. (2002)

Banking Crises and Bank Resolution: Experiences in Some Transition Economies
Enoch, C.A., A.M. Gulde & D.C. Hardy (2002)

Can Subsidiaries of Foreign Banks Contribute to the Stability of the Forex Market in Emerging Economies? A Look at Some Evidence from the Mexican Financial System
Reynoso, A. (2002)

Who Panics During Panics? Evidence from a Nineteenth Century Savings Bank
Grada, C.O. & E.N. White (2002)

Are branch banks better survivors? Evidence from the Depression era   Acrobat Required
Carlson, M. (2002)

Banking and finance in Argentina in the period 1900-35   Acrobat Required
Nakamura, L. & C.E.J.M. Zarazaga (2002)

Capital Controls in Chile: Effective? Efficient?
Gallego, F., L. Hernández & K. Schmidt-Hebbel (2002)

A Practical Guide to Managing Systemic Financial Crises: A Review of Approaches Taken in Indonesia, the Republic of Korea, and Thailand
Scott, D. (2002)

Popular Reaction to the Intervention by the IMF in the Korean Economic Crisis   Acrobat Required!
Hayo, B. & D.C. Shin (2002)

Lending of Last Resort, Moral Hazard and Twin Crises: Lessons from the Bulgarian Financial Crisis 1996/1997   Acrobat Required!
Berlemann, M., K. Hristov & N. Nenovsky (2002)

FX Short Positions, Balance Sheets and Financial Turbulence: An Interpretation of the Asian Financial Crisis   Acrobat Required!
Neftci, S.N. (2002)

Russias financial markets boom, crisis and recovery 1995-2001, Lessons for Emerging Markets Investors   Adobe Acrobat Required!
Sueppel, R. (2002)

On the Predictability of Currency Crises: The Use of Indicators in the Case of Arab Countries   Adobe Acrobat Required!
Dahel, R. (2002)

The Role of Capital Controls and Currency Regimes in the Asian Crisis   Adobe Acrobat Required!
Nitithanprapas, I. & T.D. Willett (2002)

The German Twin Crisis of 1931   Adobe Acrobat Required!
Schnabel, I. (2002)

The Great Banks` Depression - Deposit Withdrawals in the German Crisis of 1931   Adobe Acrobat Required!
Schnabel, I. (2002)

Sovereign Default By Argentina: 'Slow Motion Train Crash' or Self-Fulfilling Crisis?
Fronti, J., M. Miller & L. Zhang (2002)

Contagion and Causality: An Empirical Investigation of Four Asian Crisis Episodes   Acrobat Required!
Kleimeier, S. & H. Sander (2002)

Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis | Published   Acrobat Required   ScienceDirect Required
Auguste, S., K.M.E. Dominguez, H. Kamil & L. Tesar (2002/06)

Crony Lending: Thailand before the Financial Crisis
Wiwattanakantang, Y. & R.K.C. Charumilind (2003)

Did Output Recover from the Asian Crisis? | Published
Cerra, V. & S. Saxena (2003)

Mis-Leading Indicators? The Argentinean Currency Crisis   Adobe Acrobat Required!
Plata, P.A. & M. Schrooten (2003)

Economic Fundamentals and Self-Fulfilling Crises: Some Evidence from Mexico | Published   ScienceDirect Required   Acrobat Required!
Bratsiotis, G.J. & W. Robinson (2003)

Evaluating Currency Crises: The Case of European Monetary System   Acrobat Required
Mouratidis, K. & N. Spagnolo (2003)

Re-Establishing Credible Nominal Anchors After a Financial Crisis: A Review of Recent Experience   Recommended!
Berg, A., C. Jarvis, M. Stone & A. Zanello (2003)

Abstract: This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico (1994), Russia (1998); Thailand (1997); and Turkey (2001). Among our conclusions, highlights include: (i) monetary policy alone cannot stabilize; (ii) floats bring nominal stability quickly in countries with low pre-crisis inflation and hard pegs have been at least narrowly successful for countries in deeper disarray; (iii) in floats, early and determined tightening brings nominal stability and does not appear more costly for output; (iv) monetary aggregate targeting rarely serves as a coherent framework for floats; informal or full-fledged inflation targeting offers more promise.

Does Central Bank Intervention Influence the Probability of a Speculative Attack? Evidence from the EMS   Acrobat Required
Stix, H. (2003)

The Anatomy of a Multiple Crisis: Why was Argentina Special and What Can We Learn from It?
Perry, G. & L. Servén (2003)

Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons
Calvo, G.A., A. Izquierdo & E. Talvi (2003)

The Argentinean Currency Crisis: A Markov-Switching Model Estimation
Alvarez-Plata, P. & M. Schrooten (2003)

A Model of the Russian Crisis Development   Adobe Acrobat Required
Gurvich, E. & A. Andryakov (2003)

The Price of Inconvertible Deposits: The Stock Market Boom during the Argentine Crisis   Acrobat Required
Levy-Yeyati, E., S. Schmukler & N. Van Horen (2003)

Indonesia - Anatomy of a Banking Crisis - Two Years of Living Dangerously - 1997-99
Enoch, C., B. Baldwin, O. Frecaut & A. Kovanen (2001)

The value of banking relationships during a financial crisis: Evidence from failures of Japanese banks   ScienceDirect Required
Brewer III, E., H. Genay, W.C. Hunter & G.G. Kaufman (2003)

The Japanese banking crisis and economic growth: Theoretical and empirical implications of deposit guarantees and weak financial regulation   ScienceDirect Required
Deckle, R. & K.M. Kletzer (2003)

Post-crisis exchange rate policy in five Asian countries: Filling in the "hollow middle"   ScienceDirect Required
Hernández, L. & P.J. Montiel (2003)

What can we learn from the current crisis in Argentina?
Kehoe, T.J. (2003)

The Role of Economic Fundamentals in Explaining Indonesian Currency Crisis   Adobe Acrobat Required
Khusaini, M. (2003)

Mitsubishi Bank under the Showa Financial Crisis, 1927: The Crisis observed thorough the Daily Financial Data
Okazaki, T. (2003)

Indicators of financial crises do work! An early-warning system for six Asian countries
Lestano, J.J & H. Kuper (2003)

Interest rate rules and multiple equilibria in the small open economy
Zanna, L-F. (2003)

Do Macroeconomic Effects of Capital Controls Vary by Their Type? Evidence from Malaysia
Tamirisa, N.T. (2004)

The Late 1990s Financial Crisis in Ecuador: Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization at Work
Jacome H., L.I. (2004)

Does Economic Crisis Reduce Support for Markets and Democracy in Latin America? Lessons from Surveys of Public Opinion and Well Being
Graham, C. & S. Sukhtankar (2004)

Turkish Currency Crisis of 2000-1, Revisited   Adobe Acrobat Required!
Ekinci, N.K. & K.A. Erturk (2004)

Asian Crises: Theory, Evidence, Warning-Signals   Adobe Acrobat Required
Stein, J. & G.C. Lim (2004)

Dynamic Adjustment of Corporate Leverage: Is there a lesson to learn from the Recent Asian Crisis?   Acrobat Required
Driffield, N., V. Mahambare & S. Pal (2004)

Comparison between Asian, Russian and Turkish financial crises   Acrobat Required
Lukkarila, J. (2004)

Worsening of the Asian Financial Crisis: Who is to Blame?   Acrobat Required
Kutan, A.M. & B.G. Sudjana (2004)

Gender Bias and The Indonesian Financial Crisis: Were Girls Hit Hardest?   Acrobat Required
Levine, D. & M. Ames (2004)

Devaluation Beliefs and Debt Crisis: The Argentinian Case   Acrobat Required
Da-Rocha, J-M., E.L. Gimenez & F-X. Lores (2004)

Fear of Sudden Stops: Lessons from Australia and Chile | Alternative   Acrobat Required
Caballero, R.J., K. Cowan & J. Kearns (2004)

Banking in Sub-Saharan Africa: What Went Wrong?
Daumont, R., F. Le Gall & F. Leroux (2004)

Causal Relationships Between Exchange Rates And Stock Prices In Malaysia And Thailand During The 1997 Currency Crisis Turmoil   Acrobat Required
Hussain, H. & V.K-S. Liew (2004)

Sources Of Asian Currency Crisis   Acrobat Required
Majid, M.Z.A. & M.B. Yusoff (2004)

Firm Dynamics, Investment, and Debt Portfolio: Balance Sheet Effects of the Mexican Crisis of 1994 | Published   ScienceDirect Required
Pratap, S. & C. Urrutia (2004)

Tango with the Gringo: The Hard Peg and Real Misalignment in Argentina
Servén, L., E. Alberola & H. Lopez (2004)

Misleading indicators? The Argentinean currency crisis   ScienceDirect Required
Alvarez-Plata, P. & M. Schrooten (2004)

Foreign Banks in Emerging Market Crises: Evidence from Malaysia
Detragiache, E. & P. Gupta (2004)

Macroeconomic Crisis and Individual Firm Performance: The Mexican Experience   Acrobat Required
Watkins, K., D. van Dijk & J. Spronk (2004)

Looking for risk premium and contagion in Asia-Pacific foreign exchange markets   ScienceDirect Required
Tai, C-S. (2004)

Crisis transmission: Some evidence from the Asian financial crisis   ScienceDirect Required
Gong, S-C. T-P. Lee & Y-M. Chen (2004)

The Role of Firm Size in Controlling Output Volatility during the Asian Financial Crisis   Adobe Acrobat Required
Chen, H-J. & H-T. Hsu (2004)

Trade Finance and Trade Flows: Panel Data Evidence from 10 Crises
Ronci, M. (2004)

Banking Crisis in Japan   Acrobat Required
Vattipalli, K. (2004)

The Asian Financial Crisis in Retrospect: What Happened? What Can We Conclude?   Acrobat Required
Joosten, W. (2004)

Capital Flows and Financial Crises: A Comparative Analysis of East Asia (1997-98) and Argentina (2001-02)   Acrobat Required
Bustelo, P. (2004)

External Currency Pricing and the East Asian Crisis | Published   ScienceDirect Required
Cook, D. & M.B. Devereux (2004/06)

Currency Crises in Developed and Emerging Market Economies: A Comparative Empirical Treatment
Fontaine, T. (2005)

Were Bid-Ask Spreads in the FX Market Excessive During the Asian Crisis?
Becker, T.I. & A.N.R. Sy (2005)

Lasting Local Impacts of an Economywide Crisis
Lokshin, M.M. & M. Ravallion (2005)

Policy Mix, Public Debt Management, and Fiscal Rules: Lessons from the 2002 Brazilian Crisis
Herrera, S. (2005)

The 1997–1998 Korean crisis: Domestic or external causes?   ScienceDirect Required
Robert, M.Y. (2005)

Cross-Country Empirical Studies of Systemic Bank Distress: A Survey   SURVEY PAPER
Demirgüç-Kunt, A. & E. Detragiache (2005)

International Borrowing and Macroeconomic Performance in Argentina
Dominguez, K.M.E. & L.L. Tesar (2005)

The Asian financial crisis: The role of derivative securities trading and foreign investors in Korea
Ghysels, E. & J. Seon (2005)

Making Explosive Cocktails: recipes and costs for 26 Crises from 1823 to 2003   Acrobat Required
Amado, N.A., A.M. Cerro & O. Meloni (2005)

IMF-related news and emerging financial markets   ScienceDirect Required
Hayo, B. & A.M. Kutan (2005)

Deposit drains on “interest-paying” banks before financial crises   ScienceDirect Required
Hoag, C. (2005)

German Bank Lending During Financial Crises: A Bank Level Analysis
Heid, F., T. Nestmann, N. von Westernhagen & B. Weder

Speculative Attacks on Nordic Exchange-Rates, 1971-1992   Adobe Acrobat Required
Forsman, M-O. (2005)

Bargaining and Sustainability: The Argentine Debt Swap of 2005
Dhillon, A., J. Fronti, S. Ghosal & M.H. Miller (2005)

Towards a new set of leading indicators of currency crisis for developing countries: An application to Argentina   Acrobat Required
Marongiu, F. (2005)

An Analysis of the 2002 Uruguayan Banking Crisis
Sirtaine, S. & L. de la Plaza (2005)

Banks During the Argentine Crisis: Were They All Hurt Equally? Did They All Behave Equally? | Published
Barajas, A., E. Basco, V.H. Juan-Ramon & C. Quarracino (2006/07)

Malaysian Capital Controls: Macroeconomics and Institutions
Johnson, S., K. Kochhar, T. Mitton & N.T. Tamirisa (2006)

Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through   Acrobat Required
Ito, T. & K. Sato (2006)

Economic activity, foreign exchange rate, and the interest rate during the Asian crisis   ScienceDirect Required
Kim, J-K. & R.A. Ratti (2006)

The Korean Crisis: What Did We Know and When Did We Know It? What Stress Tests of the Corporate Sector Reveal
Jones, M.T. & M. Karasulu (2006)

Evaluating the Success of Malaysia’s Exchange Controls (1998-99)   Acrobat Required
Abbas, S.M.A. (2006)

The Role of Information Disclosure and Uncertainty in the 1994/95 Mexican Peso Crisis: Empirical Evidence   Wiley Interscience Required
Bannier, C.E. (2006)

Is East Asia Safe from Financial Crises?   Acrobat Required
Wyplosz, C. (2007)

Foreign exchange markets in south-east Asia 1990-2004: An empirical analysis of spillovers during crisis and non-crisis periods   Acrobat Required
Mandilaras, A. & G. Bird (2007)

Explaining Korea’s Lower Investment Levels After the Crisis   ScienceDirect Required
Kinkyo, T. (2007)

Investment During the Korean Financial Crisis: A Structural Econometric Approach | Alternative   Recommended!   Acrobat Required
Gilchrist, S. & J.W. Sim (2007)

Abstract: Without capital market imperfections, the capital structure of a firm, including the size, the maturity and the currency composition of debts, should not matter for investment decisions. The Asian financial crises provide a good opportunity to test this hypothesis. We approach the problem in two ways: First, we apply a conventional reduced-form analysis to a panel data of Korean manufacturing firms, arguing that the devaluation that occurred during the crisis provides a natural experiment in which to assess the effect of balance sheet shocks to investment. Second, we use indirect inference to estimate a structural dynamic programming problem of a firm with foreign debts and financial constraints. Both reduced-form evidence and structural parameter estimates imply an important role for finance in investment at the firm level. Counterfactual simulations imply that balance sheet effects may account for 50% to 80% of t he drop in investment during the crisis period. Although our estimates suggest that foreign denominated debt had relatively little effect on aggregate investment spending for the Korean economy during this crisis episode, counterfactual experiments imply sizeable contractions in investment through this mechanism for economies that are more heavily dependent on foreign-denominated debt.

Asian Currency Crises: Do Fundamentals still Matter? A Markov-Switching Approach to Causes and Timing   Acrobat Required
Santoso, B. & N.J. Horsewood (2007)

The Asian Crisis: a Perspective after Ten Years   Acrobat Required
Corden, W.M. (2007)

Ten Years After: Financial Crisis Redux or Constructive Regional Financial and Monetary Cooperation?   Acrobat Required
Yap, J.T. (2007)

Japan’s banking crisis: An event-study perspective   ScienceDirect Required
Miyajima, H. & Y. Yafeh (2007)

Does post-crisis restructuring decrease the availability of banking services? The case of Turkey   ScienceDirect Required
Damar, H.E. (2007)

Operational Hedges and Foreign-Exchange Exposure: The Experience of U.S. MNCs During the Asian Financial Crisis   ScienceDirect Required
Francis, B., I. Hasan & C. Pantzalis (2007)

Dynamic correlation analysis of financial contagion: Evidence from Asian markets   ScienceDirect Required
Chiang, T.C., B.N. Jeon & H. Li (2007)

Currency Crisis Theories – Some Explanations for the Russian Case   Acrobat Required
Komulainen, T. (2007)

Financing Constraint and Firm-Level Investment Following a Financial Crisis in Indonesia   Acrobat Required
Prasetyantoko, A. (2007)

The Asian Crisis Contagion: A Dynamic Correlation Approach Analysis   Acrobat Required
Essaadi, E., J. Jouini & W. Khallouli (2007)

Changing Dynamics of the East Asian Real Exchange Rates after the Financial Crisis: Further Evidence on Mean Reversion
Baharumshah, A.Z., T-H. Chan & R. Aggarwal (2007)

Currency crises in transition economies: some further evidence   Acrobat Required
Liargovas, P. & D. Dapontas (2007)

Psychological health before, during, and after an economic crisis: results from Indonesia, 1993 - 2000
Friedman, J. & D. Thomas (2007)

Capital Flows and Economic Fluctuations: The Role of Commercials Banks in Transmitting Shocks
Zhou, Y.S. (2008)

Bank failures and bank fundamentals: A comparative analysis of Latin America and East Asia during the nineties using bank-level data   ScienceDirect Required
Arena, M. (2008)

Subnational insolvency: cross-country experiences and lessons   Acrobat Required
Waibel, MN. & L. Liu (2008)

Internal Debt Crises and Sovereign Defaults | Published   ScienceDirect Required
Arellano, C. & N.R. Kocherlakota (2008/14)

Self-fulfilling and Self-enforcing Debt Crises
Cohen, D. & S. Villemot (2008)

A neoclassical analysis of the Korean crisis   ScienceDirect Required
Otsu, K. (2008)

Information flows during the Asian crisis: Evidence from closed-end funds   ScienceDirect Required
Cohen, B.H. & E.M. Remolona (2008)

Too-big-to-fail: Bank failure and banking policy in Jamaica   ScienceDirect Required
Daley, J., K. Matthews & K. Whitfield (2008)

Markov switching GARCH models of currency turmoil in Southeast Asia   ScienceDirect Required
Brunetti, C., C. Scotti, R.S. Mariano & A.H.H. Tan (2008)

Central Bank Involvement in Banking Crises in Latin America
Jácome, L.I. (2008)

Globalization, Growth and Crises: The View from Latin America
Edwards, S. (2008)

The impact of sovereign rating changes and financial contagion on stock market returns: Evidence from five Asian countries   ScienceDirect Required
Li, H., B.N. Jeon, S-Y. Cho & T.C. Chiang (2008)

Default Risk and Income Fluctuations in Emerging Economies   Ingenta Select Required
Arellano, C. (2008)

The Korean financial crisis and the soft budget constraint   ScienceDirect Required
Alexeev, M. & S. Kim (2008)

Central Bank Response to the 2007-08 Financial Market Turbulence: Experiences and Lessons Drawn
Chailloux, A., S. Gray, U.H. Klueh, S. Shimizu & P. Stella (2008)

The Asian financial crisis, uphill flow of capital, and global imbalances: evidence from a micro study
Coulibaly, B. & J. Millar (2008)

Dollarization as an Investment Signal in Developing Countries: The Case of Croatia, Czech Republic, Peru, Slovak Republic and Turkey   Acrobat Required
Ozsoz, E., E.W. Rengifo & D. Salvatore (2008)

Industrialization after a Deep Economic Crisis: Indonesia   Acrobat Required
Aswicahyono, H., D. Narjoko & H. Hill (2008)

Policy Responses to Sudden Stops in Capital Flows: The Case of Chile in 1998   Acrobat Required
Valdes, R.O. (2008)

Financial Crisis, Firm Dynamics and Aggregate Productivity in Japan   Acrobat Required
Hosono, K. (2009)

From Bear Stearns to Anglo Irish: How Eurozone Sovereign Spreads Related to Financial Sector Vulnerability
Mody, A. (2009)

The Impact of the Credit Crisis on Poor Developing Countries: Growth, worker remittances, accumulation and migration   Acrobat Required
Ziesemer, T. (2009)

A New Debt Crisis? Assessing the impact of the financial crisis on developing countries   Acrobat Required
Edwards, S. (2009)

Liquidity, Risk Appetite and Exchange Rate Movements During the Financial Crisis of 2007-2009   Acrobat Required
Hui, C-H., H. Genberg & T-K. Chung (2009)

From turmoil to crisis: dislocations in the FX swap market before and after the failure of Lehman Brothers   Acrobat Required
Baba, N. & F. Packer (2009)

Behavioural heterogeneity and shift-contagion: Evidence from the Asian crisis   ScienceDirect Required
de Jong, E., W.F.C. Verschoor & R.C.J. Zwinkels (2009)

Interpreting deviations from covered interest parity during the financial market turmoil of 2007–08   ScienceDirect Required
Baba, N. & F. Packer (2009)

The Effectiveness of Central Bank Interventions During the First Phase of the Subprime Crisis
Frank, N. & H. Hesse (2009)

Bank fragility, “money under the mattress”, and long-run growth: US evidence from the “perfect” Panic of 1893   ScienceDirect Required
Ramírez, C.D. (2009)

Modelling the Global Financial Crisis   Acrobat Required
McKibbin, W.J. & A. Stoeckel (2009)

Why are we in a recession? The Financial Crisis is the Symptom not the Disease!   Recommended!
Jagannathan, R., M. Kapoor & E. Schaumburg (2009)

Abstract: Globalization has brought a sharp increase in the developed world's labor supply. Labor in developing countries - countries with vast pools of underemployed people - can now more easily augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. We argue that the large increase in the developed world's labor supply, triggered by geo-political events and technological innovations, is the major underlying cause of the global macro economic imbalances that led to the great recession. The inability of existing institutions in the US and the rest of the world to cope with this shock set the stage for the great recession: The inability of emerging economies to absorb savings through domestic investment and consumption due to inadequate national financial markets and difficulties in enforcing financial contracts; the currency controls motivated by immediate national objectives; and the inability of the US economy to adjust to the perverse incentives caused by huge money inflows leading to a breakdown of checks and balances at various financial institutions. The financial crisis in the US was but the first acute symptom that had to be treated. A sustainable recovery will only occur when the natural flow of capital from developed to developing nations is restored.

How Many More Infants Are Likely to Die in Africa as a Result of the Global Financial Crisis?
Friedman, J. & N. Schady (2009)

Stability of East Asian Currencies during the Global Financial Crisis   Acrobat Required
Shimizu, J. & E. Ogawa (2009)

Capital constraints, counterparty risk, and deviations from covered interest rate parity
Coffey, N., W.B. Hrung & A. Sarkar (2009)

Exchange rates during the crisis
Weber, S. & C. Wyplosz (2009)

A cospectral analysis of exchange rate comovements during Asian financial crisis   ScienceDirect Required
Orlov, A.G. (2009)

From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons
Almunia, M., A.S. Benetrix, B. Eichengreen, K.H. O'Rourke & G. Rua (2009)

From Lombard Street to Avenida Paulista: Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008-09
Stone, M.R., W.C. Walker & Y. Yasui (2009)

Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning
Rose, A.K. & M.M. Spiegel (2009)

Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure
Rose, A.K. & M.M. Spiegel (2009)

No place to hide: The global crisis in equity markets in 2008/2009   ScienceDirect Required
Bartram, S.M. & G.M. Bodnar (2009)

The financial crisis of 2008 in fixed-income markets   ScienceDirect Required
Dwyer, G.P. & P. Tkac (2009)

The Crisis in the Foreign Exchange Market | PUblished   ScienceDirect Required
Melvin, M. & M.P. Taylor (2009)

What Explains Global Exchange Rate Movements During the Financial Crisis? | Published   ScienceDirect Required   Acrobat Required
Fratzscher, M. (2009)

Exchange Rate Regimes in the Asia-Pacific Region and the Global Financial Crisis   Acrobat Required
McKibbin, W.J. & W.P. Chanthapun (2009)

Emerging Economy Responses to the Global Financial Crisis of 2007-09: An Empirical Analysis of the Liquidity Easing Measures
Yehoue, E.B. (2009)

The Real Effects of Financial Constraints: Evidence from a Financial Crisis | Published   ScienceDirect Required
Campello, M., J. Graham & C.R. Harvey (2009/10)

Exports and Financial Shocks   Recommended!
Amiti, M. & D.E. Weinstein (2009)

Abstract: A striking feature of many financial crises is the collapse of exports relative to output. In the 2008 financial crisis, real world exports plunged 17 percent while GDP fell 5 percent. This paper examines whether the drying up of trade finance can help explain the large drops in exports relative to output. This paper is the first to establish a causal link between the health of banks providing trade finance and growth in a firms exports relative to its domestic sales. We overcome measurement and endogeneity issues by using a unique data set, covering the Japanese financial crises of the 1990s, which enables us to match exporters with the main bank that provides them with trade finance. Our point estimates are economically and statistically significant, suggesting that trade finance accounts for about one-third of the decline in Japanese exports in the financial crises of the 1990s.

Interbank Offered Rate: Effects of the financial crisis on the information content of the fixing   Acrobat Required
Brousseau, V., A. Chailloux & A. Durré (2009)

Monetary Intervention Mitigated Banking Panics during the Great Depression: Quasi-Experimental Evidence from a Federal Reserve District Border, 1929–1933
Richardson, G. & W. Troost (2009)

The Global Financial Crisis: Explaining Cross-Country Differences in the Output Impact
Berkmen, P., G. Gelos, R. Rennhack & J.P. Walsh (2009)

Crisis? What Crisis? Currency vs. Banking in the Financial Crisis of 1931
Ritschl, A. & S. Sarferaz (2010)

Conflicts of Interest, Reputation, and the Interwar Debt Crisis: Banksters or Bad Luck?
Flandreau, M., N. Gaillard & U. Panizza (2010)

Inflation Targeting and the Crisis: An Empirical Assessment
Carvalho Filho, I.E. (2010)

When the Rivers Run Dry: Liquidity and the Use of Wholesale Funds in the Transmission of the U.S. Subprime Crisis
Raddatz, C. (2010)

Bank Credit during the 2008 Financial Crisis: A Cross-Country Comparison
Aisen, A. & M. Franken (2010)

Market Response to Policy Initiatives during the Global Financial Crisis
Ait-Sahalia, Y., J. Andritzky, A. Jobst, S. Nowak & N. Tamirisa (2010)

The vulnerability of sub-Saharan Africa to the financial crisis: the case of trade
Berman, N. & P. Martin (2010)

Global Banks and International Shock Transmission: Evidence from the Crisis
Cetorelli, N. & L.S. Goldberg (2010)

Of Floods and Droughts: The Economic and Financial Cisis of 2008
Islam, R. & R. Nallari (2010)

Multinational Banking in Europe: Financial Stability and Regulatory Implications Lessons from the Financial Crisis
Navaretti, G.B., G. Calzolari, M. Levi & A. Pozzolo (2010)

Financial Globalization and the Russian Crisis of 1998
Pinto, B. & S. Ulatov (2010)

Exchange Rate Flexibility Across Financial Crises | Published   ScienceDirect Required
Coudert, V., C. Couharde & V. Mignon (2010/11)

Zimbabwe’s Currency Crisis: Which Currency To Adopt In The Aftermath Of The Multi-Currency Regime?
Makochekanwa, A. (2010)

Determinants of intra-euro area government bond spreads during the financial crisis   Acrobat Required
Barrios, S., P. Iversen, M. Lewandowska & R. Setzer (2010)

Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis | Published   ScienceDirect Required
Boz, E. & E.G. Mendoza (2010/13)

The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun
Levchenko, A.A., L.T. Lewis & L.L. Tesar (2010)

When the North Last Headed South: Revisiting the 1930s
Reinhart, C. & V. Reinhart (2010)

U.S. Bank Behavior in the Wake of the 2007-2009 Financial Crisis
Barajas, A., R. Chami, T.F. Cosimano & D. Hakura (2010)

Financial Fragility and Currency Crisis: a Macrodynamical Revisitation of the Argentina’s Experience   Acrobat Required
Maggi, B., E. Cavallaro & M. Mulino (2010)

The Credit Crisis around the Globe: Why Did Some Banks Perform Better?   Acrobat Required
Beltratti, A. & R.M. Stulz (2010)

The US Subprime Crises and Extreme Market Pressures in Asia   Acrobat Required
Siregar, R., V. Pontines & N. Mohd Hussain (2010)

Bank lending during the financial crisis of 2008   ScienceDirect Required
Ivashina, V. & D. Scharfstein (2010)

The subprime credit crisis and contagion in financial markets   ScienceDirect Required
Longstaff, F.A. (2010)

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09
Acharya, V.V. & P. Schnabl (2010)

Procyclicality in Central Bank Reserve Management: Evidence from the Crisis
Pihlman, J. & H. van der Hoorn (2010)

The Trade Performance of Asian Economies During and Following the 2008 Financial Crisis
Wang, J. & J. Whalley (2010)

Cross-Country Causes and Consequences of the Crisis: An Update | Published   ScienceDirect Required
Rose, A.K. & M. Spiegel (2010/11)

What can EMU countries' sovereign bond spreads tell us about market perceptions of default probabilities during the recent financial crisis?   Acrobat Required
Dötz, N. & C. Fischer (2010)

Crisis? What Crisis? Currency vs. Banking in the Financial Crisis of 1931   Acrobat Required
Ritschl, A. & S. Salferaz (2010)

Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis
Chor, D. & K. Manova (2010)

The Cross-Country Incidence of the Global Crisis
Lane, P.R. & G.M. Milesi-Ferretti (2010)

Global effects of fiscal stimulus during the crisis   ScienceDirect Required
Freedman, C., M. Kumhof, D. Laxton, D. Muir & S. Mursula (2010)

The Behavior of Intoxicated Investors: The role of institutional investors in propagating the crisis of 2007-2008
Manconi, A., M. Massa & A. Yasuda (2010)

Decomposing the Great Trade Collapse: Products, Prices, and Quantities in the 2008-2009 Crisis
Haddad, H., A. Harrison & C. Hausman (2010)

Unpleasant Surprises: Sovereign Default Determinants and Prospects
Bandiera, L., J.C. Cuaresma & G.A. Vincelette (2010)

A compound option approach to model the interrelation between banking crises and country defaults: The case of Hungary 2008   ScienceDirect Required
Maltritz, D. (2010)

Crisis and Recovery: Role of the Exchange Rate Regime in Emerging Market Countries | Published   ScienceDirect Required
Tsangarides, C.G. (2010/12)

Post-crisis economic policies   ScienceDirect Required
Phelps, E.S. (2010)

Robust growth or anemic recovery in the U.S. and the global economy   ScienceDirect Required
Stiglitz, S.E. (2010)

Sustaining a global recovery   ScienceDirect Required
Blanchard, O. (2010)

Growth or stagnation after recession for the U.S. and other large advanced economies   ScienceDirect Required
Salvatore, D. (2010)

What happened to the quants in August 2007? Evidence from factors and transactions data   ScienceDirect Required
Khandani, A.E. & A.W. Lo (2010)

Has international financial co-movement changed? Emerging markets in the 2007-2009 financial crisis
Ammer, J., F. Cai & C. Scotti (2010)

Currency crisis and the forward discount bias: Evidence from emerging economies under breaks   ScienceDirect Required
Bai, S. & A.V. Mollick (2010)

The Eurozone in the Current Crisis
Wyplosz, C. (2010)

Crisis "Shock Factors" and the Cross-Section of Global Equity Returns | Published   ScienceDirect Required
Calomiris, C.W., I. Love & M.S.M. Peria (2010/12)

Bank Capital: Lessons from the Financial Crisis
Demirguc-Kunt, A., E. Detragiache & O. Merrouche (2010)

What Caused the Global Financial Crisis - Evidence on the Drivers of Financial Imbalances 1999-2007
Nier, E. & O. Merrouche (2010)

Over The Cliff: From the Subprime to the Global Financial Crisis | Published
Mishkin, F.S. (2010/11)

The Global Financial Crisis of 2007-08: Is it Unprecedented?
Bordo, M.D. & J.S. Landon-Lane (2010)

Currency bid-ask spread dynamics and the Asian crisis: Evidence across currency regimes   ScienceDirect Required
Koutmos, G. & A.D. Martin (2011)

Foreclosures, House Prices, and the Real Economy
Mian, A., A. Sufi & F. Trebbi (2011)

Interpreting Currency Movements During the Crisis: What's the Role of Interest Rate Differentials?
Dowling, T. & N. Batini (2011)

The global financial crisis and the evolution of markets, institutions and regulation   ScienceDirect Required
Moshirian, F. (2011)

Trade and Trade Finance in the 2008-09 Financial Crisis
Niculcea, I., I. Asmundson, T.W. Dorsey, A. Khachatryan & M. Saito (2011)

Global Shocks and their Impact on Low-Income Countries: Lessons from the Global Financial Crisis
Berg, A., C. Papageorgiou, C.A. Pattillo, M. Schindler, N. Spatafora, & H. Weisfeld (2011)

Government Debt Issuance in the Euro Area: The Impact of the Financial Crisis
de Broeck, M. & A. Guscina (2011)

The Impact of Monetary Policy on Financial Markets in Small Open Economies: More or Less Effective During the Global Financial Crisis?   Acrobat Required
Pennings, S., A. Ramayandi & H.C. Tang (2011)

A Year of Living Dangerously: The Management of the Financial Crisis in 2008
Reinhart, V. (2011)

The Irish Crisis
Lane, P.R. (2011)

Market discipline, financial crisis and regulatory changes: Evidence from Indonesian banks   ScienceDirect Required
Hadad, M.D., A. Agusman, G.S. Monroe, D. Gasbarro & J.K. Zumwalt (2011)

Market-specific and Currency-specific Risk During the Global Financial Crisis: Evidence from the Interbank Markets in Tokyo and London
Fukuda, S-I. (2011)

Trade Adjustment and Productivity in Large Crises | Published
Gopinath, G. & B. Neiman (2011/14)

ECB Repo Rate Setting During the Financial Crisis
Gerlach, S. (2011)

How Resilient Were Emerging Economies to the Global Crisis? | Published   ScienceDirect Required
Didier, T., C. Hevia & S.L. Schmukler (2011/13)

Impact of the Global Crisis on Banking Sector Soundness in Asian Low-Income Countries
Ree, J.J. (2011)

Determinants of bank profitability before and during the crisis: Evidence from Switzerland   ScienceDirect Required
Dietrich, A. & G. Wanzenried (2011)

Liquidity risk management and credit supply in the financial crisis   ScienceDirect Required
Cornett, M.M., J.J. McNutt, P.E. Strahan & H. Tehranian (2011)

Explaining asset pricing puzzles associated with the 1987 market crash   ScienceDirect Required
Benzoni, L., P. Collin-Dufresne & R.S. Goldstein (2011)

The Impact of the Global Financial C`risis on Microfinance and Policy Implications
Di Bella, G. (2011)

The effects of the subprime crisis on the Latin American financial markets: An empirical assessment   ScienceDirect Required
Dufrénot, G., V. Mignon & A. Péguin-Feissolle (2011)

Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance
Alfaro, L. & M. Chen (2011)

Independent component analysis for realized volatility: Analysis of the stock market crash of 2008   ScienceDirect Required
Kumiega, A., T. Neururer & B. Van Vliet (2011)

The impact of the financial crisis on new firm registration   ScienceDirect Required
Leora, K. & I. Love (2011)

Do hard pegs avoid currency crises? An evaluation using matching estimators   ScienceDirect Required
Esaka, T. (2011)

The international propagation of the financial crisis of 2008 and a comparison with 1931
Allen, W.A. & R. Moessner (2011)

Investment Dynamics in the Aftermath of the Asian Financial Crisis: A Firm-Level Analysis   Wiley Interscience Required
Coulibaly, B. & J. Millar (2011)

The Financial Crisis and The Geography of Wealth Transfers
Gourinchas, P-O., H. Rey & K. Truempler (2011)

External Adjustment and the Global Crisis
Lane, P.R. & G.M. Milesi-Ferretti (2011)

The role of macroeconomic policies in the global crisis   ScienceDirect Required
Catte, P., P. Cova, P. Pagano & I. Visco (2011)

The Great Recession: US dynamics and spillovers to the world economy   ScienceDirect Required
Bagliano, F.C. & C. Morana (2011)

The Eurozone Crisis: How Banks and Sovereigns Came to be Joined at the Hip
Mody, A. & D. Sandri (2011)

How Costly Are Debt Crises? | Published   ScienceDirect Required
Furceri, D. & A. Zdzienicka (2011/12)

The integration of the credit default swap markets during the US subprime crisis: Dynamic correlation analysis   ScienceDirect Required
Wang, P. & T. Moore (2011)

Corporate bond liquidity before and after the onset of the subprime crisis   ScienceDirect Required
Dick-Nielsen, J., P. Feldhütter & D. Lando (2012)

Anatomy of a meltdown: The risk neutral density for the S&P 500 in the fall of 2008   ScienceDirect Required
Birru, J. & S. Figlewski (2012)

Arresting Banking Panics: Federal Reserve Liquidity Provision and the Forgotten Panic of 1929   JSTOR Required
Carlson, M., K.J. Mitchener & G. Richardson (2011)

Understanding Liquidity and Credit Risks in the Financial Crisis
Gefang, D., G. Koop & S.M. Potter (2011)

Pricing of Sovereign Credit Risk: Evidence from Advanced Economies During the Financial Crisis
Alper, C.E., L. Forni & M. Gerard (2012)

The Impact of Foreign Liabilities on Small Firms: Firm-Level Evidence from the Korean Crisis | Published   ScienceDirect Required
Kim, Y.J., L. Tesar & J. Zhang (2011/15)

How Risky Are Banks’ Risk Weighted Assets? Evidence from the Financial Crisis
Das, S. & A.N.R. Sy (2011)

Cross-border bank lending, risk aversion and the financial crisis   Acrobat Required
Düwel, C., R. Frey & A. Lipponer (2011)

Financial crises and labor market turbulence   ScienceDirect Required
Pratap, S. & E. Quintin (2011)

The dollar squeeze of the financial crisis   Acrobat Required
Bottazzi, J-M., J. Luque, M.R. Pascoa & S. Sundaresan (2011)

Currency Crises During the Great Recession: Is This Time Different? | Published   Wiley Interscience Required
Arduini, T., G. De Arcangelis & C.L. Del Bello (2011/12)

Asymmetric propagation of financial crises during the Great Depression   Acrobat Required
Accominotti, O. (2011)

Gambling for Redemption and Self-Fulfilling Debt Crises   Acrobat Required
Kehoe, T. & J.C. Conesa (2011)

How did a domestic housing slump turn into a global financial crisis?   ScienceDirect Required
Kamin, S.B. & L.P. DeMarco (2012)

The global financial crisis: Explaining cross-country differences in the output impact   ScienceDirect Required
Berkmen, S.P., G. Gelos, R. Rennhack & J.P. Walsh (2012)

The U.S. and Irish credit crises: Their distinctive differences and common features   ScienceDirect Required
Connor, G., T. Flavin & B. O’Kelly (2012)

Sovereign debt disputes: A database on government coerciveness during debt crises   ScienceDirect Required
Enderlein, H., C. Trebesch & L. von Daniels (2012)

Bank Funding Structures and Risk: Evidence from the Global Financial Crisis | Published   ScienceDirect Required
Vázquez, F.F. & P. Federico (2012/15)

The dynamics of a complex system: The exchange rate crisis in Southeast Asia   ScienceDirect Required
Siokis, F.M. (2012)

The roles of news and volatility in stock market correlations during the global financial crisis   ScienceDirect Required
Mun, M. & R. Brooks (2012)

Are two heads better than one? Evidence from the thrift crisis   ScienceDirect Required
Byrd, J., D.R. Fraser, D.S. Lee & S. Tartarogl (2012)

The Greek financial crisis: Growing imbalances and sovereign spreads   ScienceDirect Required
Gibson, H.D., S.G. Hall & G.S. Tavlas (2012)

The EONIA spread before and during the crisis of 2007–2009: The role of liquidity and credit risk   ScienceDirect Required
Beirne, J. (2012)

Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
Cetorelli, N. & L.S. Goldberg (2012)

The Quiet Run of 2011: Money Market Funds and the European Debt Crisis
Chernenko, S. & A. Sunderam (2012)

International Financial Integration and Crisis Intensity
Rose, A.K. (2012)

On factors explaining the 2008 financial crisis   ScienceDirect Required
Acosta-González, E., F. Fernández-Rodríguez & S. Sosvilla-Rivero (2012)

Global imbalances, cross-market linkages, and the financial crisis: A multivariate Markov-switching analysis   ScienceDirect Required
Chevallier, J. (2012)

The role of institutional investors in propagating the crisis of 2007–2008   ScienceDirect Required
Manconia, A., M. Massa & A. Yasuda (2012)

The effect of IMF lending on the probability of sovereign debt crises   ScienceDirect Required
Jorra, M. (2012)

Channels of Transmission of the 2007/09 Global Crisis to International Bank Lending in Developing Countries
A