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.

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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.

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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)

Fear of Fire Sales and the Credit Freeze
Diamond, D.W. & R.G. Rajan (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
Iacovone, L. & V. Zavacka (2009)

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)

Fire Sales in a Model of Complexity
Caballero, R.J. & A. Simsek (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
Bianchi, J. & E.G. Mendoza (2010)

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?
Kalemli-Ozcan, S., H. Kamil & C. Villegas-Sanchez (2010)

Inequality, Leverage and Crises
Kumhof, M. & R. Ranciere (2010)

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

Fire Sales in Finance and Macroeconomics | Published
Shleifer, A. & R.W. Vishny (2010/11)

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
Cukierman, A. & Y. Izhakian (2011)

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
Guerrieri, V. & G. Lorenzoni (2011)

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

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

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?   Acrobat Required
Bianchi, J. (2012)

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)

Sovereign Defaults and Banking Crises
Sosa-Padilla, C. (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)

Financial Crises and Exchange Rate Policy   Acrobat Required
Fornaro, L. (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   Acrobat Required
Azariadis, C. & L. Kaas (2012)

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
Jeanne, O. & A. Korinek (2013)

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
Bassetto, M. & C. Phelan (2013)

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
Catăo, L. & G-M. Milesi-Ferretti (2013)

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
Gertler, M. & N. Kiyotaki (2013)

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   Acrobat Required
Nuńo, G. & C. Thomas (2013)

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

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
Bolton, P., X. Freixas, L. Gambacorta & P.E. Mistrulli (2013)

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   Recommended!   Acrobat Required
Queraltó, A. (2013)

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.

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)

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

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)

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
Farhi, E. & J. Tirole (2014)

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)

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)

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)

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   Acrobat Required
Adam, K. & A. Marcet (2010)

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)

Asset Bubbles, Endogenous Growth, and Financial Frictions   Acrobat Required
Hirano, T. & N. Yanagawa (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   Acrobat Required
Hirano, T. & N. Yanagawa (2010)

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
Kunieda, T. & A. Shibata (2012)

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 Crisis   Acrobat Required
Miao, J. & P. Wang (2012)

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. (2013)

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)

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)

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
Gali, J. & L. Gambetti (2014)

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)

Should central banks burst bubbles? Some microeconomic issues   Wiley Interscience Required
Conlon, J.R. (2014)

No-Bubble Condition: Model-free Tests in Housing Markets
Giglio, S., M. Maggiori & J.C. Stroebel (2014)

Managing Credit Bubbles
Martin, A. & J. Ventura (2014)

The Macroeconomic Consequences of Asset Bubbles and Crashes
Shi, L. & R.M.H. Suen (2014)

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)

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism
Durdu, C.B., E.G. Mendoza & M. Terrones (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   Acrobat Required
Zoega, G. (2009)

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)

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)

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)

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
Forbes, K., M. Fratzscher & R. Straub (2012)

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)

The Federal Reserve, Emerging Markets, and Capital Controls: A High Frequency Empirical Investigation
Edwards, S. (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
Hur, S. & I.O. Kondo (2013)

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)

Capital Controls and Recovery from the Financial Crisis of the 1930s   Acrobat Required
Mitchener, K.J. & K. Wandschneider (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)

Capital Controls and Macroprudential Measures: What Are They Good For?   Acrobat Required
Forbes, K., M. Fratzscher & R. Straub (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
Magud, N.E. & E. Vesperoni (2014)

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?
Tavella, P., M. Pedemonte, A. Powell & E.A. Cavallo (2014)

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
Mitchener, K.J. & K. Wandschneider (2014)

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)

Fire sale acquisitions: Myth vs. reality   ScienceDirect Required
Ang, J. & N. Mauck (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   Acrobat Required
Brutti, F. & P. Sauré (2011)

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
Hau, H. & S. Lai (2012)

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)

Country Transparency and the Global Transmission of Financial Shocks
Marques,L.B., G. Gelos & N. Melgar (2013)

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
Garleanu, N., S. Panageas & J. Yu (2013)

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   Acrobat Required
Alvarez, F. & G. Barlevy (2014)

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)

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)

Defending Against Speculative Attacks   Acrobat Required
Daniëls, T., H. Jager & F. Klaassen (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)

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)

Systemic Risks and the Macroeconomy
De Nicoló, G. & M. Lucchetta (2010)

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
Dagher, J. & N. Fu (2011)

CoVaR
Adrian, T. & M.K. Brunnermeier (2011)

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
Valencia, F. (2011)

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
Acharya, V.V., L.H Pedersen, T. Philippon & M.P. Richardson (2012)

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
Acemoglu, D., A. Ozdaglar & A. Tahbaz-Salehi (2013)

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
Ordonez, G. (2013)

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
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)

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)

Rules of Thumb for Bank Solvency Stress Testing
Hardy, D.C. & C. Schmieder (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)

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
He, Z. & A. Krishnamurthy (2014)

The impact of preferences on early warning systems - The case of the European Commission's Scoreboard   ScienceDirect Required
Knedlik, T. (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)

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)

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)

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)

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
Cohen, D. & S. Villemot (2011)

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)

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)

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
Lorenzoni, G. & I. Werning (2013)

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)

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)

Varieties of Sovereign Crises: Latin America 1820-1931
Kaminsky, G.L. & P. Vega-Garcia (2014)

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)

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)

Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis
Adler, G. (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)

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)

What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?
Kalemli-Ozcan, S., H. Kamil & C. Villegas-Sanchez (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
Kim, Y.J., L. Tesar & J. Zhang (2011)

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
Vázquez, F.F. & P. Federico (2012)

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
Adams-Kane, J., Y. Jia & J.J. Lim (2012)

Do corporate boards matter during the current financial crisis?   ScienceDirect Required
Francis, B.B., I. Hasan & Q. Wu (2012)

Developing countries' financial vulnerability to the euro crisis: An event study of equity and bond markets
Aizenman, J., Y. Jinjarak, M. Lee & D. Park (2012)

The credit crisis around the globe: Why did some banks perform better?   ScienceDirect Required
Beltratti, A. & R.M. Stulz (2012)

Pricing of commercial real estate securities during the 2007–2009 financial crisis   ScienceDirect Required
Driessen, J. & O. Van Hemert (2012)

Banks' Liability Structure and Mortgage Lending During the Financial Crisis
Dagher, J. & K. Kazimov (2012)

Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis
Chan-Lau, J.A., E.X. Liu & J.M. Schmittmann (2012)

Time-varying financial stress linkages: Evidence from the LIBOR-OIS spreads   ScienceDirect Required
Ji, P.I. (2012)

The 2007–2008 financial crisis: Is there evidence of disaster myopia?   ScienceDirect Required
Cornand, C. & C. Gimet (2012)

The European Sovereign Debt Crisis
Lane, P.R. (2012)

Time to ship during financial crises
Berman, N., J. de Sousa, P. Martin & T. Mayer (2012)

Sovereign Debt Restructurings 1950 - 2010: Literature Survey, Data, and Stylized Facts
Das, U.S., M.G. Papaioannou & C. Trebesch (2012)

Ambiguity shifts and the 2007–2008 financial crisis   ScienceDirect Required
Boyarchenko, N. (2012)

Flight-to-Liquidity and the Great Recession   Acrobat Required
Radde, S. (2012)

Some Reflections on the Recent Financial Crisis
Gorton, G.B. (2012)

How important is the credit channel? An empirical study of the US banking crisis | Published   ScienceDirect Required
Liu, C. & P. Minford (2012/14)

Long-Run Implications of the Covered Interest Rate Parity Condition: Evidence during the Recent Crisis and Non-Crisis Periods
Nagayasu, J. (2012)

A perspective on the symptoms and causes of the financial crisis   ScienceDirect Required
Cabral, R. (2012)

Sovereign Defaults and Banking Crises   Acrobat Required
Sosa-Padilla, C. (2012)

Spillover Effects of the U.S. Financial Crisis on Financial Markets in Emerging Asian Countries   Acrobat Required
Kim, B-H., H. Kim & B-S. Lee (2012)

The effectiveness of monetary policy in steering money market rates during the financial crisis   ScienceDirect Required
Abbassi, P. & T. Linzert (2012)

A Markov regime switching model of crises and contagion: The case of the Iberian countries in the EMS   ScienceDirect Required
Lopes, J.M. & L.C. Nunes (2012)

Spring Forward or Fall Back? The Post-Crisis Recovery of Firms
Medina, L. (2012)

A dynamic factor model with time-varying loadings for euro area bond markets during the debt crisis   ScienceDirect Required
Boysen-Hogrefe, J. (2012)

Liquidity Crises, Banking, and the Great Recession   Acrobat Required
Radde, S. (2012)

How Does Deposit Insurance Affect Bank Risk? Evidence from the Recent Crisis
Anginer, D., A. Demirguc-Kunt & M. Zhu (2012)

Credit spread interdependencies of European states and banks during the financial crisis   ScienceDirect Required
Alter, A. & Y.S. Schüler (2012)

The failure to predict the Great Recession. The failure of academic economics? A view focusing on the role of credit
Gadea Rivas, M.D. & G. Pérez-Quirós (2012)

"Black Swans" before the "Black Swan" evidence from international LIBOR-OIS spreads   ScienceDirect Required
Olson, E., S. Miller & M.E. Wohar (2012)

Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance
Alfaro, L. & M.X. Chen (2012)

The banking bailout of the subprime crisis: Was the bang worth the buck?   ScienceDirect Required
Fratianni, M. & F. Marchionne (2012)

Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9
Adrian, T., P. Colla & H.S. Shin (2012)

Connected to Whom? International Interbank Borrowing During the Global Crisis
Tintchev, K. (2013)

Hedge fund liquidity and performan Evidence from the financial crisis   ScienceDirect Required
Schaub, N. & M. Schmid (2013)

Hedge funds, CDOs and the financial crisis: An empirical investigation of the "Magnetar trade"   ScienceDirect Required
Mählmann, T. (2013)

The stock market reaction to the public announcement of a supranational list of too-big-to-fail banks during the financial crisis   ScienceDirect Required
Abreu, J.F. & M.A. Gulamhussen (2013)

International Diversification During the Financial Crisis: A Blessing for Equity Investors?   ScienceDirect Required
Vermeulen, R. (2013)

Institutional Trading and Stock Resiliency: Evidence from the 2007-2009 Financial Crisis   ScienceDirect Required
Anand, A., P. Irvine, A. Puckett & K. Venkataraman (2013)

International Income Risk-Sharing and the Global Financial Crisis of 2008-2009   ScienceDirect Required
Balli, F., S.A. Basher & H.O. Balli (2013)

The price of imports and TFP: Application to the Korean crisis of 1997-98   ScienceDirect Required
Kim, S.T. (2013)

Fiscal Discoveries and Sudden Decouplings
Catăo, L.A.V., A. Fostel & R. Rancičre (2013)

Firms as liquidity providers: Evidence from the 2007-2008 financial crisis   ScienceDirect Required
Garcia-Appendini, E. & J. Montoriol-Garriga (2013)

How does capital affect bank performance during financial crises?   ScienceDirect Required
Berger, A.N. & C.H.S. Bouwman (2013)

Is M&A different during a crisis? Evidence from the European banking sector   ScienceDirect Required
Beltratti, A. & G. Paladino (2013)

Transmission of the global financial crisis to Korea   ScienceDirect Required
Kim, B-H. & S. Kim (2013)

Access to capital, investment, and the financial crisis   ScienceDirect Required
Kahle, K.M. & R.M. Stulz (2013)

Self-fulfilling crises in the Eurozone: An empirical test   ScienceDirect Required
De Grauwe, P. & Y. Ji (2013)

What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk   ScienceDirect Required
Aizenman, J., M. Hutchison & Y. Jinjarak (2013)

Contagion during the Greek sovereign debt crisis   ScienceDirect Required
Mink, M. & J. de Haan (2013)

What can we tell about monetary policy synchronization and interdependence over the 2007-2009 global financial crisis?   ScienceDirect Required
Arouri, M., F. Jawadi & D.K. Nguyen (2013)

Did inquality cause the U.S. financial crisis?   Wiley Interscience Required   SURVEY PAPER
van Treeck, T. (2013)

Sudden Stop and Trade Balance Reversal after Asian Crisis: Investment Drought Impact versus Exchange Rate Depreciation   ScienceDirect Required
Yamamoto, S. (2013)

Sovereign Bond Yield Spillovers in the Euro Zone During the Financial and Debt Crisis   ScienceDirect Required
Antonakakis, N. & K. Vergos (2013)

Market Discipline during Crisis: Evidence from Bank Depositors in Transition Countries   ScienceDirect Required
Hasan, I., K. Jackowicz, O. Kowalewski & L. Kozlowski (2013)

Financial Literacy and Its Consequences: Evidence from Russia During the Financial Crisis   ScienceDirect Required
Klapper, L., A. Lusardi & G.A. Panos (2013)

Exchange Market Pressures during the Financial Crisis: A Bayesian Model Averaging Evidence | Published   Acrobat Required   ScienceDirect Required
Feldkircher, M., R. Horvath & M. Rusnak (2013)

Sovereign Debt: A Review   SURVEY PAPER
Aguiar, M. & M. Amador (2013)

How I learned to stop worrying and love the crisis   ScienceDirect Required
Fidrmuc, J. & A. Tichit (2013)

Procyclical Behavior of Institutional Investors During the Recent Financial Crisis: Causes, Impacts, and Challenges
Papaioannou, M.G., J. Park, J. Pihlman & H. van der Hoorn (2013)

The Vulnerability of Microfinance to Financial Turmoil - Evidence from the Global Financial Crisis   ScienceDirect Required
Wagner, C. & A. Winkler (2013)

The european crisis and the role of the financial system   ScienceDirect Required
Constâncio, V. (2013)

Fertility Regulation in an Economic Crisis   JSTOR Required
McKelvey, C., D. Thomas & E. Frankenberg (2013)

The European Crisis in the Context of the History of Previous Financial Crises   ScienceDirect Required
Bordo, M. & H. James (2013)

The Eurozone Crisis: Phoenix Miracle or Lost Decade?   ScienceDirect Required
Eichengreen, B., N. Jung, S. Moch & A. Mody (2013)

Ireland's Economic Crisis: The Good, The Bad and the Ugly   ScienceDirect Required
Whelan, K. (2013)

Fundamentally Wrong: Market Pricing of Sovereigns and the Greek Financial Crisis   ScienceDirect Required
Gibson, H.D., S.G. Hall & G.S. Tavlas (2013)

Financial Inclusion for Financial Stability: Access to Bank Deposits and the Growth of Deposits in the Global Financial Crisis
Han, R. & M. Melecky (2013)

Foreign Bank Behavior during Financial Crises
Adams-Kane, J., J.A. Caballero & J.J. Lim (2013)

News Spillovers from the Greek Debt Crisis: Impact on the Eurozone Financial Sector   ScienceDirect Required
Bhanot, K., N. Burns, D. Hunter & M. Williams (2013)

The Debt Crisis of Eurozone's Peripheral Economies:, Moral Hazard and Its Consequences   ScienceDirect Required
Baer, W. & H.S. Esfahani (2013)

Macroeconomic policy responses to financial crises in emerging European economies   ScienceDirect Required
Josifidis, K., J-P. Allegret, C. Gimet & E.B. Pucar (2013)

Bank Loans and Borrower Value during the Global Financial Crisis: Empirical Evidence from France   ScienceDirect Required
Godlewski, C.J. (2013)

Demand Collapse or Credit Crunch to Firms? Evidence from the World Bank's Financial Crisis Survey in Eastern Europe
Nguyen, H. & R. Qian (2013)

The Social Impact of Financial Crises: Evidence from the Global Financial Crisis
Ötker-Robe, I. & A.M. Podpiera (2013)

How do leverage ratios affect bank share performance during financial crises: The Japanese experience of the late 1990s   ScienceDirect Required
Chen, S. (2013)

Do words matter? The impact of communication on the PIIGS' CDS and bond yield spreads during Europe's sovereign debt crisis   ScienceDirect Required
Büchel, K. (2013)

The Great Recession: A Self-Fulfilling Global Panic   Acrobat Required
van Wincoop, E. & P. Bacchetta (2013)

Impact of the Financial Crisis on Bank Run Risk - Danger of the Days after   ScienceDirect Required
Goedde-Menke, M., T. Langer & A. Pfingsten (2013)

Who moves East Asian stock markets? The role of the 2007-2009 global financial crisis   ScienceDirect Required
Wang, L. (2013)

Changing Forces of Gravity: How the Crisis Affected International Banking   Acrobat Required
Buch, C.M., K. Neugebauer & C. Schröder (2013)

Monetary Policy and the First- and Second-Moment Exchange Rate Change during the Global Financial Crisis: Evidence from Thailand   ScienceDirect Required
Vithessonthi, C. (2013)

Uncertainty and Episodes of Extreme Capital Flows in the Euro Area   Acrobat Required
Schmidt, T. & L. Zwick (2013)

The price of imports and TFP: Application to the Korean crisis of 1997-1998   ScienceDirect Required
Kim, S.T. (2014)

The Determinants of Vulnerability to the Global Financial Crisis 2008 to 2009: Credit Growth and Other Sources of Risk   ScienceDirect Required
Feldkircher, M. (2014)

Corporate bond returns and the financial crisis   ScienceDirect Required
Aboody, D., J.S. Hughes & N.B. Ozel (2014)

The global financial crisis and integration in European retail banking   ScienceDirect Required
Rughoo, A. & N. Sarantis (2014)

Interest Rate Pass-Through in the Euro Area during the Financial Crisis: a Multivariate Regime-Switching Approach   ScienceDirect Required
Aristei, D. & M. Gallo (2014)

Foreign Bank Lending: Evidence from the Global Financial Crisis   ScienceDirect Required
Albertazzi, U. & M. Bottero (2014)

The impact of the global financial crisis on mortgage pricing and credit supply   ScienceDirect Required
Lou, W. & X. Yin (2014)

The Great Entanglement: The contagious capacity of the international banking network just before the 2008 crisis   ScienceDirect Required
Garratt, R.J., L. Mahadeva & K. Svirydzenka (2014)

Bank Earnings Forecasts, Risk And The Crisis   ScienceDirect Required
Anolli, M., E. Beccalli & P. Molyneux (2014)

Dynamic Debt Runs and Financial Fragility: Evidence from the 2007 ABCP Crisis   ScienceDirect Required
Schroth, E., G.A. Suarez & L.A. Taylor (2014)

The Dynamics of Spillover Effects during the European Sovereign Debt Turmoil   ScienceDirect Required
Alter, A. & A. Beyer (2014)

Credit supply shocks and the global financial crisis in three small open economies   ScienceDirect Required
Finlay, R. & J.P. Jääskelä (2014)

Stock Market Liquidity and Macro-Liquidity Shocks: Evidence from the 2007-2009 Financial Crisis   ScienceDirect Required
Florackis, C., A. Kontonikas & A. Kostakis (2014)

Understanding the accumulation of bank and thrift reserves during the U.S. financial crisis   ScienceDirect Required
Chang, S-H., S. Contessi & J. Francis (2014)

Predatory lending and the subprime crisis   ScienceDirect Required
Agarwal, S., G. Amromin, I. Ben-Davi, S. Chomsisengphet & D.D. Evanoff (2014)

Macro Financial Determinants of the Great Financial Crisis: Implications for Financial Regulation   ScienceDirect Required
Caprio, G., V. D'Apice, G. Ferri & G.W. Puopolo (2014)

The impact of the financial crisis on transatlantic information flows: an intraday analysis   ScienceDirect Required
Dimpfl, T. & F.J. Peter (2014)

International Financial Flows and the Irish Crisis   Acrobat Required
Lane, P.R. (2014)

Equity market contagion during the global financial crisis: Evidence from the world's eight largest economies   ScienceDirect Required
Dungey, M. & D. Gajurel (2014)

Sovereign Yield Spreads During the Euro Crisis: Fundamental Factors Versus Redenomination Risk   Wiley Interscience Required
Klose, J. & B. Weigert (2014)

Trading Income and Bank Charter Value during the Financial Crisis: Does Derivatives Dealer Designation Matter?   ScienceDirect Required
Egly, P.V. & J. Sun (2014)

The sovereign-bank rating channel and rating agencies' downgrades during the European debt crisis   ScienceDirect Required
Alsakka, R., O. ap Gwilym & T. Nhung Vu (2014)

Impacts of the Financial Crisis on Eurozone Sovereign CDS Spreads   ScienceDirect Required
Gündüz, Y. & O. Kayaelsevier (2014)

Testing the fire-sale FDI hypothesis for the European financial crisis   ScienceDirect Required
Weitzel, U., G. Kling & D. Gerritsen (2014)

Floating a "lifeboat": The Banque de France and the Crisis of 1889   ScienceDirect Required
Hautcoeur, P-C., A. Riva & E.N. White (2014)

Local banking Panics of the 1920s: Identification and Determinants   ScienceDirect Required
Davison, L.K. & C.D. Ramirez (2014)

VaR performance during the subprime and sovereign debt crises: An application to emerging markets   ScienceDirect Required
Del Brio, E.B., A. Mora-Valencia & J. Perote (2014)

The effectiveness of non-standard monetary policy in addressing liquidity risk during the financial crisis: The experiences of the Federal Reserve and the European Central Bank   ScienceDirect Required
Carpenter, S., S. Demiralp & J. Eisenschmidt (2014)

Quantifying the Lasting Harm to the U.S. Economy from the Financial Crisis
Hall, R.E. (2014)

Long-Term Damage from the Great Recession in OECD Countries
Ball, L.M. (2014)

The ECB and the banks: the tale of two crises   Acrobat Required
Reichlin, L. (2014)

Lehman Brothers: What Did Markets Know?
Gehrig, T. & M. Haas (2014)

Monetary policy, long real yields and the financial crisis   Acrobat Required
Moretti, L. (2014)

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