We find that declining bank credit to the private sector will not necessarily constrain the economic recovery after output has bottomed out following a financial crisis. To obtain this result, we examine data from 39 financial crises, which – as the current one – were preceded by credit booms. In these crises the change in bank credit, either in real terms or relative to GDP, consistently did n...

This paper investigates the implications of major financial markets crises for the human capital accumulation decisions of households. We use data for Argentinean households over the period 1995-2002 to examine households’ response to negative idiosyncratic income shocks in different macroeconomic scenarios. In particular we study how teenagers’ school progress responds to household head unempl...

We outline a vision for an ambitious program to understand the economy and financial markets as a complex evolving system of coupled networks of interacting agents. This is a completely different vision from that currently used in most economic models. This view implies new challenges and opportunities for policy and managing economic crises. The dynamics of such models inherently involve sudde...

A recovery orientation during brief psychiatric hospitalization focuses on improving adjustment and functioning and reducing future psychiatric crises and hospitalizations. Crisis rehabilitative skills training imparts knowledge, understanding, and abilities during a critical period of restabilization. After describing a rehabilitation oriented skills training program that occurs during brief i...

Recent studies have shown strong temporal correlations between past climate changes and societal crises. However, the specific causal mechanisms underlying this relation have not been addressed. We explored quantitative responses of 14 fine-grained agro-ecological, socioeconomic, and demographic variables to climate fluctuations from A.D. 1500-1800 in Europe. Results show that cooling from A.D....

2 The Series " Documenti di Lavoro " of the Istituto di Studi e Analisi Economica – Institute for Studies and Economic Analyses (ISAE) hosts the preliminary results of the research projects carried out within ISAE. The diffusion of the papers is subject to the favourable opinion of an anonymous referee, whom we would like to thank. The opinions expressed are merely the Authors' own and in no wa...

In some cases, currency crises are followed by strong recessions (e.g., recent Asian and Argentinean crises), but in other cases they are not. This paper uses Self-Organizing Maps (SOM) to search for meaningful associations between speculative attacks’ real effects and 28 variables that characterize the economic, financial, legal, and socio-political structure of the country at the onset of the...