Qian et al. (2010) (henceforth QRR) have assembled an impressively rich data set on external default, banking, and monetary crises. This paper is part of an ambitious project on placing crises in the proper historical perspective (e.g., Reinhart and Rogoff, 2009). It is an extremely valuable research agenda, as much of modern sovereign debt literature has focused on recent (post 1980) episodes,...

This appendix describes how we derive our new semiannual measure of financial distress for a sample of advanced economies for the period 1967 to 2007. As discussed in the paper, our approach follows others in the literature in relying on qualitative evidence about financial conditions in each country. A key feature of our approach is the use of a consistent real-time source of this information....

Financial instability can have large adverse effects on an economy. One major cause of instability is asset price bubbles. This paper starts by considering how such bubbles can arise due to the expansion of money and credit. The ways in which subsequent financial instability occurs are then discussed. Banking crises can arise due to panics or as a result of the business cycle. Contagion and fin...

This study examines the concepts of conflicts and crises and their antecedents in Nigeria. It makes a clarification of the causes of crises in Nigeria due mainly to poverty and unjust allocation of the available resources. An attempt is made to identify strategies adopted by Nigerian government on crises resolution and their shortcomings. The study finally presents ways forward towards a better...

Recent crises in emerging markets have generated a fundamental re-appraisal of theoretical models of international capital flows. It is now generally recognised that crises have occurred in circumstances that cannot be explained by first generation models of speculative attacks that seemed quite acceptable only a few years ago. First generation models (Krugman 1979; Flood and Garber 1980) and t...

This paper suggests, first, that a simple theoretical framework is useful in explaining financial crises in emerging economies. Second, it reviews the East Asian financial crises of 1997-98 . Third, the paper examines the origins of Argentina’s crisis of 2001-02. Fourth, it presents a comparative analysis of both crises, highlighting their similarities and differences. Finally, the conclusions ...

Several empirical studies are concerned with measuring the effect of currency and current account crises on economic growth. Using different empirical models this paper serves two aspects. It provides an explicit assessment of country specific factors influencing the costs of crises in terms of economic growth and controls via a treatment type model for possible sample selection governing the o...

Intermittent painful crises due to vasoocclusion are the major clinical manifestation of sickle cell disease (SCD), but subclinical episodes may also occur. There is sparse evidence for the involvement of neutrophils in the pathophysiology of SCD, but production of cytokines by the damaged endothelium might influence neutrophil function and modulate responses to subsequent cytokine exposure. In...

Do integration crises reinforce legal differentiation in European integration? Are differentiated EU policies under stress prone to cascading opt-outs? We argue that as such are unlikely cause further fragmentation already regimes. If the decides adopt new treaties and laws response crises, however, these likely reproduce extend pre-existing patterns of differentiation. Empirically, this study ...