In this paper, we review three branches of theoretical literature on financial crises. The first one deals with banking crises originating from coordination failures among bank creditors. The second one deals with frictions in credit and interbank markets due to problems of moral hazard and adverse selection. The third one deals with currency crises. We discuss the evolutions of these branches ...

Our societies are regularly hit by major crises; be it economic, social, health or financial crisis. These often moments of ruptures that modify their trajectories, institutions, organizations and disrupt people as a whole. blend together reflect new paradigms. However, the mechanics these paradigms have intensified over last two decades with crises occurred (1997, 2001, 2007, 2011, 2015, 2020)...

Currency crises appear to spread regionally. In this paper we use Bayesian methodology on data from four waves of currency crises in the late twentieth century to examine the mechanism by which currency crises spread from one country to another. In particular, we examine whether trade linkages, “other” unquantifiable linkages proxied for by relative geographical distance, or macroeconomic and f...

nancial crises is one of the gravest threats to an open and liberal international economic order... Recent events in Turkey and Argentina demonstrate that financial crises with potentially profound consequences for economic and political stability are not a thing of the past. They also demonstrate the continued urgency of finding practical and concrete means to handle the crises that do occur.”...

We explain why correlation crises may occur in insurance and finance. These phenomena are not taken into account in Solvency II standard formula. We show the importance of taking them into account in internal models or partial internal models. Given the variety of scenarios that could lead to correlation crises and their different potential impacts, we support the idea that ORSA (Own Risk and S...

Abstract The coronavirus (COVID-19) pandemic has once again highlighted the importance of social inequalities during major crises, a reality that clear implications for public policy. In this introductory article to thematic issue Policy and Society on COVID-19, inequalities, policies, we provide an overview nexus between crisis inequality before exploring its study policy stability change, wit...

Since 2008, Western countries are going through a deep economic crisis whose health impacts seem to be fundamentally counter-cyclical: when economic conditions worsen, so does health, and mortality tends to rise. While a growing number of studies have presented evidence on the effect of crises on the average population health, a largely neglected aspect of research is the impact of crises and t...