It is well known that equity, currency, or banking crises generate substantial real costs for the country in which they occur. Authorities and financial market participants have often been concerned that these crises would spill over or spread, leading to financial system volatility or crises elsewhere in the world. The recent Mexican, Asian, and Russian crises are examples where shocks origina...

We analyze the effect of risk aversion, wealth and portfolios on the behavior of investors in a global game model of currency crises with continuous action choices. The model generates a rich set of striking theoretical predictions. For example, risk aversion makes currency crises significantly less likely; increased wealth makes crises more likely; and foreign direct investment (illiquid inves...

Debt and currency crises are closely interlinked through the government’s intertemporal budget constraint. The default tax and the inflation/devaluation tax can be considered as alternative means of financing. Our empirical analysis finds that high-debt countries choose default rather than inflation/devaluation for financing, while a high money stock reduces the probability of debt crises. Furt...

The importance of banks for the transmission of monetary policy has been a major topic in monetary economics for some time, and several factors have served to heighten that interest recently. One such factor has been the slower than expected U.S. recovery from the 1990-91 recession, which was accompanied by slow growth in bank lending. This spawned a substantial literature on regulatory-induced...

Background: The existence of moral challenges resulting from political, social and economic crises is an inevitable issue of any society and government. Challenges are not urgent, they gradually turn into crises, and can ultimately pose a serious threat to the sovereignty. The Qajar government was in such a situation, especially after the Constitutional Revolution. Political crises and its inte...

BACKGROUND The complexity of providing medical care in a high-tech environment with a highly specialized, limited labour force makes hospitals more crisis-prone than other industries. An effective defence against crises is only possible if the organizational resilience and the capacity to handle crises become part of the hospitals' organizational culture. To become more resilient to crises, a r...

The coincidence of banking and currency crises associated with the Asian financial crisis has drawn renewed attention to causal and common factors linking the two phenomena. In this paper, we analyze the incidence and underlying causes of banking and currency crises in 90 industrial and developed countries over the 1975-97 period. We measure the individual and joint (“twin”) occurrence of bank ...

the study investigated the effects of communal crises on selected crops production among farmers in langtang north local government area of plateau state, nigeria. multi-stage sampling technique was adopted; four local government areas were selected in each of the local government selected, four villages affected by communal crises were selected purposively. in two of the villages selected, 24 ...

a r t i c l e i n f o Sovereign debt crises in emerging markets are usually associated with liquidity and banking crises. The conventional view is that the domestic turmoil is the consequence of foreign retaliation, although there is no clear empirical evidence on " classic " default penalties. This paper emphasizes, instead, a direct link between sovereign defaults and liquidity crises buildin...

The abruptness and virulence of the 1997 Asian crises have led many to claim that these crises are of a new breed and thus they were unforecastable. This paper examines 102 financial crises in 20 countries and concludes that the Asian crises are not of a new variety. Overall, the 1997 Asian crises, as well as previous crises in other regions, occur when the economies are in distress, making the...