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...

We review the literature on the effects of aggregate crises on human biological outcomes. The crises we consider are acute, severe, and unexpected negative events occurring at the population level: recessions, famines, epidemics, natural and environmental disasters, and wars. Our review of the literature suggests that the effects of aggregate crises on human biology are pervasive and longlasting.

Banking crises are usually followed by a decline in credit and growth. Is this because crises tend to take place during economic downturns, or do banking sector problems have independent negative effects on the economy? To answer this question we examine industrial sectors with differing needs for financing. If banking crises have an exogenous detrimental effect on real activity, then sectors m...

The process of financial globalization has given rise to an increase in the frequency of financial crises. With it, there has also been a surge in research about financial crises. One of the key questions in this area is whether crises are triggered by fundamentals or come as a result of panic. Observing real-world events, many prominent researchers, including Friedman and Schwartz (1963) and K...

In this paper we provide new evidence about the relationship between financial crises and economic situation for different countries which belong to the OECD and emergent economies of Latin America and Asia. The results show new support to the different influence of economic situation according to the type of financial crises. Aggregate data and panel techniques are used taking into account the...

The main purpose of this study is to provide a detailed statistical overview of the time and regional distribution, relative timing occurrence of economic crises and government changes in 51 economies over the 1990–2007 periods. At the same time, the predictive power of the economic crises on set government changes will be examined using “signal approach”. The result showed that the percentage ...

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 ...

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 ...