Financial Crises: Explanations, Types, and Implications
Stijn Claessens () and
Ayhan Kose
No 9329, CEPR Discussion Papers from C.E.P.R. Discussion Papers
Abstract:
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises?currency crises, sudden stops, debt crises, and banking crises?and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Keywords: Asset booms; Banking crises; Credit booms; Crises prediction; Currency crises; Debt crises; Defaults; Financial restructuring; Policy implications; Sudden stops (search for similar items in EconPapers)
JEL-codes: E32 E5 E6 F44 G01 H12 (search for similar items in EconPapers)
Date: 2013-02
New Economics Papers: this item is included in nep-ban, nep-cba and nep-mac
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Citations: View citations in EconPapers (138)
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Related works:
Working Paper: Financial Crises: Explanations, Types and Implications (2013) 
Working Paper: Financial Crises Explanations, Types, and Implications (2013) 
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