Review Of Theories of Financial Crises

Assaf Razin and Itay Goldstein
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Itay Goldstein: University of Pennsylvania

No 214, 2012 Meeting Papers from Society for Economic Dynamics

Abstract: The last few years have been characterized by great turmoil in the world’s financial markets; starting from the collapse of housing prices in the US, followed by the meltdown of leading financial institutions in the US and Europe, and then the ongoing challenge to the European monetary union. These events exhibit ingredients from all types of financial crises in recent history: banking crises, currency crises, credit frictions, market freezes, and the bursting of asset bubbles. In this survey, we provide a review of the analytical underpinnings of these types of crises and the directions in which they influenced future literature and the way they explain recent events.

Date: 2012
New Economics Papers: this item is included in nep-fmk, nep-his, nep-hpe and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed012:214

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