Financial crises : explanations, types, and implications /

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Bibliographic Details
Author / Creator:	Claessens, Stijn, author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2013.
Description:	1 online resource (65 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/13/28 IMF working paper ; WP/13/28.
Subject:	Financial crises -- Econometric models. Financial crises -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12501631

Hidden Bibliographic Details
Other authors / contributors:	Kose, M. Ayhan, author. International Monetary Fund. Research Department, issuing body.
ISBN:	9781475530940 1475530943 9781475561005 1475561008 9781475579086 147557908X
Notes:	Title from PDF title page (IMF Web site, viewed March 19, 2013). At head of title: "Research Department." "January 2013." Includes bibliographical references.
Summary:	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 crise--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 shortand 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.
Standard no.:	10.5089/9781475530940.001

Table of Contents:

Cover; Contents; I. Introduction; II. Explaining Financial Crises; A. Asset Price Booms and Busts; B. Credit Booms and Busts; C. Impact of Asset Price and Credit Busts; III. Types of Financial Crises; A. Currency Crises; B. Sudden Stops; C. Foreign and Domestic Debt Crises; D. Banking Crises; IV. Identification, Dating and Frequency of Crises; A. Identification and Dating; B. Frequency and Distribution; V. Real and Financial Implications of Crises; A. Real Effects of Crises; B. Financial Effects of Crises; VI. Predicting Financial Crises; VII. Conclusions; References; Figure.
1. Evolution of House Price During Financial Crises2a. Credit and Asset Price Booms; 2b. Credit Crunches and Asset Price Busts; 3. Coincidence of Financial Booms and Crises; 4. Coincidence of Financial Crises; 5. Average Number of Financial Crises over Decades; 6. Coincidences of Recessions and Crises; 7. Real Implications of Financial Crises, Crunches, and Busts; 8. Financial Implications of Crises, Crunches, and Busts; 9. Creditless Recoveries.

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