Financial Crises: Explanations, Types, and Implications; by Stijn Claessens and M. Ayhan Kose; imf working Paper 13/28; January 1, 2013



Download 1.42 Mb.
Pdf ko'rish
bet1/45
Sana05.05.2020
Hajmi1.42 Mb.
  1   2   3   4   5   6   7   8   9   ...   45


 

Financial Crises:  

Explanations, Types, and Implications 

 

Stijn Claessens and M. Ayhan Kose 

 

WP/13/28




 

© 2013 International Monetary Fund 

WP/

  


IMF Working Paper 

Research Department  



Financial Crises: Explanations, Types, and Implications  

Prepared by Stijn Claessens and M. Ayhan Kose

1

  

 

January 2013 



 

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. 

 

JEL Classification Numbers: E32, F44, G01, E5, E6, H12 



Keywords: Sudden stops, debt crises, banking crises, currency crises, defaults, policy 

implications, financial restructuring, asset booms, credit booms, crises prediction. 

Author’s E-Mail Address: SClaessens@imf.org, AKose@imf.org 

                                                 

1

 

This paper is written for a forthcoming book, Financial Crises: Causes, Consequences, and Policy 



Responses, edited by Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabián Valencia, to be published 

by the International Monetary Fund. We thank Ezgi Ozturk for outstanding research assistance.

  


Download 1.42 Mb.

Do'stlaringiz bilan baham:
  1   2   3   4   5   6   7   8   9   ...   45




Ma'lumotlar bazasi mualliflik huquqi bilan himoyalangan ©hozir.org 2020
ma'muriyatiga murojaat qiling

    Bosh sahifa
davlat universiteti
ta’lim vazirligi
O’zbekiston respublikasi
maxsus ta’lim
zbekiston respublikasi
o’rta maxsus
axborot texnologiyalari
davlat pedagogika
nomidagi toshkent
pedagogika instituti
guruh talabasi
texnologiyalari universiteti
navoiy nomidagi
samarqand davlat
toshkent axborot
nomidagi samarqand
haqida tushuncha
toshkent davlat
ta’limi vazirligi
xorazmiy nomidagi
Darsning maqsadi
vazirligi toshkent
tashkil etish
Toshkent davlat
rivojlantirish vazirligi
Alisher navoiy
matematika fakulteti
Ўзбекистон республикаси
pedagogika universiteti
sinflar uchun
bilan ishlash
maxsus ta'lim
Nizomiy nomidagi
таълим вазирлиги
tibbiyot akademiyasi
ta'lim vazirligi
o’rta ta’lim
fanlar fakulteti
kommunikatsiyalarini rivojlantirish
fanining predmeti
махсус таълим
umumiy o’rta
haqida umumiy
Referat mavzu
fizika matematika
Navoiy davlat
Buxoro davlat
universiteti fizika
ishlab chiqarish
Fuqarolik jamiyati
pedagogika fakulteti