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 …

The recent financial crisis has highlighted the need to go beyond a purely micro approach to
financial regulation and supervision. As a consequence, the number of policy speeches …

This paper presents a comprehensive cross-country database of fiscal space, broadly
defined as the availability of budgetary resources for a government to service its financial …

Throughout history, rich and poor countries alike have been lending, borrowing, crashing,
and recovering their way through an extraordinary range of financial crises. Each time, the …

We investigate whether financial openness leads to financial development after controlling
for the level of legal development using a panel encompassing 108 countries over the …

This paper analyzes the behavior of international capital flows by foreign and domestic
agents, dubbed gross capital flows, over the business cycle and during financial crises. We …

The paper develops an early-warning model for predicting vulnerabilities leading to distress
in European banks using both bank and country-level data. As outright bank failures have …

Since the Tequila crisis of 1994–1995, the Asian flu of 1997, and the Russian virus of 1998,
economists have been busy producing research on the subject of contagion. Yet, few …

The paper explores the view that the Asian currency and financial crises in 1997 and 1998
reflected structural and policy distortions in the countries of the region, even if market …

We investigate whether leading indicators can help explain the cross-country incidence of
the 2008–09 financial crisis. Rather than looking for indicators with specific relevance to the …