Financial crises have large deleterious effects on economic activity, and as such have been
the focus of a large body of research. This study surveys the existing literature on financial …

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 …

In this study, we enhance the dynamic connectedness measures originally introduced by
Diebold and Yılmaz (2012, 2014) with a time-varying parameter vector autoregressive …

Utilising Chinese-developed data based on long-standing influenza indices, and the more
recently-developed coronavirus and face mask indices, we set out to test for the presence of …

In this study, we test the efficient market hypothesis for a number of sectors in the US stock
market during the COVID-19 pandemic to identify its effects on individual sectors. To test this …

“A concise and powerful account of how the great recession happened and what should be
done to avoid another one... well-argued and consistently informative.”—Wall Street Journal …

We show that housing markets provide information about the appropriate discount rates for
valuing investments in climate change abatement. Real estate is exposed to both …

We present an economic model of systemic risk in which undercapitalization of the financial
sector as a whole is assumed to harm the real economy, leading to a systemic risk …

We examine the evolution of real per capita GDP around 100 systemic banking crises. Part
of the costs of these crises owes to the protracted nature of recovery. On average, it takes …

Using a generalized vector autoregressive framework in which forecast-error variance
decompositions are invariant to the variable ordering, we propose measures of both the total …