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 …

We update Rose and Spiegel (forthcoming, 2010) and search for simple quantitative models
of macroeconomic and financial indicators of the “Great Recession” of 2008–09. We use a …

This paper documents the evolution of international financial integration since the global
financial crisis using an updated dataset on external assets and liabilities, covering 212 …

This paper documents the evolution of international financial integration since the global
financial crisis using an updated dataset on external assets and liabilities, covering over 210 …

The origin and propagation of the European sovereign debt crisis can be attributed to the
flawed original design of the euro. In particular, there was an incomplete understanding of …

A key precursor of twentieth-century financial crises in emerging and advanced economies
alike was the rapid buildup of leverage. Those emerging economies that avoided leverage …

The current crisis saw an unprecedented collapse in international capital flows after years of
rising financial globalization. We identify the stylized facts and main drivers of this …

The euro area faces three interlocking crises that together challenge the viability of the
currency union. There is a banking crisis: banks are undercapitalized and have faced …

This article explores the linkages between pre-2008 crisis national macroeconomic
conditions, regional resistance factors and depth of the crisis in the regions of the EU27. The …

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 …