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Systemic Financial Crisis: A Cluster Analysis

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  • Nicolae Dardac
  • Adriana Giba
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    Abstract

    This study examines the similarities between the current crisis and other systemic crises from the past. The purpose of our research is to discover whether previously used crisis management policies can constitute a referential in choosing the most effective policies for the management of the current crisis. This study highlights important similarities between the current crisis and those that occurred in the past in Norway (1991) and Japan (1997), using a cluster analysis in order to obtain homogeneous groups of crises.. Also, through a qualitative analysis of crisis management policies, the study stresses the need to learn from past lessons.

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    File URL: http://www.ersj.eu/repec/ers/papers/11_2_p3.pdf
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    Bibliographic Info

    Article provided by European Research Studies Journal in its journal European Research Studies Journal.

    Volume (Year): XIV (2011)
    Issue (Month): 2 ()
    Pages: 53-64

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    Handle: RePEc:ers:journl:v:xiv:y:2011:i:2:p:53-64

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    Web page: http://www.ersj.eu/

    Related research

    Keywords: Systemic Crisis; Management Policy; Cluster Analysis;

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    References

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    1. Sanjeev Gupta & Carlos Mulas-Granados & Emanuele Baldacci, 2009. "How Effective is Fiscal Policy Response in Systemic Banking Crises?," IMF Working Papers 09/160, International Monetary Fund.
    2. Stephen G. Cecchetti & Marion Kohler & Christian Upper, 2009. "Financial Crises and Economic Activity," NBER Working Papers 15379, National Bureau of Economic Research, Inc.
    3. Liviu Deceanu & Mirela Pintea & El Thalassinos & Vicky Zampeta, 2010. "New Dimensions of Country Risk in the Context of the Current Crisis: A Case Study for Romania and Greece," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 225-236.
    4. Teodora Cristina Barbu & Nicolae Dardac & Iustina Alina Boitan, 2009. "The Effects And Cost Of Bank Recapitalization In The Context Of Financial Crises," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 12(12(541)(s), pages 274-281, December.
    5. Gary Richardson & William Troost, 2006. "Monetary Intervention Mitigated Banking Panics During the Great Depression: Quasi-Experimental Evidence from the Federal Reserve District Border in Mississippi, 1929 to 1933," NBER Working Papers 12591, National Bureau of Economic Research, Inc.
    6. Eleftherios Thalassinos & Theodoros Kyriazidis & John Thalassinos, 2006. "The Greek Capital Market: Caught in Between Poor Corporate Governance and Market Inefficiency," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 3-24.
    7. Luis Ignacio Jácome, 2008. "Central Bank Involvement in Banking Crises in Latin America," IMF Working Papers 08/135, International Monetary Fund.
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