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A Survey On The Drivers And Mechanisms Of Financial Crises

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  • Dan OLTEANU

    ()
    (National Institute for Economic Research)

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    Abstract

    This paper aims to investigate the origin and to analyze the mechanisms of forming the main economic imbalances previous to financial crises. For this purpose we first outline a typology of crises depending on the characteristic symptoms, and we identify statistical indicators corresponding to the main drivers of the instabilities, specific to each category of crises. Second, a classification of these factors will be performed depending on their share in producing effects and the intensity of propagation of the effects over the economical results. Finally, we define a set of essential variables in triggering financial crises, along with the interdependences between them.

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    Bibliographic Info

    Article provided by Institute of National Economy in its journal Romanian Journal of Economics.

    Volume (Year): 33 (2011(XXI))
    Issue (Month): 2(bis)(42) (December)
    Pages: 73-100

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    Handle: RePEc:ine:journl:v:2(bis):y:2011:i:42:p:73-100

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    Related research

    Keywords: Financial crises; Financial fragility; Credit; Indebtedness;

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    References

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    1. Graciela Laura Kaminsky, 1999. "Currency and Banking Crises," IMF Working Papers 99/178, International Monetary Fund.
    2. Kaminsky, Graciela & Lizondo, Saul & Reinhart, Carmen M., 1997. "Leading indicators of currency crises," Policy Research Working Paper Series 1852, The World Bank.
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    16. Charles L. Weise, 2008. "Private Sector Influences on Monetary Policy in the United States," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(2-3), pages 449-462, 03.
    17. Iancu, Aurel, 2011. "Financial System Fragility Models," Working Papers of National Institute of Economic Research 110211, National Institute of Economic Research.
    18. Guillermo A. Calvo & Enrique G. Mendoza, 1999. "Regional Contagion and the Globalization of Securities Markets," NBER Working Papers 7153, National Bureau of Economic Research, Inc.
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