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A Series of Unfortunate Events: Common Sequencing Patterns in Financial Crises

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  • Carmen M. Reinhart

    ()
    (Peterson Institute for International Economics, CEPR and NBER)

Abstract

We document that the global scope and depth of the crisis the began 2007 is unprecedented in the post World War II era and, as such, the most relevant comparison benchmark is the Great Depression of the 1930s. Some of the similarities are examined but the analysis of the aftermath of severe financial crises is also extended to the most severe post-WWII crises. We discriminate between root causes of the crises, recurring crises symptoms, and common features which serve as amplifiers of the boom-bust cycle. Recurring temporal patterns in the boom-bust cycle and their broad sequencing is analyzed.

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Bibliographic Info

Article provided by SIPI Spa in its journal 'Angelo Costa' Lectures Serie.

Volume (Year): (2011)
Issue (Month): Lect. XII ()
Pages:

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Handle: RePEc:rpo:leanco:2011

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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  2. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "From Financial Crash to Debt Crisis," NBER Working Papers 15795, National Bureau of Economic Research, Inc.
  3. Tamim Bayoumi, 1990. "Saving-Investment Correlations: Immobile Capital, Government Policy, or Endogenous Behavior?," IMF Staff Papers, Palgrave Macmillan, vol. 37(2), pages 360-387, June.
  4. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 1-24.
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Cited by:
  1. Sergio Cesaratto, 2012. "Controversial and novel features of the Eurozone crisis as a balance of payment crisis," Department of Economics University of Siena 640, Department of Economics, University of Siena.
  2. Uhlig, Harald, 2013. "Sovereign Default Risk and Banks in a Monetary Union," CEPR Discussion Papers 9606, C.E.P.R. Discussion Papers.
  3. A.Hakan KARA, 2012. "Küresel kriz sonrası para politikası," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 27(315), pages 09-36.
  4. A. Kara, 2013. "Monetary Policy after the Global Crisis," Atlantic Economic Journal, International Atlantic Economic Society, vol. 41(1), pages 51-74, March.
  5. A. Hakan Kara, 2012. "Monetary Policy in Turkey After the Global Crisis," Working Papers 1217, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  6. Silvana Bartoletto & Bruno Chiarini & Elisabetta Marzano, 2013. "Is the Italian Public Debt Really Unsustainable? An Historical Comparison (1861-2010)," CESifo Working Paper Series 4185, CESifo Group Munich.

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