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The economic and fiscal consequences of financial crises

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Author Info
Reinhart, Carmen

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Abstract

Financial crises are historically associated with the “4 deadly D’s”: Sharp economic downturns follow banking crises; with government revenues dragged down, fiscal deficits worsen; deficits lead to debt; as debt piles up rating downgrades follow. For the most fortunate countries, the crisis does not lead to the deadliest D: default, but for many it has.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13025.

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Date of creation: 26 Jan 2009
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Handle: RePEc:pra:mprapa:13025

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Related research
Keywords: financial crises; unemployment; debt; deficit; housing prices;

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Find related papers by JEL classification:
F0 - International Economics - - General
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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  1. Reinhart, Carmen & Rogoff, Kenneth, 2009. "The Aftermath of Financial Crises," CEPR Discussion Papers 7209, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Calvo, Guillermo A. & Izquierdo, Alejandro & Loo-Kung, Rudy, 2006. "Relative price volatility under Sudden Stops: The relevance of balance sheet effects," Journal of International Economics, Elsevier, vol. 69(1), pages 231-254, June. [Downloadable!] (restricted)
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This page was last updated on 2009-11-21.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.