International experiences of banking crises: management tools and macroeconomic consequences
Our study summarises the experiences of earlier banking crises on the basis of international data. Following a review of the tools which can be used in the initial, acute phase of banking crises and a description of the lessons drawn from their application to date, we examine the macroeconomic consequences of banking crises. Based on international experiences, although the growth rate of the economy may turn positive relatively quickly after a banking crisis, output losses are high, unemployment remains a problem for a longer time, and protracted adjustment processes start in the banking sector.
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- Reinhart, Carmen M. & Rogoff, Kenneth S., 2013.
"Banking crises: An equal opportunity menace,"
Journal of Banking & Finance,
Elsevier, vol. 37(11), pages 4557-4573.
- Reinhart, Carmen M. & Rogoff, Kenneth, 2009. "Banking Crises: An Equal Opportunity Menace," CEPR Discussion Papers 7131, C.E.P.R. Discussion Papers.
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