The economic and fiscal consequences of financial crises
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.
|Date of creation:||26 Jan 2009|
|Date of revision:|
|Publication status:||Published in VoxEU-Centre for Economic Policy Research (2009): pp. 1-10|
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11129155, Harvard University Department of Economics.
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