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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- Carmen M. Reinhart & Kenneth S. Rogoff, 2009.
"The Aftermath of Financial Crises,"
American Economic Review,
American Economic Association, vol. 99(2), pages 466-72, May.
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[The aftermath of financial crisis]," MPRA Paper 13695, University Library of Munich, Germany.
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- Reinhart, Carmen M. & Rogoff, Kenneth S., 2009. "The Aftermath of Financial Crises," Scholarly Articles 11129155, Harvard University Department of Economics.
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11492, National Bureau of Economic Research, Inc.
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- Reinhart, Carmen, 2008. "Eight Hundred Years of Financial Folly," MPRA Paper 11864, University Library of Munich, Germany.
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