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To what extent are financial crises comparable and thus predictable?

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Listed author(s):
  • Diamondopoulos, John

Abstract

This paper critically examines the quantitative approach to financial crises from two perspectives. First, the assumption of comparability of financial crises is analyzed. The key question here is: how comparable are crises? An important consideration here is the context – social and political. Second, if financial crises are comparable to a certain extent, then we should be able to make predictions. Thus, the second key question is: how predictable are crises? The results have implications for the development of a theory of financial crises and government policies on crisis management.

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File URL: https://mpra.ub.uni-muenchen.de/45668/1/MPRA_paper_45668.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 45668.

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Date of creation: 16 Oct 2012
Handle: RePEc:pra:mprapa:45668
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Keywords: Financial crises; Crisis; Crisis Models; Crisis Management;

Find related papers by JEL classification:

  • G01 - Financial Economics - - General - - - Financial Crises
  • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
  • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
  • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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  1. Michael Bordo & Barry Eichengreen & Daniela Klingebiel & Maria Soledad Martinez-Peria, 2001. "Is the crisis problem growing more severe?," Economic Policy, CEPR;CES;MSH, vol. 16(32), pages 51-82, 04.
  2. Graciela Kaminsky & Saul Lizondo & Carmen M. Reinhart, 1998. "Leading Indicators of Currency Crises," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 1-48, March.
  3. Andrew Berg & Catherine Pattillo, 1999. "Are Currency Crises Predictable? A Test," IMF Staff Papers, Palgrave Macmillan, vol. 46(2), pages 1-1.
  4. Andrew Berg & Eduardo Borensztein & Catherine Pattillo, 2005. "Assessing Early Warning Systems: How Have They Worked in Practice?," IMF Staff Papers, Palgrave Macmillan, vol. 52(3), pages 1-5.
  5. Karl-Erik Wärneryd, 2001. "Stock-Market Psychology," Books, Edward Elgar Publishing, number 2472.
  6. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
  7. Canova, Fabio, 1994. "Were Financial Crises Predictable?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(1), pages 102-124, February.
  8. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
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