Financial Crises Explanations, Types, and Implications
IMF Working Papers, January 30, 2013
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Bibliographic details
- Authors: Stijn Claessens, Ayhan Kose
- Published: January 30, 2013
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781475561005.001
Overview and scope
- Authors: Stijn Claessens, Ayhan Kose
- Publication date: January 30, 2013
- Series: IMF Working Papers; Working Paper No. 2013/028; Issue: 028; Volume: 2013
- Pages: 66
- DOI: https://doi.org/10.5089/9781475561005.001
- ISBN: 9781475561005
- ISSN: 1018-5941
Research questions and analytical focus
- The paper reviews the literature on financial crises focusing on three specific aspects:
- Main factors explaining financial crises, with emphasis on sharp fluctuations in asset and credit markets and a brief review of theoretical and empirical studies on developments in these markets around financial crises.
- Major types of financial crises, focusing on theoretical and empirical explanations of four types of crises—currency crises, sudden stops, debt crises, and banking crises—and presenting a survey of the literature that attempts to identify these episodes.
- Real and financial sector implications of crises, with a brief review of the short- and medium-run implications of crises for the real economy and financial sector.
- The paper concludes with a summary of the main lessons from the literature and future research directions.
Key themes and content emphasis
- Factors explaining financial crises:
- Emphasis on asset price fluctuations and credit market dynamics as central elements in many theories of crisis origins.
- The paper conducts brief reviews of theoretical and empirical studies on asset and credit market developments around crises.
- Types of crises examined:
- Currency crises
- Sudden stops
- Debt crises
- Banking crises
- For each type, the paper focuses on main theoretical and empirical explanations and surveys literature that attempts to identify episodes.
- Implications of crises:
- Short-run and medium-run implications for the real economy.
- Short-run and medium-run implications for the financial sector.
Subjects and keywords (as provided)
- Subject: Asset prices, Balance of payments, Banking crises, Currency crises, Financial crises, Prices, Sudden stops
- Keywords: asset booms, asset price, Asset prices, banking crises, banking crisis, credit booms, credit crunch, crises prediction, crisis probability, currency crises, currency crisis, debt crises, debt crisis, defaults, East Asia, exchange rate, financial restructuring, flight to quality, Global, land speculation, policy implications, price bust, short-term debt, Sudden stops, WP
Publication and access notes
- Format information on the landing page: Download PDF; More Formats on IMF eLibrary; Order a Print Copy; Create Citation
- Citation example provided: Stijn Claessens, and Ayhan Kose. "Financial Crises Explanations, Types, and Implications", IMF Working Papers 2013, 028 (2013), accessed 8/31/2026, https://doi.org/10.5089/9781475561005.001
Source: Financial Crises Explanations, Types, and Implications (IMF Working Paper No. 2013/028) by Stijn Claessens and Ayhan Kose.