This paper reviews the literature on financial crises focusing on three specific aspects. First,
what are the main factors explaining financial crises? Since many theories on the sources of …

By analyzing 20 developed economies over 1920–2012, we find the following evidence of
overoptimism and neglect of crash risk by bank equity investors during credit expansions:(i) …

This paper updates and expands the database on systemic banking crises presented in
Laeven and Valencia (IMF Econ Rev 61 (2): 225–270, 2013a). The database draws on 151 …

This paper updates the database on systemic banking crises presented in Laeven and
Valencia (2008, 2013). Drawing on 151 systemic banking crises episodes around the globe …

This book argues that-in terms of institutional design, the allocation of power and privilege,
and the lived experiences of citizens-democracy often does not restart the political game …

This paper presents a comprehensive cross-country database of fiscal space, broadly
defined as the availability of budgetary resources for a government to service its financial …

Throughout history, rich and poor countries alike have been lending, borrowing, crashing,
and recovering their way through an extraordinary range of financial crises. Each time, the …

Newly developed historical time series on public debt, along with data on external debts,
allow a deeper analysis of the debt cycles underlying serial debt and banking crises. We test …

A key precursor of twentieth-century financial crises in emerging and advanced economies
alike was the rapid buildup of leverage. Those emerging economies that avoided leverage …

We update the widely used banking crises database by Laeven and Valencia (2008, 2010)
with new information on recent and ongoing crises, including updated information on policy …