International Financial Crises Homepage

Research Papers & Resources

Welcome to International Financial Crises. This page is dedicated the study of financial crises, especially currency and banking crises. It is a part of the International Economics Network.

Since the 1980s, the march of globalisation and concomitant increases in flows of capital and trade have led to high volatility in international financial markets. Some of these have erupted into crises, in the form of runs on banks - both national and multinational - as well as attacks on currencies. Resultant effects have included the significant increase in contagion and the collapse of both venerable private banks as well as national institutions. Whereas research on specific episodes of currency crises are better found elsewhere, this page is more general in nature and collects research on the phenomenon of financial crises.

The literature is constantly expanding, and it can be impossible to maintain an updated list of all contributions in the field. Hence, I would appreciate any suggestions and/or nominations (drop the 'spam' at the end of the address), even if the work should be your own. Given variations in individual judgement and the difficulty in divorcing the different elements of the subject matter, there is necessary some overlap in the (admittedly) artificial taxonomy that has been applied to organise the various works into manageable headings.

• Web Resources
• Print Resources
• Banking & Financial Crises
• Balance of Payments Crises
• Bubbles
• Capital Flow Reversals & Controls
• Contagion
• Currency Crises
• Financial Stability & Supervision
• Macroeconomic Crises
• Sovereign Debt Crises
• Stock Market Crashes
• Twin Crises
• Country/Region/Episodal Studies

Financial Crises in Emerging Markets   
The NBER has gathered all material written by its associates into a convenient resource location. Many of these working papers have formed the basis for published papers in the field.

Theoretical Studies & Models of Currency Collapse
Part of the Global Macroeconomic and Financial Policy website: other related collections here are Empirical Papers on Crises, Crisis Resolution, Studies of Contagion, Capital Controls, and Banking Crises.

Financial Crises
World Bank studies on financial crises. The Bank also researches on Contagion and International Capital Flows.

The Golembe Reports Library
The focus of the Golembe Report is mainly on U.S. financial policy; occasional reports do address banking crises. Unfortunately, the library only contains summaries of the actual reports.

The Macroeconomics of Self-Fulfilling Prophecies, 2nd Edition   
Farmer, R. (1999)

Abstract: For many years it was fashionable to treat macroeconomics and microeconomics as separate subjects without looking too deeply at the relationship between the two. But in the 1970s there occurred an episode of high inflation and high unemployment, which was inconsistent with orthodox theory. As a result, macroeconomists began to pay much greater attention to the microfoundations of their subject. In this book Roger E. A. Farmer takes a somewhat controversial point of view, arguing for the future of macroeconomics as a branch of applied general equilibrium theory. His main theme is that macroeconomics is best viewed as the study of equilibrium environments in which the welfare theorems break down. This approach makes it possible to discuss the role of government policies in a context in which policy may serve some purpose. Since the publication of the first edition in 1993, self-fulfilling prophecies has become a major competitor to the real business-cycle view of economic fluctuations. The second edition has been updated in three ways: (1) problems are included at the end of every chapter, and a study guide containing sample answers to all of the problems is available; (2) a new chapter discusses research from the past five years on business fluctuations in multisector models; and (3) the chapter on representative agent growth models now includes an appendix that explains the transversality condition.

In Defense of Free Capital Markets
De Rosa, David (2000)

Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies
Hunter, W.C., G.G. Kaufman & M. Pomerleano (editors) (2003)

Financial Crises, Liquidity, and the International Monetary System   
Tirole, J. (2002)

Abstract: Once upon a time, economists saw capital account liberalization--the free and unrestricted flow of capital in and out of countries--as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades--from Latin America in the early 1980s to Scandinavia a decade later to Mexico, Southeast Asia, Russia, and, quite lately, Argentina--have shattered the consensus. In this remarkably clear and pithy volume, one of Europe's leading economists examines these crises, the reforms being undertaken to prevent them, and how global financial institutions might be restructured to this end. Jean Tirole first analyzes the current views on the crises and on the reform of the international financial architecture. Reform proposals often treat the symptoms rather than the fundamentals, he argues, and sometimes fail to reconcile the objectives of setting effective financing conditions while ensuring that a country "owns" its reform program. A proper identification of market failures is essential to reformulating the mission of an institution such as the IMF, he emphasizes. Next he adapts the basic principles of corporate governance, liquidity provision, and risk management of corporations to the particulars of country borrowing. Building on a "dual- and common-agency perspective," he revisits commonly advocated policies and considers how multilateral organizations can help debtor countries reap enhanced benefits while liberalizing their capital accounts.

Capital Flows and Crises   
Eichengreen, B. (2003)

Abstract: The implications of capital mobility for growth and stability are some of the most contentious and least understood contemporary issues in economics. In this book Barry Eichengreen discusses historical, theoretical, empirical, and policy aspects of the effects, both positive and negative, of capital flows. He focuses on the connections between capital flows and crises as well as on those between capital flows and growth. Eichengreen argues that international financial liberalization, like other forms of economic liberalization, can positively affect the efficiency of resource allocation and the rate of economic growth. But analyses of both recent and historical experience also show an undeniable association between capital mobility and crises, especially when domestic institutions are weak and the harmonization of capital account liberalization and other policy reforms is inadequate. In his conclusion, Eichengreen makes suggestions for policy design to maximize the benefits of international financial liberalization while minimizing the risks of financial instability.

Turbulent Waters: Cross-Border Finance and International Governance
Bryant, R.C. (2003)

IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development      
Fischer, S. (2004)

Abstract: The first deputy managing director of the International Monetary Fund during the international crises of the last decade reflects on international monetary policy and the role of the IMF.

From Capital Surges to Drought: Seeking Stability for Emerging Economies   
Ffrench-Davis, R. & S. Griffith-Jones (editors) (2004)

Abstract: This book analyzes the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and cyclical factors. Senior bankers, regulators, and well-known academics explain the behaviour of different players. The book breaks new ground by showing in detail how such behaviour has contributed to the decline of flows and their volatility. The book suggests what coping mechanisms developing countries could adopt to deal with crisis situations; what measures should be taken at the national and international levels to make recipient countries less vulnerable to international financial instability; how such instability can be reduced; and what can be done on the source countries to encourage larger more stable capital flows to developing countries.

Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies   
Roubini, N. & B. Setser (2004)

Abstract: Roughly once a year, the managing director of the International Monetary Fund, the U.S. treasury secretary and in some cases the finance ministers of other G-7 countries will get a call from the finance minister of a large emerging market economy. The emerging market finance minister will indicate that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets and, perhaps, that is has lost the confidence of its own citizens. Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country’s banks that the government has guaranteed. This book looks at these situations and the options available to alleviate the problem. It argues for a policy that recognizes that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt.

Crisis Prevention and Prosperity Management for the World Economy: Pragmatic Choices for International Financial Governance I
Bryant, R.C. (2004)

Financial Crises: Lessons from the Past, Preparation for the Future      CONFERENCE VOLUME
Caprio, G., J.A. Hanson & R.E. Litan (editors) (2005)

Abstract: Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn.

Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?   
Calvo, G.A. (2005)

Abstract: Analysis of financial crises in emerging market economies, including Mexico, Argentina, and Russia; traces the evolution of crisis theory and challenges the conventional wisdom.

Banking crises in emerging economies: origins and policy options
Goldstein, M. & P. Turner (1996)

Is our Current International Economic Environment Unusually Crisis Prone?   
Bordo, M. & B. Eichengreen (1999)

Transparency, Liberalization and Financial Crises   
Mehrez, G. & D. Kaufmann (1999)

Who Recovers First? Banking Crisis Resolution in Developing Countries
Montinola, G. (2000)

Solvency Runs, Sunspot Runs, and International Bailouts | Published      
Spiegel, M.M. (2000)

Banking Crises and Exchange Rate Regimes: Is There a Link? | Published   
Domac, I., M.S.M. Peria (2000)

Crises and Liquidity - Evidence and Interpretation   
Detragiache, E. & A. Spilimbergo (2001)

On the welfare gains of reducing the likelihood of economic crises   
Chatterjee, S. & D. Corbae (2001)

Development Financing during a Crisis: Securitization of Future Receivables
Ketkar, S. & D. Ratha (2001)

Currency Crises and the Real Economy - The Role of Banks
Disyatat, P. (2001)

Has 1997 Asian Crisis Increased Information Flows Between International Markets?   
Climent, F.J. & V. Meneu (2001)

Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia
Dekle, R. & K.M. Kletzer (2001)

The interbank market during a crisis
Furfine, C. (2001)

Financial Restructuring in Banking and Corporate Sector Crises: What Policies to Pursue?
Claessens, S., D. Klingebiel & L. Laeven (2001)

Post-Resolution Treatment of Depositors at Failed Banks: Implications for the Severity of Banking Crises, Systemic Risk, and Too-Big-To-Fail
Kaufman, G.G. & S.A. Seelig (2001)

Labor, financial crises, and globalization   
Diwan, I. (2001)

Financial Liberalization and Banking Crises in Emerging Economies | Published      
Daniel, B.C. & J.B. Jones (2001/07)

The Market for Crash Risk
Bates, D.S. (2001)

Financial Contagion Through Capital Connections: A Model of the Origin and Spread of Bank Panics      
Dasgupta, A. (2001)

Abstract: Financial contagion is modeled as an equilibrium phenomenon in a dynamic setting with incomplete information and multiple banks. The equilibrium probability of bank failure is uniquely determined. We explore how the cross holding of deposits motivated by imperfectly correlated regional liquidity shocks can lead to contagious effects conditional on the failure of a financial institution. We show that contagious bank failure occurs with positive probability in the unique equilibrium of the economy and demonstrate that the presence of such contagion risk can lead to endogenously incomplete insurance against liquidity shocks.

Moral Hazard and International Crisis Lending: A Test
Dell'Ariccia, G., I. Gödde & J. Zettelmeyer (2001)

Financial Instability and Monetary Regulation   
Aglietta , M. (2001)

Systemic Financial Crises, Balance Sheets, and Model Uncertainity
Stone, M.R. & M. Weeks (2001)

Financial Institutions, Financial Contagion, and Financial Crises   
Huang, H. & C. Xu (2001)

Foreign Currency Credit Ratings for Emerging Market Economies
Mulder, C.B. & R. Perrelli (2001)

Financial Liberalization and Banking Crises in Emerging Economies   
Daniel, B. & J.B. Jones (2001)

Banking Crises in Emerging Markets: Presumptions and Evidence   
Eichengreen, B. & C. Arteta (2001)

Corporate Governance in the Asian Financial Crisis   
Johnson, S., P. Boone, A. Breach & E. Friedman (2001)

Financial Crises, Poverty, and Income Distribution
Baldacci, E., L.R. De Mello Jr. & M.G. Inchauste Comboni (2002)

Managing the Real and Fiscal Effects of Banking Crises   
Claessens, S., D. Klingebiel, L. Laeven, P. Honohan & G. Caprio (2002)

Common determinants of bond and stock market liquidity: the impact of financial crises, monetary policy, and mutual fund flows   
Chordia, T., A. Sarkar & A. Subrahmanyam (2002)

Banking, financial integration, and international crises : an overview      SURVEY PAPER
Hernández, L. & K. Schmidt-Hebbel (2002)

Financial Crises, Financial Dependence, and Industry Growth
Laeven, L., D. Klingebiel & R. Kroszner (2002)

Monetary Policy in a Financial Crisis
Christiano, L.J., C. Gust & J. Roldos (2002)

Excessive Risk-Taking, Banking Sector Fragility, and Banking Crises   
Kibritcioglu, A. (2002)

Exchange rate regimes and financial dollarization: does flexibility reduce bank currency mismatches?   Crisis Prevention and Crisis Management: The Role of Regulatory Governance
Das, U.S. & M.G. Quintyn (2002)

Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending
Cottarelli, C. & C. Giannini (2002)

Liquidity provision vs. deposit insurance: Preventing bank panics without moral hazard?   
Martin, A. (2002)

Decentralized Creditor-Led Corporate Restructuring: Cross-Country Experience   
Dado, M. & D. Klingebiel (2002)

"Original Sin," Balance Sheet Crises and the Roles of International Lending
Zettelmeyer, J. & O. Jeanne (2003)

Gaucho Banking Redux
della Paolera, G. & A.M. Taylor (2003)

Availability of Financial Soundness Indicators   SURVEY PAPER
Slack, G. (2003)

Financial Crises as Herds: Overturning the Critiques | Published   
Chari, V.V. & P.J. Kehoe (2003)

Economic growth, liquidity, and bank runs   
Ennis, H. & T. Keister (2003)

Bank Concentration and Crises | Alternative | Published      
Beck, T., A. Demirgüç-Kunt, and R. Levine (2003/06)

Abstract: Motivated by public policy debates about bank consolidation and conflicting theoretical predictions about the relationship between the market structure of the banking industry and bank fragility, this paper studies the impact of bank concentration, bank regulations, and national institutions on the likelihood of suffering a systemic banking crisis. Using data on 70 countries from 1980 to 1997, we find that crises are less likely in economies with (i) more concentrated banking systems, (ii) fewer regulatory restrictions on bank competition and activities, and (iii) national institutions that encourage competition.

Transparency, Risk Management and International Finacial Fragility
Draghi, M., F. Giavazzi & R.C. Merton (2003)

Propping and Tunneling
Friedman, E., S. Johnson & T. Mitton (2003)

Debt maturity structure with pre-emptive creditors   
Gai, P. & H.S. Shin (2003)

Liberalization, Growth and Financial Crises | Alternative   
Tornell, A., F. Westermann & L. Martinez (2003)

Crisis in Competitive versus Monopolistic Banking Systems
Boyd, J.H., G. De Nicolo & B.D. Smith (2003)

Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters
Eichengreen, B., R. Hausmann & U. Panizza (2003)

On the welfare gains of eliminating a small likelihood of economic crises: A case for stabilization policies?
Chatterjee, S. & D. Corbae (2003)

Financial Instability under Floating Exchange Rates   
Vranceanu, R. & D. Besancenot (2003)

Liquidity Shortages and Banking Crises
Diamond, D.W. & R.G. Rajan (2003)

Crises and Growth: A Re-Evaluation
Ranciere, R., A. Tornell & F. Westermann (2003)

Systematic Financial Distress: Containment and Resolution      CONFERENCE VOLUME
Various Authors (2003)

Abstract: The resolution of a systemic financial crisis involves many policy choices ranging from macroeconomic (including monetary and fiscal policy) to microeconomic (including recapitalization of financial institutions, closure, capital adequacy rules and corporate governance requirements), with reforms varying in depth. These choices involve tradeoffs, including the amount of government resources needed to resolve the crisis, the speed of recovery, and the recovery’s sustainability. Despite considerable analysis, these tradeoffs are not well known—an oversight that leads to conflicting policy advice and larger than necessary economic costs. Even less is known about the political economy factors that make governments choose certain policies. Policies enacted during crises importantly shape the financial sector and have important long-term impact on financial sector development. The objective of this conference on “Systemic Financial Distress: Containment and Resolution” is to discuss and add to existing knowledge about the tradeoffs involved in policies related to systemic financial restructuring and to review how policies have been used. The conference complements the World Bank’s Global Bank Insolvency Initiative where the focus is more on the legal and institutional aspects of bank insolvency, not necessarily being of systemic importance. The conference proceedings will be published in a book.

Bank Portfolio Restrictions and Equilibrium Bank Runs | Published   
Shell, K. & J. Peck (2003)

International Financial Crises      
Dornbusch, R. & S. Fischer (2003)

Abstract: Our friend and colleague Rudiger Dornbusch passed away before he was able to complete his book based on the Munich Lectures in Economics that he gave in November 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universitaet. The lectures contain a fascinating overview of the mechanics and history of international financial crises showing the breadth and ingenuity of this eminent scholar. The lectures were lively and provocative, full of important insights and observations. Interestingly enough, Dornbusch expressed a substantial mistrust in the actions of political decision makers, supervisory agencies and central banks in the game that leads to the crisis and even collapse of financial systems, and he advocated supranational supervisory actions as a remedy. CES has decided to prepare a transcript of the lectures, which are also available in the Internet as full length-videos. I am grateful to Paul Kremmel for his assistance.

Government Guarantees, Investment, and Vulnerability to Financial Crises   
Irwin, G. & D. Vines (2003)

Banks, Liquidity Crises and Economic Growth   
Gaytan, A. & R. Ranciere (2003)

Balance Sheet Effects, Bailout Guarantees and Financial Crises | Published      
Schneider, M. & A. Tornell (2003)

Improving the Availability of Trade Finance during Financial Crises   
Auboin, M. & M. Meier-Ewert (2003)

Distributional Effects of Crises: The Role of Financial Transfers
Halac, M. & S. Schmukler (2003)

The Effects of Financial Crises on International Trade
Ma, Z. & L. Cheng (2003)

Financial Crises and the Presence of Foreign Banks   
Tschoegl, A.E. (2003)

Characterizing Global Investors' Risk Appetite for Emerging Market Debt During Financial Crises
Dungey, M., R. Fry, B. Gonzalez-Hermosillo & V. Martin (2003)

Fundamentals, Panics, and Bank Distress During the Depression   
Calomiris, C.W. & J.R. Mason (2004)

Lending booms, sharp reversals and real exchange rate dynamics   
Gopinath, G. (2004)

Currency crises and contingent liabilities   
Burnside, C. (2004)

Financial Development and the Instability of Open Economies | Published      
Aghion, P., P. Bacchetta & A. Banerjee (2004)

Abstract: This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good produced with capital and a country-specific factor. We also assume that firms face credit constraints, with the constraint being tighter at a lower level of financial development. A basic implication of this model is that economies at an intermediate level of financial development are more unstable than either very developed or very underdeveloped economies. This is true both in the sense that temporary shocks have large and persistent effects and also in the sense that these economies can exhibit cycles. Thus, countries that are going through a phase of financial development may become more unstable in the short run. Similarly, full capital account liberalization may destabilize the economy in economies at an intermediate level of financial development: phases of growth with capital inflows are followed by collapse with capital outflows. On the other hand, foreign direct investment does not destabilize.

Timing of International Bailouts
Kim, S-J. (2004)

Liquidity and Financial Market Runs   
Bernardo A.E. & I. Welch (2004)

Rational Speculation, Financial Crises, and Optimal Policy Responses
Surti, J. (2004)

Slow Recoveries
Bergoeing, R., N. Loayzaw & A. Repetto (2004)

Abstract: Economies respond differently to aggregate shocks that reduce output. While some countries rapidly recover their pre-crisis trend, others stagnate. Recent studies provide empirical support for a link between aggregate growth and plant dynamics through its effect on productivity: the entry and exit of firms and the reallocation of resources from less to more efficient firms explain a relevant part of transitional productivity dynamics. In this paper we use a stochastic general equilibrium model with heterogeneous firms to study the effect on aggregate short-run growth of policies that distort the process of birth, growth and death of firms, as well as the reallocation of resources across economic units. Our findings show that indeed policies that alter plant dynamics can explain slow recoveries. We also find that output losses associated to delayed recoveries are large.

Liquidity, Efficiency, and Bank Bailouts   
Gorton, G. & L. Huang (2004)

Bank Runs and Investment Decisions Revisited | Published      
Keister, T. & H.M. Ennis (2004/06)

Currency mismatch, uncertainty and debt maturity structure      
Bussière, M., M. Fratzscher & W. Koeniger (2004)

Abstract: The academic literature has so far little to say about the underlying causes of the large structural asset and liability imbalances of emerging markets that frequently contributed to financial crises. The aim of the paper is to contribute to filling this gap by proposing a theoretical model that links currency and maturity mismatches with real volatility in the economy. We show that if (i) a significant share of the debt is denominated in foreign currency-creating a currency mismatch- and (ii) borrowing is constrained by solvency, then currency mismatch can create and exacerbate a maturity mismatch. An important feature of the model is that higher economic or political uncertainty tightens solvency constraints and tilts the debt profile towards short term debt, thereby increasing the volatility of output. Taking the model implications to the data, we find empirical support for the model’s predictions using data for 28 emerging market economies.

Market imperfections and the instability of open economies   
Meng, Q. & A. Velasco (2004)

Resolving Systemic Financial Crises: Policies and Institutions
Klingebiel, D., S. Claessens & L. Laeven (2004)

Why Do Emerging Economies Borrow Short Term?
Broner, F., G. Lorenzoni & S. Schmukler (2004)

Bailouts and Bank Runs in a Model of Crony Capitalism
Femminis, G. & L. Ruggerone (2004)

Market Discipline under Systemic Risk: Evidence from Bank Runs in Emerging Economies
Levy Yeyati, E., M.S.M. Peria & S. Schmukler (2004)

Money Market Pressure and the Determinants of Banking Crises
Ho, T-K. & J. von Hagen (2004)

The efficient resolution of capital account crises: how to avoid moral hazard   
Irwin, G. & D. Vines (2004)

Financial Liberalization, Banking Crises and Growth: Assessing the Links   
Bonfiglioli, A. & C. Mendicino (2004)

Crises and Prices: Information Aggregation, Multiplicity and Volatility
Angeletos, G-M. & I. Werning (2004)

Information Dynamics and Equilibrium Multiplicity in Global Games of Regime Change
Angeletos, G-M., C. Hellwig & A. Pavan (2004)

Managing Confidence in Emerging Market Bank Runs
Kim, S-J. & A. Mody (2004)

Systemic Crises and Growth
Ranciere, R., A. Tornell & F. Westermann (2005)

Policies for Banking Crises: A Theoretical Framework
Repullo, R. (2005)

Financial Crises, 1880-1913: The Role of Foreign Currency Debt | Published   
Bordo, M. & C. Meissner (2005/06)

The Real Effect of Banking Crises
Dell'Aricia, G., E. Detragiache & R. Rajan (2005)

Aftermath of banking crises: Effects on real and monetary variables      
Gupta, P. (2005)

Abstract: This paper models the effects of a banking crisis, and in particular distinguishes between a short-term crisis, such as a banking panic, and a longer-term crisis, such as a banking insolvency. Using an optimizing framework, it shows that depositors shift from deposits into cash in both types of crises, which results in an increase in the interest rates on deposits and loans, and a contraction in output and consumption. However, when the crisis is resolved in a finite time period, there is an intertemporal substitution of consumption, and consumption is postponed until the crisis is resolved. This in turn results in a further decline in the demand for money, availability of credit and output.

Do Risk Premia Protect from Banking Crises?
Gersbach, H. & J. Wenzelburger (2005)

Private sector involvement in the resolution of financial crises: How do markets react?   
Tillmann, P. (2005)

Globalization and Emerging Markets: With or Without Crash?
Martin, P. & H. Rey (2005)

Banking Sector Crisis and Inequality
Honohan, P. (2005)

Maturity Matches and Financial Crises: Evidence from Emerging Market Corporations
Bleakley, H. & K. Cowan (2005)

Synchronization of Financial Crises   
Dungey, M., J.P.A.M. Jacobs & Lestano (2005)

The 35 Most Tumultuous Years in Monetary History: Shocks, the Transfer Problem, and Financial Trauma
Aliber, R.Z. (2005)

Banking Sector Strength and the Transmission of Currency Crises   
Bruinshoofd, A., B. Candelon & K. Raabe (2005)

Trade Credit and Bank Credit: Evidence from Recent Financial Crises
Preve, L.A., I. Love & V. Sarria-Allende (2005)

Corporate bankruptcies and official bail-outs: A cost–benefit analysis   
Kenca, T., A. Ozkanb & F.G. Ozkan (2005)

The Effect of Banking Crisis on Bank-Dependent Borrowers | Published   
Chava, S. & A.K. Purnanandam (2005/10)

Cash-in-the-Market Pricing and Optimal Bank Bailout Policy
Acharya, V.V. & T. Yorulmazer (2005)

Financial crashes as endogenous jumps: estimation, testing and forecasting   
Fernandes, M. (2005)

Crises and Capital Requirements in Banking   
Morrison, Alan D.; White, Lucy (2005)

The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997
Bordo, M.D. & C.M. Meissner (2005)

Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises | Published   
Calvo, G.A., A. Izquierdo & E. Talvi (2006)

Money and Modern Banking without Bank Runs   
Skeie, D.R. (2006)

Abstract: In the literature, bank runs take the form of withdrawals of real demand deposits that deplete a fixed reserve of goods in the banking system. However, in a modern banking system, large withdrawals take the form of electronic payments that shift balances among banks within a clearinghouse system, with no analog of a depletion of a scarce reserve. In a model of nominal demand deposits repayable in money within a clearinghouse, the author shows that interbank lending and monetary prices imply that traditional bank runs do not occur. This finding suggests that deposit insurance may not be needed to prevent bank runs in a modern economy.

Flight to Quality and Collective Risk Management
Caballero, R. & A. Krishnamurthy (2006)

Banking Crises, Financial Dependence and Growth | Published   
Kroszner, R.S., L.A. Laeven & D. Klingebiel (2006/07)

Inside the crisis: An empirical analysis of banking systems in distress   
Demirgüç-Kunt, A., E. Detragiache & P. Gupta (2006)

Bank panics and the endogeneity of central banking   
Gorton, G. & L. Huang (2006)

Distance-to-Default in Banking: A Bridge Too Far?
Chan-Lau, J.A. & A.N.R. Sy (2006)

Decomposing the effects of financial liberalization: Crises vs. growth   
Ranciere, R., A. Tornell & F. Westermann (2006)

Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses
Feltenstein, A. & C. Rochon (2006)

Trade credit and bank credit: Evidence from recent financial crises   
Love, I., L.A. Preve & V. Sarria-Allende (2007)

A Cardan's discriminant approach to predicting currency crashes   
Koh, S.K., W.M. Fong & F. Chan (2007)

Responding to Financial Crises
Frankel, J.A. (2007)

Exchange rate regimes, banking and the non-tradable sector   
Kawamura, E. (2007)

Suspension of payments, bank failures, and the nonbank public's losses   
Dwyer Jr., J.P. & I. Hasan (2007)

Fetters of Debt, Deposit, or Gold during the Great Depression? The International Propagation of the Banking Crisis of 1931
Richardson, G. & P. Van Horn (2007)

Crises and Growth: A Latin American Perspective
Edwards, S. (2007)

Re-Accessing International Capital Markets after Financial Crises: Some Empirical Evidence
Zanforlin, L. (2007)

Stiglitz Versus the IMF on the Asian Debt Crisis: An Intertemporal Model with Real Exchange Rate Overshooting
Kirsanova, T., G. Menzies & D. Vines (2007)

Emerging Market Liquidity and Crises   
Levy Yeyati, E., S. Schmukler & N. Van Horen (2007)

Optimal Portfolio Liquidation for CARA Investors   
Schied, A. & T. Schöneborn (2007)

The Everyday Social Sources of Economic Crises: From "Great Frustrations" to "Great Revelations" in Interwar Britain   
Seabrooke, L. (2007)

Quantifying and understanding the economics of large financial movements   
(2007)
Gabaix, X., P. Gopikrishnan, V. Plerou & H.E. Stanley (2007)

GDP at risk in a DSGE model: an application to banking sector stress testing   
Jokivuolle, E., J. Kilponen & T. Kuusi (2008)

Financial Innovation, Macroeconomic Stability and Systemic Crises   
Gai, P., S. Kapadia, S. Millard & A. Perez (2008)

This Time is Different: A Panoramic View of Eight Centuries of Financial Crises
Reinhart, C.M. & K.S. Rogoff (2008)

The Anatomy of Banking Crises | Published   
Duttagupta, R. & P. Cashin (2008/11)

Reserve Requirements, the Maturity Structure of Debt, and Bank Runs
Al-Zein, Eza (2008)

Macroeconomic Crises since 1870
Barro, R.J. & J.F. Ursúa (2008)

Financial constraints on investment in an emerging market crisis   
Blalock, G., P.J. Gertler & D.I. Levine (2008)

Liquidity runs with endogenous information acquisition   
Zwart, S. (2008)

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data
Mendoza, E.G. & M.E. Terrones (2008)

Bank incentives, economic specialization, and financial crises in emerging economies   
Gande, A., K. John & L.W. Senbet (2008)

Bank incentives, contract design and bank runs   
Andolfatto, D. & E. Nosal (2008)

Injecting rational bubbles   
Kocherlakota, N. (2008)

Bank runs, foreign exchange reserves and credibility: When size does not matter   
Miller, V. (2008)

Systemic Banking Crises: A New Database
Laeven, L. & F. Valencia (2008)

A Model of Capital and Crises
He, Z. & A. Krishnamurthy (2008)

The Use of Blanket Guarantees in Banking Crises | Published   
Laeven, L. & F. Valencia (2008/12)

Banks' Precautionary Capital and Credit Crunches
Valencia, F. (2008)

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market   
Khwaja, A.I. & A. Mian (2008)

Borrower runs   
Bond, P. & A.S. Rai (2008)

The anatomy of financial crises: Evidence from the emerging ADR market   
Pasquariello, P. (2008)

What Happens During Recessions, Crunches, and Busts? | Published   
Claessens, S., M.A. Kose & M. Terrones (2008/10)

Banking Crises: An Equal Opportunity Menace | Published   
Reinhart, C.M. & K.S. Rogoff (2008/13)

Deciphering the Liquidity and Credit Crunch 2007-08
Brunnermeier, M.K. (2008)

Financial Globalization and Banking Crises in Emerging Markets   
Joyce, J.P. (2008)

Banking regulation and the output cost of banking crises   
Angkinand, A.P. (2008)

Banking industry volatility and banking crises   
Moshirian, F. & Q. Wu (2008)

The Aftermath of Financial Crises
Reinhart, C.M. & K.S. Rogoff (2009)

External constraint and financial crises with balance sheet effects   
Dai, M. (2009)

Fiscal Trends and Self-Fulfilling Crises   
Doblas-Madrid, A. (2009)

Deleveraging After Lehman--Evidence from Reduced Rehypothecation
Singh, M. & J. Aitken (2009)

Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation
Aizenman, J. & G.K. Pasricha (2009)

The Revenge of Purchasing Power Parity on Carry Trades during Crises
Brière, M. & B. Drut (2009)

The Crisis: Basic Mechanisms and Appropriate Policies
Blanchard, O.J. (2009)

Complexity and Financial Panics
Caballero, R.J. & A. Simsek (2009)

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008   
Obstfeld, M., J.C. Shambaugh & A.M. Taylor (2009)

Information, Liquidity, and the (Ongoing) Panic of 2007   
Gorton, G. (2009)

Is Monetary Policy Effective during Financial Crises?   
Mishkin, F.S. (2009)

The Credit Crisis: Conjectures about Causes and Remedies   
Diamond, D.W. & R.G. Rajan (2009)

A Model of a Systemic Bank Run | Published   
Uhlig, H. (2009/10)

Bank runs as coordination failures: An experimental study   
Garratt, R. & T. Keister (2009)

Risk Allocation, Debt Fueled Expansion and Financial Crisis
Beaudry, P. & A. Lahiri (2009)

Banking Crises and Crisis Dating: Theory and Evidence
Boyd, J.H., G. De Nicoló & E. Loukoianova (2009)

Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts | Published
Farhi, E. & J. Tirole (2009/12)

The Impact of Credit Protection on Stock Prices in the Presence of Credit Crunches
Hale, G., A. Razin & H. Tong (2009)

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds
Cassola, N., A. Hortacsu & J. Kastl (2009)

How Effective is Fiscal Policy Response in Systemic Banking Crises?
Baldacci, E., S. Gupta & C. Mulas-Granados (2009)

A Monetary Model of Banking Crises   
Kobayashi, K. (2009)

Securitized Banking and the Run on Repo | Published   
Gorton, G.B. & A. Metrick (2009/12)

Banking crises and exports: lessons from the past |      
Iacovone, L. & V. Zavacka (2009/19)

Haircuts
Gorton, G.B. & A. Metrick (2009)

When Everyone Runs for the Exit
Pedersen, L.H. (2009)

Bank Runs and Institutions: The Perils of Intervention   
Ennis, H.M. & T. Keister (2009)

Credit Crises, Money and Contractions: an historical view | Published   
Bordo, M.D. & J.G. Haubrich (2009/10)

Accounting Discretion of Banks During a Financial Crisis | Published   
Huizinga, H. & L. Laeven (2009/12)

Growth After the Crisis
Rodrik, D. (2009)

Banking Crises and the Rules of the Game
Calomiris, C. (2009)

Optimal taxation in the presence of bailouts | Published   
Panageas, S. (2009/10)

Crises and Liquidity in Over-the-Counter Markets | Published   
Lagos, R., G. Rocheteau & P-O. Weill (2009/11)

Financial Crises and Economic Activity
Cecchetti, S.G., M. Kohler & C. Upper (2009)

Predicting recoveries and the importance of using enough information
Cai, X. & W. Den Haan (2009)

The Global Financial Crisis and Offshore Dollar Markets
Coffey, N., W.B. Hrung, H-L. Nguyen & A. Sarkar (2009)

Efficient Recapitalization
Philippon, T. & P. Schnabl (2009)

Gini’s Transvariation Analysis: An Application on Financial Crises in Developing Countries   
Bragoli, D., P. Ganugi & G. Ianulardo (2009)

What's the Damage? Medium-term Output Dynamics After Banking Crises
Abiad, A., R. Balakrishnan, P. Koeva Brooks, D. Leigh & I. Tytell (2009)

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008 | Published
Schularick, M. & A.M. Taylor (2009/12)

Trade Finance in a Liquidity Crisis
Ellingsen, T. & J. Vlachos (2009)

The Heavenly Liquidity Twin: The Increasing Importance of Liquidity Risk
Montes-Negret, F. (2009)

Are Financial Crises Alike?
Dungey, M., R. Fry, B. González-Hermosillo, V. Martin & C. Tang (2010)

Financial crisis, exchange rate and stock market integration   
Yoshida, Y. (2009)

Credit Crunch in a Small Open Economy   
Brzoza-Brzezina, M. & K. Makarski (2009)

Deposit insurance and money market freezes   
Bruche, M. & J. Suarez (2010)

Responding to Banking Crises: Lessons from Cross-Country Evidence
Detragiache, E. & G. Ho (2010)

Bailouts, the incentive to manage risk, and financial crises   
Panageas, S. (2010)

Recovery Determinants of Distressed Banks: Regulators, Market Discipline, or the Environment?
Koetter, M., T. Kick & T. Poghosyan (2010)

The lender of last resort: liquidity provision versus the possibility of bail-out
Eijffinger, S.C.W. & R. Nijskens (2010)

How Debt Markets Have Malfunctioned in the Crisis
Krishnamurthy, A. (2010)

When Safe Proved Risky: Commercial Paper during the Financial Crisis of 2007-2009
Kacperczyk, M. & P. Schnabl (2010)

The Failure Mechanics of Dealer Banks
Duffie, D. (2010)

Credit Default Swaps and the Credit Crisis
Stulz, R.M. (2010)

Did Fair-Value Accounting Contribute to the Financial Crisis?
Laux, C. & C. Leuz (2010)

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs
Goldberg, L.S., C. Kennedy & J. Miu (2010)

Lessons and Policy Implications from the Global Financial Crisis
Claessens, S., G. Dell'Ariccia, D. Igan & L. Laeven (2010)

This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises   
Reinhart, C.M. (2010)

Abstract: This Chartbook provides a pictorial history, on a country-by-country basis, of public debt and economic crises of various forms. It is a timeline of a countrys creditworthiness and financial turmoil. The analysis, narrative, and illustrations in Reinhart and Rogoff (2009), This Time is Different: Eight Centuries of Financial Folly, were primarily organized around themes (serial default, inflation, etc.), although detailed tables in the book chronicled country-specific information on the dating, frequency, incidence, etc. of specific crises episodes by country. The Chartbook compliments the thematic analysis with individual country histories, and provides the grounds for a systematic analysis of the temporal patterns of debt cycles, banking and sovereign debt crises, hyperinflation, and, for the post World War II period, the reliance on IMF programs.

Optimal Interventions in Markets with Adverse Selection
Philippon, T. & V. Skreta (2010)

Credit Conditions and Recoveries from Recessions Associated with Financial Crises | Published   
Kannan, P. (2010/12)

The role of household and business credit in banking crises   
Büyükkarabacak, B. & N.T. Valev (2010)

The intraday interest rate under a liquidity crisis: The case of August 2007   
Baglioni, A. & A. Monticini (2010)

Financial crises and interacting heterogeneous agents   
Huang, W., H. Zheng & W-M. Chia (2010)

Gold and the U.S. Dollar: Tales from the Turmoil   
Marzo, M. & P. Zagaglia (2010)

Repo runs
Martin, M., D. Skeie & E-L. von Thadden (2010)

Banking crises, Output Loss and Fiscal Policy
Röger, W., I. Székely & A.A. Turrini (2010)

Banking panics and policy responses   
Ennis, H.M. & T. Keister (2010)

Could making banks hold only liquid assets induce bank runs?
Peck, P. & K. Shell (2010)

Liquidity problems in the FX liquid market: Ask for the "BIL"   
Borgy, V., I. Idier & G. Le Fol (2010)

Self-Fulfilling Credit Market Freezes
Bebchuk, L.A. & I. Goldstein (2010)

Are Leading Indicators of Financial Crises Useful for Assessing Country Vulnerability? Evidence from the 2008-09 Global Crisis
Frankel, J.A. & G. Saravelos (2010)

Adverse Selection, Reputation and Sudden Collapses in Secondary Loan Markets
Chari, V.V., A. Shourideh & A. Zetlin-Jones (2010)

Resolution of Banking Crises: The Good, the Bad, and the Ugly
Laeven, L. & F. Valencia (2010)

Overborrowing, Financial Crises and 'Macro-prudential' Taxes | Optimal Time-Consistent Macroprudential Policy | Published      
Bianchi, J. & E.G. Mendoza (2010/14/18)

Banking Crises and Short and Medium Term Output Losses in Developing Countries: The Role of Structural and Policy Variables | Published      
Furceri, D. & A. Zdzienicka (2010/12)

Portfolio manager behavior and global financial crises   
Feldman, T. (2010)

Self-Fulfilling Risk Panics
Bacchetta, P., C. Tille & E. van Wincoop (2010)

Managing Markets for Toxic Assets
House, C.L. & Y. Masatlioglu (2010)

Is the Distance to Default a Good Measure in Predicting Bank Failures? Case Studies
Harada, K., T. Ito & S. Takahashi (2010)

Amplification Mechanisms in Liquidity Crises
Krishnamurthy, A. (2010)

Self-Fulfilling Risk Panics
Bacchetta, P., C. Tille & E. van Wincoop (2010)

The Impact of Financial Crises on Trade Flows: A Developing Country Perspective
Macias, J.B., I. Massa & M.J. Salois (2010)

Maturity mismatch and financial crises: Evidence from emerging market corporations   
Bleakley, H. & K. Cowan (2010)

Are Banks Too Big to Fail or Too Big to Save? International Evidence from Equity Prices and CDS Spreads
Demirguc-Kunt, A. & H. Huizinga (2010)

The size of banking crises in credible fixed exchange rate regimes   
Miller, V. & L. Vallée (2010)

Restoring Debt Sustainability After Crises: Implications for the Fiscal Mix
Baldacci, E., S. Gupta & C. Mulas-Granados (2010)

Larger crises cost more: Impact of banking sector instability on output growth   
Serwa, D. (2010)

What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks? | Published
Kalemli-Ozcan, S., H. Kamil & C. Villegas-Sanchez (2010/16)   

Inequality, Leverage and Crises | Published
Kumhof, M., R. Ranciere & P. Winant (2010/15)

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons
Jorda, O., M. Schularick & A.M. Taylor (2010)

How Does Trade Evolve in the Aftermath of Financial Crises?
Abiad, A., P. Mishra & P. Topalova (2010)

The term structure of banking crisis risk in the United States: A market data based compound option approach   
Eichler, S., A. Karmann & D. Maltritz (2011)

Currency and Financial Crises of the 1990s and 2000s
Razin, A. & S. Rosefielde (2011)

The Real Effects of Financial Sector Interventions During Crises
Laeven, L. & F. Valencia (2011)

Creditless Recoveries
Abiad, A., G. Dell'Ariccia & B. Li (2011)

A Bad-Asset Theory of Financial Crises   
Kobayashi, K. (2011)

Leverage as a Predictor for Real Activity and Volatility
Kollmann, R. & S. Zeugner (2011)

Where It All Began: Lending of Last Resort and the Bank of England during the Overend, Gurney Panic of 1866
Flandreau, M. & S. Ugolini (2011)

The Diamond-Rajan Bank Runs in a Production Economy   
Kobayashi, K. (2011)

Time series analysis for financial market meltdowns   
Kim, Y.S., S.T. Rachev, M.L. Bianchi, I. Mitov & F.J. Fabozzi (2011)

Global Liquidity: Availability of Funds for Safe and Risky Assets
Matsumoto, A. (2011)

Credit Ratings and Security Prices in the Subprime MBS Market
Ashcraft, A., P. Goldsmith-Pinkham, P. Hull & J. Vickery (2011)

Credit Ratings and the Evolution of the Mortgage-Backed Securities Market
He, J., J. Qian & P.E. Strahan (2011)

Why Does the Economy Fall to Pieces after a Financial Crisis?
Hall, R.E. (2011)

Illiquidity and All Its Friends
Tirole, J. (2011)

Government, taxes and banking crises   
Hasman, A., A.L. López & M. Samartin (2011)

Stories of the Twentieth Century for the Twenty-First | Published
Gourinchas, P-O. & M. Obstfeld (2011/12)

The Bright and the Dark Side of Cross-Border Banking Linkages
Cihák, M. & S. Muñoz (2011)

Repo Runs: Evidence from the Tri-Party Repo Market
Copeland, A., A. Martin & M. Walker (2011)

Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System | Published   
Cukierman, A. & Y. Izhakian (2011/15)

House Prices, Home Equity–Based Borrowing, and the US Household Leverage Crisis
Mian, A. & A. Sufi (2011)

International Financial Crises and the Multilateral Response: What the Historical Record Shows
Barkbu, B., B. Eichengreen & A. Mody (2011)

On the impact of fundamentals, liquidity, and coordination on market stability   
Daníelsson, J. & F. Peñaranda (2011)

Banking Flows and Financial Crisis—Financial Interconnectedness and, Basel III Effects
Ghosh, S.R., N. Sugawara & J. Zalduendo (2011)

Do Phoenix Miracles Exist? Firm-Level Evidence from Financial Crises
Ayyagari, M., A. Demirguc-Kunt & V. Maksimovic (2011)

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis
Benmelech, E. & E. Dvir (2011)

Financial Sector Ups and Downs and the Real Sector: Big Hindrance, Little Help
Aizenman, J., B. Pinto & V. Sushko (2011)

Financial Flows, Financial Crises, and Global Imbalances
Obstfeld, M. (2011)

Complementing Bagehot: Illiquidity and insolvency resolution
Eijffinger, S.C.W. & R. Nijskens (2011)

The Costs of Financial Crises: Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis
Sandleris, G. & M.L.J. Wright (2011)

Contingent convertibles. Solving or seeding the next banking crisis?   
Koziol, C. & J. Lawrenz (2011)

Financial crises in efficient markets: How fundamentalists fuel volatility   
Szafarz, A. (2011)

When bigger isn't better: bailouts and bank behavior
Li, H.H., M. Miller & L. Zhang (2011)

Crises, rescues, and policy transmission through international banks   
Buch, C.M.. C.T. Koch & M. Koetter (2011)

Incentives to innovate and financial crises   
Thakor, A.V. (2011)

What is really common in the run-up to banking crises?   
Roy, S. & D.M. Kemme (2011)

Private sector risk and financial crises in emerging markets   
Daniel, B.C. (2011)

When Credit Bites Back: Leverage, Business Cycles, and Crises
Jorda, O., M.H.P. Schularick & A.M. Taylor (2011)

Credit Crises, Precautionary Savings, and the Liquidity Trap | Published   
Guerrieri, V. & G. Lorenzoni (2011/17)

The impact of financial crises and tolerance for uncertainty   
Inklaar, R. & J. Yang (2012)

Aggregate Implications of a Credit Crunch | Published
Buera, F.J. & B. Moll (2011/15)

Liquidity when it matters: QE and Tobin’s q   
Driffill, J. & M. Miller (2011)

Fiscal Policy in a Financial Crisis: Standard Policy vs. Bank Rescue Measures
Kollmann, R., W. Roeger & J. in't Veld (2012)

Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates
Matvos, G. & A. Seru (2012)

Fiscal Policy in a Financial Crisis: Standard Policy vs. Bank Rescue Measures   
Kollmann, R., R. Werner & J. in't Veld (2011)

Financial flows, financial crises, and global imbalances   
Obstfeld, M. (2012)

The flight home effect: Evidence from the syndicated loan market during financial crises   
Giannetti, M. & L. Laeven (2012)

Tranching, CDS, and Asset Prices: How Financial Innovation Can Cause Bubbles and Crashes   
Fostel, A. & J. Geanakoplos (2012)

Abstract: We show how the timing of financial innovation might have contributed to the mortgage bubble and then to the crash of 2007-2009. We show why tranching and leverage first raised asset prices and why CDS lowered them afterward. This may seem puzzling, since it implies that creating a derivative tranche in the securitization whose payoffs are identical to the CDS will raise the underlying asset price, while the CDS outside the securitization lowers it. The resolution of the puzzle is that the CDS lowers the value of the underlying asset since it is equivalent to tranching cash.

Financial crises and liquidity shocks a bank-run perspective   
Calvo, G. (2012)

Getting Up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide   SURVEY PAPER
(2012)

Reading about the Financial Crisis: A Twenty-One-Book Review   SURVEY PAPER
Lo, A.W. (2012)

Optimal banking contracts and financial fragility   
Keister, T. & H. Ennis (2011)

Efficient Bailouts? | Published   
Bianchi, J. (2012/16)

Financial Frictions and Total Factor Productivity: Accounting for the Real Effects of Financial Crises | Published      
Pratap, S. & C. Urrutia (2012)

Fire-Sale FDI? The Impact of Financial Crisis on Foreign Direct Investment   
Bogach, O. & I. Noy (2012)

Liquidity Hoarding   
Gale, D. & T. Yorulmazer (2012)

Financial crises and regime-dependent dynamics   
Huang, W. & H. Zheng (2012)

Illiquidity or credit deterioration: A study of liquidity in the US corporate bond market during financial crises   
Friewald, N., R. Jankowitsch & M.G. Subrahmanyam (2012)

Rollover risk, network structure and systemic financial crises   
Anand, K., P. Gai & M. Marsili (2012)

Global Banks and Crisis Transmission | Published   
Kalemli-Ozcan, S., E. Papaioannou & F. Perri (2012/13)

What causes banking crises? An empirical investigation
Le, V.P.M., D. Meenagh & P. Minford (2012)

Do Surges in International Capital Inflows Influence the Likelihood of Banking Crises? Cross-Country Evidence on Bonanzas in Capital Inflows and Bonanza-Boom- Bust Cycles | Published      
Caballero, J. (2012/14)

Financial crisis and extreme market risks: Evidence from Europe   
Orlowski, L.T. (2012)

Financial Crisis Resolution   
Schroth, J. (2012)

A bank runs model with a continuum of types   
Azrieli, Y. & J. Peck (2012)

Systemic Banking Crises Database: An Update
Laeven, L. & F. Valencia (2012)

Monetary policy under financial uncertainty   
Williams, N. (2012)

Circuit Theory Extended: The Role of Speculation in Crises
Lancastle, N. (2012)

Models of Speculative Attacks and Crashes in International Capital Markets
Marini, G. & G. Piersanti (2012)

Do Social Networks Prevent Bank Runs? | Published      
Kiss, H.J., I. Rodriguez-Lara & A. Rosa-Garcia (2012/14)

Reserve Accumulation, Growth and Financial Crises   
Benigno, G. & L. Fornaro (2012)

Runs, Panics and Bubbles: Diamond Dybvig and Morris Shin Reconsidered   
Smith, E. & M. Shubik (2012)

Financial crisis, structure and reform   
Allen, F., X. Gu & O. Kowalewski (2012)

Fiscal Policy, Banks and the Financial Crisis
Veld, J.I., R. Kollmann, M. Ratto & W. Roeger (2012)

Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Approach
Williamson, S.D. (2012)

Individual investor perceptions and behavior during the financial crisis   
Hoffmann, A.O.I., T. Post & J.M.E. Pennings (2012)

Macroeconomic Adjustment and the History of Crises in Open Economies
Aizenman, J. & I. Noy (2012)

Credit Shocks Harm the Unprepared - Financing Constraints and the Financial Crisis   
Hetland, O.R. & A. Mjøs (2012)

Self-fulfilling credit cycles | Published      
Azariadis, C., L. Kaas & Y. Wen (2012/16)

Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks
Iyer, R. & M. Puri (2012)

Credit information sharing and banking crises: An empirical investigation   
Büyükkarabacak, B. & N. Valev (2012)

The effect of financial crises on potential output: New empirical evidence from OECD countries   
Furceri, D. & A. Mourougane (2012)

Asymmetric Information in Credit Markets, Bank Leverage Cycles and Macroeconomic Dynamics   
Rannenberg, A. (2012)

The Role of Consumer Leverage in Generating Financial Crises   
Dimova, D. (2012)

Market concentration and the likelihood of financial crises   
Bretschger, L., V. Kappel & T. Werner (2012)

On the Real Effects of Bank Bailouts: Micro Evidence from Japan
Giannetti, M. & A. Simonov (2013)

A Model of Moral-Hazard Credit Cycles   
Myerson, R.B. (2013)

Review of Theories of Financial Crises   SURVEY PAPER
Goldstein, I. & A. Razin (2013)

Macroprudential Regulation Versus Mopping Up After the Crash | Published   
Jeanne, O. & A. Korinek (2013/20)

TFP during a credit crunch   
Petrosky-Nadeau, N. (2013)

Sunspot bank runs in competitive versus monopolistic banking systems   
Matsuoka, T. (2013)

Rescue packages and bank lending   
Brei, M., L. Gambacorta & G. von Peter (2013)

Financial Crises Explanations, Types, and Implications   SURVEY PAPER
Claessens, S. & M. Kose (2013)

The effects of financial crisis on fiscal positions   
Tagkalakis, A. (2013)

Predicting financial crises: the (statistical) significance of the signals approach   
El-Shagi, M., T. Knedlik & G. von Schweinitz (2013)

The Real Effect of Banking Crises: Finance or Asset Allocation Effects? Some International Evidence   
Fernández, A.I., F. González & N. Suárez (2013)

Speculative Runs on Interest Rate Pegs | Published   
Bassetto, M. & C. Phelan (2013/15)

IMF Lending and Banking Crises   
Papi, L., A.F. Presbitero & A. Zazzaro (2013)

Understanding Financial Crises: Causes, Consequences, and Policy Responses   
Claessens, S., M.A. Kose, L. Laeven & F. Valencia (2013)

Equilibrium Unemployment during Financial Crises   
Fernandez, A. & J. Herreno (2013)

Does inequality lead to a financial crisis?   
Bordo, M.D. & C.M. Meissner (2013)

How central banks prepare for financial crises - An empirical analysis of the effects of crises and globalisation on international reserves   
Steiner, A. (2013)

The Macroeconomics of Modigliani-Miller
Gersbach, H., H. Haller & J. Müller (2013)

The Consequences of Banking Crises for Public Debt   
Furceri, D. & A. Zdzienicka (2013)

Balance Sheet Strength and Bank Lending During the Global Financial Crisis
Kapan, T. & C. Minoiu (2013)

Market liquidity in the financial crisis: The role of liquidity commonality and flight-to-quality   
Rösch, C.G. & C. Kaserer (2013)

External Liabilities and Crises | Published   
Catão, L. & G-M. Milesi-Ferretti (2013/14)

Bank Bailouts, Competition, and the Disparate Effects for Borrower and Depositor Welfare
Calderon, C. & K. Schaeck (2013)

Credit and growth after financial crises
Takáts, E. and C. Upper (2013)

Rapid Credit Growth and Current Account Deficit as the Leading Determinants of Financial Crises
Ganioglu, A. (2013)

Banking, Liquidity and Bank Runs in an Infinite-Horizon Economy | Published
Gertler, M. & N. Kiyotaki (2013/15)

Experimental evidence of bank runs as pure coordination failures   
Arifovic, J., J.H. Jiang & Y. Xu (2013)

A macroeconomic model of liquidity crises   
Kobayashi, K. & T. Nakajima (2013)

Bank leverage cycles | Published   
Nuño, G. & C. Thomas (2013/17)

Booms and systemic banking crises   
Boissay, F., F. Collard & F. Smets (2013)

Post-mortem examination of the international financial network   
Chinazzi, M., G. Fagiolo, J.A. Reyes & S. Schiavo (2013)

Financial crisis risk, ECB "non-standard" measures, and the external value of the euro   
Eichler, S. (2013)

Trust and Financial Crisis Experiences   
van der Cruijsen, C., J. de Haan & D-J. Jansen (2013)

How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007
Acharya, V.V., G. Afonso & A. Kovner (2013)

Relationship and Transaction Lending in a Crisis | Published   
Bolton, P., X. Freixas, L. Gambacorta & P.E. Mistrulli (2013/16)

Credit Crunches as Markov Equilibria   
Azariadis, C. & K.J. Choi (2013)

Leveraged borrowing and boom-bust cycles   
Pintus, P.A. & Y. Wen (2013)

A Model of Slow Recoveries from Financial Crises | Published         
Queraltó, A. (2013/20)

Abstract: This paper documents highly persistent effects of financial crises on output, labor productivity and employment in a sample of emerging economies. To address these facts, it introduces a quantitative macroeconomic model that includes endogenous TFP growth through firm creation. Firm creators obtain funding from a financial intermediation sector which is subject to frictions. These frictions become especially severe in a financial crisis, increasing the cost of credit for firm creators and thereby lowering the growth rate of aggregate TFP. As a consequence, the model produces medium-run dynamics following crises that are in line with the data.

Efficient Financial Crises   
Zetlin-Jones, A. (2013)

Recessions, growth and banking crises   
Dwyer, G.P., J. Devereux, S. Baier & R. Tamura (2013)

Managing Financial Crises: Lean or Clean?   
Tsuruga, T., R. Kato & M. Katagiri (2013)

Banking crises, labor reforms, and unemployment   
Bernal-Verdugo, L.E., D. Furceri & D. Guillaume (2013)

On the welfare equivalence of asset markets and banking in Diamond Dybvig economies   
Zimper, A. (2013)

Financial Crises and Economic Growth   
Jarrow, R.A. (2013)

Inequality, Leverage and Crises: The Case of Endogenous Default
Kumhof, M., R. Ranciere & P. Winant (2013)

Does Financial Connectedness Predict Crises?
Minoiu, C., C. Kang, V.S. Subrahmanian & A. Berea (2013)

Vulnerability, Crises and Debt Maturity: Do IMF Interventions Increase Reliance on Short-Term Debt?   
Saravia, D. (2013)

Banking, Liquidity and Bank Runs in an Infinite Horizon Economy
Gertler, M. & N. Kiyotaki (2013)

Optimal Diamond-Dybvig mechanism in large economies with aggregate uncertainty   
Sultanum, B. (2014)

What factors drive systemic risk during international financial crises?   
Weiß, G.N.F., D. Bostandzic & S. Neumann (2014)

Systemic risk and bank consolidation: International evidence   
Weiß, G.N.F., S. Neumann & D. Bostandzic (2014)

Recovery from Financial Crises: Evidence from 100 Episodes
Reinhart, C.M. & K.S. Rogoff (2014)

Financial Crises and Exchange Rate Policy | Published      
Fornaro, L. (2012/15)

Social Implications of Fiscal Policy Responses During Crises
Vegh, C.A. & G. Vuletin (2014)

Crises and Confidence: Systemic Banking Crises and Depositor Behavior   
Osili, U.O. & A. Paulson (2014)

Collateral Crises
Gorton, G. & G. Ordonez (2014)

Leverage, Default, and Forgiveness: Lessons from the American and European Crises   
Geanakoplos, J. (2014)

Anatomy of a Credit Crunch: From Capital to Labor Markets
Buera, F.J., R. Fattal-Jaef & Y. Shin (2014)

Financial Crises in DSGE Models: Selected Applications of MAPMOD
Benes, J., M. Kumhof & D. Laxton (2014)

Financial Crises in DSGE Models: A Prototype Model
Benes, J., M. Kumhof & D. Laxton (2014)

Correlated Bank Runs, Interbank Markets and Reserve Requirements   
Cañón, C. & P. Margaretic (2014)

The Flight from Maturity
Gorton, G.B., A. Metrick & L. Xie (2014)

Monetary Policy in a Downturn: Are Financial Crises Special?   
Bech, M.L., L. Gambacorta & E. Kharroubi (2014)

Reserve Accumulation and Financial Crises: From Individual Protection to Systemic Risk   
Steiner, A. (2014)

A theoretical model of bank lending: Does ownership matter in times of crises?   
Brei, M. & A. Schclarek (2014)

Liquidity, Leverage, and Lehman: A Structural Analysis of Financial Institutions in Crisis   
Chen, R-R., N.K. Chidambaran, M.B. Imerman & B.J. Sopranzetti (2014)

Credit booms, banking crises, and the current account   
Davis, J.S., A. Mack, W. Phoa & A. Vandenabeele (2014)

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops | Published   
Farhi, E. & J. Tirole (2014/18)

House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again   
Mian, A. & A. Sufi (2014)

Abstract: The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession-that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.

How does macroprudential regulation change bank credit supply?
Kashyap, A.K., D.P. Tsomocos & A.P. Vardoulakis (2014)

The Effect of Ecuador's 1999 Economic Crisis on Early Childhood Development   
Hidrobo, M. (2014)

Gates, Fees, and Preemptive Runs   
Cipriani, M., A. Martin, P.E. McCabe & B. Parigi (2014)

Equilibrium Bank Runs Revisited   
Nosal, E., B. Sultanum & D. Andolfatto (2014)

Determinants of stock returns: Factors or systematic co-moments? Crisis versus non-crisis periods   
Hung, C-H.D., A.S.M. Sohel Azad & V. Fang (2014)

Accounting for Crises
Nagar, V. and G. Yu (2014)

Financial liberalization, disaggregated capital flows and banking crisis: Evidence from developing countries   
Hamdi, H. & N.B. Jlassi (2014)

Bank Risk Within and Across Equilibria
Agur, I. (2014)

The effect of the financial crisis on TFP growth: a general equilibrium approach   
Millard, S. & A. Nicolae (2014)

Drivers of Systemic Banking Crises: The Role of Financial Account Structure and Financial Integration   
Ahrend, R. & A. Goujard (2014)

Banking crises: Identifying dates and determinants   
Jutasompakorn, P., R. Brooks, C. Brown & S. Treepongkaruna (2014)

Preventing bank runs   
Andolfatto, D., E. Nosal & B. Sultanum (2014)

The risk of financial crises: Is it in real or financial factors? | Published      
Kirschenmann, K., T. Malinen & H. Nyberg (2014/16)

Determinants of the real impact of banking crises: A review and new evidence   
Wilms, P., J. Swank & J. de Haan (2014)

Banking crises and sovereign defaults in emerging markets: exploring the links   
Balteanu, I. & A. Erce (2014)

How to foresee banking crises? A survey of the empirical literature      SURVEY PAPER
Kauko, K. (2014)

The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jorda, O., M. Schularick & A.M. Taylor (2014)

Financial crises and the composition of cross-border lending | Published      
Cerutti, E., G. Hale & C. Minoiu (2014/15)

Financial Business Cycles   
Iacoviello, M. (2014)

Bank lending procyclicality and credit quality during financial crises   
Caporale, G.M., S. Di Colli & J.S. Lopez (2014)

Too Correlated to Fail
Chari, V.V. & C. Phelan (2014)

Banking risk and macroeconomic fluctuations   
Jin, Y. & Z. Zeng (2014)

Time to produce and emerging market crises   
Schwartzman, F. (2014)

Financial globalization or great financial expansion? The impact of capital flows on credit and banking crises   
Frost, J. & R. van Tilburg (2014)

Liquidity Traps and Monetary Policy: Managing a Credit Crunch | Published
Buera, F. & J.P. Nicolini (2014/20)

The financial meltdown: a model with endogenous default probability
Ferrari, M. (2014)

Cross-hedging strategies between CDS spreads and option volatility during crises   
Da Fonseca, J. & K. Gottschalk (2014)

Endogenous Uncertainty and Credit Crunches   
Ulbricht, R. & L. Straub (2014)

Debt-Overhang Banking Crises   
Occhino, F. (2014)

Financial globalization or great financial expansion? The impact of capital flows on credit and banking crises   
Frost, J. & R. van Tilburg (2014)

Banks, Capital Flows and Financial Crises   
Akinci, O. & A. Queraltó (2014)

Systematic Bailout Guarantees and Tacit Coordination   
Bertsch, C., C. Calcagno & M. Le Quement (2014)

Correlated observations, the law of small numbers and bank runs   
Horváth, G. & H.J. Kiss (2014)

A network view on interbank market freezes   
Gabrieli, S. & C.-P. Georg (2014)

Banking panics and protracted recessions   
Sanches, D.R. (2014)

Financial Crises and Systemic Bank Runs in a Dynamic Model of Banking   
Robatto, R. (2014)

A Note on Banking and Housing Crises and the Strength of Recoveries   
Boysen-Hogrefe, J., N. Jannsen & C. Patrick Meier (2015)

Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries | Published   
Levine, R., C. Lin & W. Xie (2015)

Curbing The Credit Cycle   
Aikman, D., A.G. Haldane & B.D. Nelson (2015)

Banking crises and financial integration: Insights from networks science   
Caballero, J. (2015)

IMF Lending and Banking Crises
Papi, L., A. Presbitero & A. Zazzaro (2015)

Post-Crisis Slow Recovery and Monetary Policy   
Ikeda, D. & T. Kurozumi (2015)

Bank competition and crises revisited: New results   
Diallo, B. (2015)

Rare Events, Financial Crises, and the Cross-Section of Asset Returns
Bianchi, F. (2015)

New Evidence on the Impact of Financial Crises in Advanced Countries
Romer, C.D. & D.H. Romer (2015)

The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s
Rajan, R. & R. Ramcharan (2015)

Cross-border resolution of global banks   
Faia, E. & B. Weder di Mauro (2015)

Banking crises and the lender of last resort: How crucial is the role of information?   
Naqvi, H. (2015)

Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises
Adler, G. & E. Cerutti (2015)

International Financial Shocks in Emerging Markets   
Brei, M. & A. Buzaushina (2015)

Banking panics and deflation in dynamic general equilibrium   
Carapella, F. (2015)

Private Sector Deleveraging and Growth Following Busts
Chen, S., M. Kim, M. Otte, K. Wiseman & A. Zdzienicka (2015)

The effects of systemic banking crises in the inter-war period   
da Rocha, B.T. & S. Solomou (2015)

An Assessment of TARP Assistance to Financial Institutions
Calomiris, C.W. & U. Khan (2015)

Legal, Political, and Institutional Constraints on the Financial Crisis Policy Response
Swagel, P. (2015)

The Dynamics of Business Investment Following Banking Crises and Normal Recessions   
Jannsen, N. (2015)

Assessing emerging markets' vulnerability to financial crisis   
Pitterle, I., F. Haufler & P. Hong (2015)

The finance-growth nexus in crisis   
Breitenlechner, M., M. Gachter & F. Sindermann (2015)

Securities Transactions Taxes and Financial Crises   
Carmichael, B., J.A. Gnagne & K. Moran (2015)

The impact of financial crises on the risk-return tradeoff and the leverage effect   
Christensen, B.J., M.O. Nielsen & J. Zhu (2015)

A New History of Banking Panics in the United States, 1825-1929: Construction and Implications
Jalil, A.J. (2015)

Fire-Sale FDI or Business as Usual?   
Alquist, R., R. Mukherjee & L.L. Tesar (2015)

Financialization and the Financial and Economic Crises: The Case of Greece   
Varoufakis, Y. & L. Tserkezis (2015)

Capital stock management during a recession that freezes credit markets   
Caulkins, J.P., G. Feichtinger, D. Grass, R.F. Hartl, P.M. Kort & A. Seidl (2015)

The Antecedents and Aftermath of Financial Crises as told by Carlos F. Diaz Alejandro
Reinhart, C.M. (2015)

Too Unexpected to Fail: Bail-Out Policy and Sudden Freezes   
Daripa, A. (2015)

From Systemic Banking Crises to Fiscal Costs: Risk Factors
Amaglobeli, D., N. End, M. Jarmuzek & G. Palomba (2015)

Economic Effects of Runs on Early "Shadow Banks": Trust Companies and the Impact of the Panic of 1907   
Frydman, C., E. Hilt & L.Y. Zhou (2015)

Financial Crises and Labor: Does Tight Money Loosen Labor Rights?   
Blanton, R.G., S.L. Blanton & D. Peksen (2015)

Why are bank runs sometimes partial?
Kiema, I. & E. Jokivuolle (2015)

Bank Sovereign Bond Holdings, Sovereign Shock Spillovers, and Moral Hazard durning the European Crisis
Beltratti, A. & R.N. Stulz (2015)

Identifying banking crises using money market pressure: New evidence for a large set of countries   
Jing, Z., J. de Haan, J. Jacobs & H. Yang (2018)

How does financial market structure affect the impact of a banking crisis?   
Bijlsma, M., A. Dubovik & B. Straathof (2015)

Characterising the financial cycle: a multivariate and time-varying approach   
Hiebert, P., Y.S. Schüler & T.A. Peltonen (2015)

Are Islamic Banks More Resilient during Financial Panics?
Farooq, M. & S. Zaheer (2015)

Capital Unemployment, Financial Shocks, and Investment Slumps   
Ottonello, P. (2015)

Inequality Indebtedness and Financial Crises   
Scognamillo, A. (2015)

Shadow economies at times of banking crises: Empirics and theory   
Colombo, E., L. Onnis & P. Tirelli (2015)

Bank runs and self-insured bank deposits   
Jarrow, R. & L. Xu (2015)

Bank Profitability and Risk-Taking
Martynova, N., L. Ratnovski & R. Vlahu (2015)

Financial crises, unconventional monetary policy exit strategies, and agents? expectations   
Foerster, A.T. (2015)

Credit booms, financial fragility and banking crises   
Fielding, D. & J. Rewilak (2015)

Selling Failed Banks   
Granja, J., G. Matvos & A. Seru (2015)

Credit supply disruptions: from credit crunches to financial crisis   
Peek, J. & E.S. Rosengren (2015)

Insecure debt
Matta, R. & E. Perotti (2015)

Saving and the long shadow of macroeconomic shocks   
Aizenman, J. & I. Noy (2015)

Identifying early warning indicators for real estate-related banking crises   
Ferrari, S., M. Pirovano & W. Cornacchia (2015)

Global banking, global crises? The role of the bank balance-sheet channel for the transmission of financial crises   
Ahrend, R. & A. Goujard (2015)

The Persistence of a Banking Crisis   
Huber, K. (2015)

How Central Banks End Crises   
Ordonez, G. & G. Gorton (2015)

Double Bank Runs and Liquidity Risk Management | Published      
Ippolito, F., J.L. Peydró, A. Polo & E. Sette (2015/16)

Financial crisis begets financial reform? The origin of the crisis matters   
Waelti, S. (2015)

Bureaucratic corruption and the dynamic interaction between monetary and fiscal policy   
Dimakou, O. (2015)

Political economy of fiscal unions   
Fidrmuc, J. (2015)

Financialisation and crisis in an agent based macroeconomic model   
Riccetti, L., A. Russo & M. Gallegati (2015)

Financial Cycles and Fiscal Cycles   
Bénétrix, A.S. & P.R. Lane (2015)

What do we Learn from the Financial Flows of the 2008-2009 Crisis?   
Begenau, J., S. Bigio & J. Majerovitz (2015)

On Zombie Banks and Recessions after Systemic Banking Crises
Homar, T. & S. van Wijnbergen (2015)

Financial liberalization, insurance market, and the likelihood of financial crises   
Lee, C-C., C-W. Lin & J-H. Zeng (2016)

Banking Crisis, Moral Hazard and Fiscal Policy Responses   
Cheng, K., M. Dai amp; F. Dufourt (2016)

Good Booms, Bad Booms | Published   
Gorton, G. & G. Ordonyez (2016/20)

Do Surges in International Capital Inflows Influence the Likelihood of Banking Crises?   
Caballero, J.A. (2016)

Booms and Banking Crises
Boissay, F., F. Collard & F. Smets (2016)

How Did Pre-Fed Banking Panics End?
Gorton, G. & E.W. Tallman (2016)

The early warnings of banking crises: Interaction of broad liquidity and demand deposits   
Lang, M. & P.G. Schmidt (2016)

Wholesale Banking and Bank Runs in Macroeconomic Modeling of Financial Crises   
Gertler, M., N. Kiyotaki & A. Prestipino (2016)

Labour reallocation and productivity dynamics: financial causes, real consequences
Borio, C., E. Kharroubi, C. Upper & F. Zampolli (2016)

The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles
Benmelech, E., R.R. Meisenzahl & R. Ramcharan (2016)

Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit | Published   
Levine, R., C. Lin & W. Xie (2016/18)

Can a bank run be stopped? Government guarantees and the run on Continental Illinois
Carlson, M.A. & J. Rose (2016)

Inequality and Financial Fragility | Published      
Mitkov, Y. (2016/20)

Predicting bank failures: The leverage versus the risk-weighted capital ratio   
Yang, X. (2016)

A Blessing in Disguise? Banking Crises and Institutional Change   
Andersson, F.N.G. (2016)

CEO overconfidence and financial crisis: Evidence from bank lending and leverage   
Ho, P-H., C-W. Huang, C-Y. Lin & J-F. Yen (2016)

Bank opacity and financial crises   
Jungherr, J. (2016)

Breaking the spell with credit-easing: self-confirming credit crises in competitive search economies | Published      
Gaballo, G. & R. Marimon (2016/21)

Too-Big-to-Fail before the Fed
Gorton, G. & E.W. Tallman (2016)

Long Term Debt and Credit Crisis in a Liquidity Constrained Economy   
Berriel, T. & R. Abreu (2016)

Expectations vs. fundamentals-driven bank runs: When should bailouts be permitted?   
Keister, T. & V. Narasiman (2016)

Reallocation effects of recessions and financial crises: an industry-level analysis   
Coricelli, F., A.E. Karadimitropoulou & M.A. Leon-Ledesma (2016)

Taming the Basel leverage cycle
Aymanns, C., F. Caccioli; J.D. Farmer & V.W.C. Tan (2016)

Does one size fit all at all times? The role of country specificities and state dependencies in predicting banking crises   
Ferrari, S. & M. Pirovano (2016)

Leverage dynamics and the burden of debt   
Juselius, M. & M. Drehmann (2016)

On the Economics of Crisis Contracts
Elias, A., H. Gersbach & B. Volker (2016)

Financial Crises and the Role of Debt Maturity for Emerging Economies   
Shen, H. (2016)

A Quantitative Model of "Too Big to Fail,"' House Prices, and the Financial Crisis   
Acikgoz, O. & J. Kahn (2016)

Saving Wall Street or main street   
Haavio, M., A. Ripatti & T. Takalo (2016)

The Aftermath of Financial Crises: A Look on Human and Social Wellbeing   
Mohseni-Cheraghlou, A. (2016)

A National Wealth Approach to Banking Crises and Financial Stability
Frecaut, O. (2017)

Anticipated Banking Panics   
Prestipino, A., N. Kiyotaki & M. Gertler (2016)

Credit market competition and liquidity crises | Published      
Carletti, E. & A. Leonello (2016/19)

Runs on Money Market Mutual Funds
Schmidt, L., A. Timmermann & R. Wermers (2016)

Bank fundamentals, economic conditions, and bank failures in East Asian countries   
Lin, C-C. & S-L. Yang (2016)

Crises and rescues: liquidity transmission through international banks
Buch, C., C. Koch & M. Koetter (2016)

Liquidity Runs
Matta, R. & E.C. Perotti (2016)

Asset Price Support Policy During Crises: How Aggressive Should it Be?   
Ranciere, R., A. Tornell & Y. Kalantzis (2016)

Self-Fulfilling and Fundamentals Based Speculative Attacks: A Theoretical Interpretation of the Euro Area Crisis   
Posta, P.D. (2016)

Optimal Bailout of Systemic Banks   
Nolan, C., P. Sakellaris &amnp; J.D. Tsoukalas (2016)

Hoarding and short-squeezing in times of crisis: Evidence from the Euro overnight money market   
Brossard, O. & S. Saroyan (2016)

External Liabilities, Domestic Institutions and Banking Crises in Developing Economies |

Published      
Jlassi, B.N., H. Hamdi & J. Joyce (2016/18)

Banks Interconnectivity and Leverage
Barattieri, A., L. Moretti & V. Quadrini (2016)

Credit Expansion and Neglected Crash Risk
Baron, M. & W. Xiong (2016)

Endogenous Growth, Firm Heterogeneity and the Long-run Impact of Financial Crises | Published      
Schmitz, T. (2016/21)

Firm's precautionary savings and employment during a credit crisis | Published   
Melcangi, D. (2016/24)

Financial crises, limited asset market participation, and banks balance sheet constraints   
Beqiraj, E., G. Di Bartolomeo & M. Di Pietro (2016)

Fighting Crises
Gorton, G. & G. Ordonyez (2016)

What determines output losses after banking crises?   
Devereux, J. & G.P. Dwyer (2016)

Credit Spreads, Financial Crises, and Macroprudential Policy | Published
Akinci, O. & A. Queralto (2016/22)

Fire buys of central bank collateral assets   
de Roure, C. (2016)

Lending Relationships, Banking Crises and Optimal Monetary Policies
Wong, R., C. Zhang & G. Rocheteau (2016)

Estimating Macroeconomic Models of Financial Crises: An Endogenous Regime Switching Approach | Alternative   
Otrok, C., A. Foerster, A. Rebucci & G. Benigno (2016)

What explains the speed of recovery from banking crises?   
Ambrosius, C. (2017)

Banking business models and the nature of financial crisis   
Hryckiewicz, A. & L. Kozlowski (2017)

Productivity during recessions with banking crises: Inter-Industry evidence   
Rioja, F., F. Rios-Avila & N. Valev (2017)

Banking Crises and the Performance of MIFs
Rui, C. & H. Hartarska (2017)

Global Booms, Domestic Busts: The Global Dimension of Banking Crise   
Cesa-Bianchi, A., F.E. Martin & G. Thwaites (2017)

Pandemic crises in financial systems: a simulation-model to complement stress-testing frameworks   
Idier, J. & T. Piquard (2017)

Economic freedom and crashes in financial markets   
Blau, B.M. (2017)

Search for Yield   
Martinez-Miera, D. & R. Repullo (2017)

Excessive Private Sector Leverage and Its Drivers: Evidence from Advanced Economies
Jarmuzek, M. & R. Rozenov (2017)

Monetary easing and financial instability
Acharya, V. & G> Plantin (2017)

Bank Panics and Scale Economies
Andolfatto, D. & E. Nosal (2017)

Countercyclicality of financial crisis interventions in an open economy with credit constraint   
Vargas, C.O. & J.A. Parra-Polania (2017)

Financial Integration and Liquidity Crises
Castiglionesi, F., F. Feriozzi & G. Lorenzoni (2017)

Flight to liquidity and systemic bank runs   
Robatto, R. (2017)

Do Demand or Supply Factors Drive Bank Credit, in Good and Crisis Times?   
Jiménez, G., S. Ongena, J-L. Peydró & J. Saurina (2017)

Bank sectoral concentration and (systemic) risk: Evidence from a worldwide sample of banks
Beck, T., O. De Jonghe & K. Mulier (2017)

The fiscal costs of systemic banking crises   
Amaglobeli, D., N. End, M. Jarmuzek & G. Palomba (2017)

Early warning models of banking crises applicable to non-crisis countries   
Banbula, P. & M. Pietrzak (2017)

Financial Crises and Risk Premia   
Muir, T. (2017)

Speculator-triggered crisis and interventions   
Yi, M. (2017)

Origins of Too-Big-to-Fail Policy   
Prescott, E.S. & G. Nurisso (2017)

Panic bank runs | Published      
Kiss, H.J., I. Rodriguez-Lara & A. Rosa-Garcia (2017/18)

Credit Market Freezes
Benmelech, E. & N.K. Bergman (2017)

Capital inflow-terms of trade 'nexus': Does it lead to financial crisis?   
Basak, G.K., P.K. Das & A. Rohit (2017)

A Price-Differentiation Model of the Interbank Market and Its Application to a Financial Crisis   
Kim, K. (2017)

Liquidity shocks, business cycles and asset prices   
Bigio, S. & A. Schneider (2017)

Assessing the robustness of the relationship between financial reforms and banking crises   
Gluzmann, P. & M. Guzman (2017)

Resolution of financial distress under agency frictions   
Moreno-Bromberg, S. & Q-A. Vo (2017)

When Gambling for Resurrection is Too Risky
Kirti, D. (2017)

Bank Panics with Scale Economies   
Andolfatto, D. & E. Nosal (2017)

Fiscal Multipliers and Financial Crises   
Faria-e-Castro, M. (2017)

Catching the mirage: The shadow impact of financial crises   
Abdel-Latif, H., B. Ouattara & P. Murphy (2017)

Determinants of Repo Haircuts and Bankruptcy   
Bottazzi, J-M., M. Pascoa & G. Ramirez (2017)

Competition and Bank Fragility   
Marsh, B. & R. Sengupta (2017)

Interest rates and financial fragility   
Li, Y. (2017)

Burning Money? Government Lending in a Credit Crunch   
Jiménez, G., J-L. Peydró, R. Repullo & J. Saurina (2017)

Banking Panics and Output Dynamics | Published      
Sanches, D.R. (2017/18)

When Prime Depositors Run on the Banks: A Behavioral Approach   
Waraney, N., G. Massie & C. Nuryakin (2017)

New Evidence on the Aftermath of Financial Crises in Advanced Countries
Romer, C.D. & D.H. Romer (2017)

Capital Requirements and Bailouts   
Perri, F. & G. Stefanidis (2017)

How Credit Cycles across a Financial Crisis
Krishnamurthy, A. & T. Muir (2017)

Flight to What?---Dissecting Liquidity Shortage in Financial Crisis
Dong, F. &l Y. Wen (2017)

Credit crunches from occasionally binding bank borrowing constraints   
Holden, T.D., P. Levine & J.M. Swarbrick (2017)

Bank Acquisitiveness and Financial Crisis Vulnerability   
Aziz, S., M. Dowling & J-J. Lilti (2017)

Banking Panics and Liquidity in a Monetary Economy   
Matsuoka, T. & M. Watanabe (2017)

Historical Patterns of Inequality and Productivity around Financial Crises   
Paul, P. (2017)

A Macroeconomic Model with Occasional Financial Crises | Published   
Paul, P. (2017/20)

Undermined market discipline: The role of bank rescues and bailout expectations | Published      
Hett, F. & J. Kasinger (2017)

Bank Capital Regulation in a Model of Modern Banking Crises   
Zhang, X. & J. Poeschl (2017)

Towards an understanding of credit cycles: do all credit booms cause crises?   
Barrell, R. D. Karim & C. Macchiarelli (2017)

The impact of liquidity crises on cash flow sensitivities   
Drobetz, W., R. Haller, I. Meier & V. Tarhan (2017)

Financial Crises and Lending of Last Resort in Open Economies
Bocola, L. & G. Lorenzoni (2017)

Financial Crises, Bank Lending, and Trade Credit: Evidence from Chinese Enterprises   
Liu, Y. & K. Fujiwara (2017)

Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications
Cerra, V. & S.C. Saxena (2017)

Bank run psychology   
Dijk, O. (2017)

Financial Development, Growth, and Crisis: Is There a Trade-Off?   SURVEY PAPER
Loayza, N., A. Ouazad & R. Ranciere (2017)

An Equilibrium Search Model of Fire Sales   
Platt, B. & N. Akin (2017)

The Macroeconomic Impact of Money Market Freezes   
Hoerova, M., H. Uhlig & F. De Fiore (2017)

A Dual Early Warning Model of Bank Distress | >Published      
Papanikolaou, N.I. (2017/18)

Regulation, financial crises, and liberalization traps   
Marchionne, F., B. Pisicoli & M. Fratianni (2017)

A Model to Assess the Probabilities of Growth, Fiscal, and Financial Crises
Basu, S.S., M. Chamon & C.W. Crowe (2017)

A Macroeconomic Model with Financial Panics
Gertler, M., N. Kiyotaki & A. Prestipino (2017)

Does Size Matter? Bailouts with Large and Small Banks
Davila, E. & A. Walther (2017)

The Welfare Costs of Self-Fulfilling Bank Runs   
Mattana, E. & E. Panetti (2017)

To Be Bailed Out or To Be Left to Fail? A Dynamic Competing Risks Hazard Analysis   
Papanikolaou, N.I. (2017)

A macro approach to international bank resolution   
Schoenmaker, D. (2017)

Foreign booms, domestic busts: The global dimension of banking crises
Cesa-Bianchi, A., F.E. Martin & G. Thwaites (2017)

Income Inequality, Financial Crises and Monetary Policy   
Cairo, I. & J. Sim (2017)

Bank efficiency and industry growth during financial crises   
Diallo, B. (2018)

How Much Do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data   
Weinstein, D.E. & M. Amiti (2018)

Market Illiquidity, Credit Freezes and Endogenous Funding Constraints   
Bachmann, M. (2018)

Bank liquidity and the cost of debt   
Miller, S. & R. Sowerbutts (2018)

Collateral Damage
Gorton, G.B. & T. Laarits (2018)

Shadow Bank run: The Story of a Recession   
Ghiaie, H. (2018)

Financial Crisis, Monetary Base Expansion and Risk   
Tsiaras, S. (2018)

Testing for self-excitation in jumps   
Boswijk, H.P., R.J.A. Laeven & X. Yang (2018)

Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties
Huber, K. (2018)

Is Credit Easing Viable in Emerging and Developing Economies? An Empirical Approach
Jacome H., L.I., T.S. Sedik & A. Ziegenbein (2018)

The objective function of government-controlled banks in a financial crisis   
Ogura, Y. (2018)

Forecasts in Times of Crises
Eicher, T.S., D.J. Kuenzel, C. Papageorgiou & C. Christofides (2018)

Financial Development, Growth, and Crisis: Is There a Trade-Off?
Loayza, N., A. Ouazad & R. Ranciere (2018)

Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis
Ruzzante, M. (2018)

Interbank market turmoils and the macroeconomy   
Kopiec, P. (2018)

Credit crunches, individual heterogeneity and the labor wedge   
Zhang, L. (2018)

Geographic diversification and bank lending during crises | Published      
Doerr, S. & P. Schaz (2018/21)

Does income inequality lead to banking crises in developing countries? Empirical evidence from cross-country panel data   
Rhee, D-E. & H. Kim (2018)

Policy uncertainty and bank bailouts   
Caliendo, F.N., N.L. Guo & J.M. Smith (2018)

Learning from History: Volatility and Financial Crises   
Danielsson, J., M. Valenzuela & I. Zer (2018)

What Macroeconomic Conditions Lead Financial Crises? | Published      
Kiley, M..T (2018/21)

Commodity Price Movements and Banking Crises
Eberhardt, M. & A. Presbitero (2018)

Who Pays for Financial Crises? Price and Quantity Rationing of Different Borrowers by Domestic and Foreign Banks
Berger, A.N., T. Makaew & R. Turk-Ariss (2018)

Commodity Price Movements and Banking Crises
Eberhardt, M. & A. Presbitero (2018)

Who Pays for Financial Crises? Price and Quantity Rationing of Different Borrowers by Domestic and Foreign Banks
Berger, A.N., T. Makaew & R. Turk-Ariss (2018)

The Run on Repo and the Fed's Response
Gorton, G., T. Laarits & A. Metrick (2018)

Bank runs, prudential tools and social welfare in a global game general equilibrium model   
Daisuke, I. (2018)

Learning Financial Shocks and the Great Recession | Published      
Pintus, P. & J. Suda (2018/19)

Cross-border spillovers of monetary policy: what changes during a financial crisis?   
Everett, M., D. Bonfim, L. Barbosa & S. Costa (2018)

Bank runs without sequential service   
Andolfatto, D. & E. Nosal (2018)

Banks and liquidity crises in emerging market economies   
Matsuoka, T. (2018)

Managing stigma during a financial crisis   
Anbil, S. (2018)

Systemic Banking Crises Revisited
Laeven, L. & F. Valencia (2018)

Net External Position, Financial Development, and Banking Crisis
Ganioglu, A. (2018)

Private Money Creation, Liquidity Crises, and Government Intervention
Benigno, P. & R. Robatto (2018)

Diversification and Systemic Bank Runs   
Liu, X. (2018)

Commodity market based hedging against stock market risk in times of financial crisis: The case of crude oil and gold   
Junttila, J., J. Pesonen & J. Raatikainen (2018)

A Model of Endogenous Loan Quality and the Collapse of the Shadow Banking System
Ferrante, F. (2018)

The Morning After--The Impact on Collateral Supply After a Major Default
Turing, D. & M. Singh (2018)

Refinancing Risk and Debt Maturity Choice during a Financial Crisis   
Chala, A.T. (2018)

Gambling Traps   
Ari, A. (2018)

Bank Runs and Asset Price Collapses   
Toyoda, H. (2018)

Overconfidence and Bailouts   
Gietl, D. (2018)

Financial Intermediation, Capital Accumulation and Crisis Recovery
Gersbach, H., J-C. Rochet & M. Scheffel (2019)

Contractual imperfections and the impact of crises on trade: Evidence from industry-level data   
Castellares, R. & J. Salas (2019)

1930: First Modern Crisis
Gorton, G., T. Laarits & T. Muir (2019)

Financial sector bailouts, sovereign bailouts, and the transfer of credit risk   
Greenwood-Nimmo, M., J. Huang & V.H. Nguyen (2019)

Banking Panics and the Lender of Last Resort in a Monetary Economy   
Watanabe, M. & T. Matsuoka (2019)

Banking Crises in Developing Countries-What Crucial Role of Exchange Rate Stability and External Liabilities?   
Gaies, B., S. Goutte & K. Guesmi (2019)

Fighting Financial Crises: Learning from the Past   
Gorton, G.B. & E.W. Tallman (2019)

Abstract: If you’ve got some money in the bank, chances are you’ve never seriously worried about not being able to withdraw it. But there was a time in the United States, an era that ended just over a hundred years ago, in which bank customers had to pay close attention to whether the banking system would remain solvent, knowing they might have to rush to retrieve their savings before the bank collapsed. During the National Banking Era (1863–1913), before the establishment of the Federal Reserve, widespread banking panics were indeed rather common. Yet these pre-Fed banking panics bear striking similarities to our recent financial crisis. In both cases, something happened to make depositors--whether individual customers or corporate investors--“act differently” and find reason to question the value of their bank debt. Fighting Financial Crises thus turns to the past for a fuller understanding of our uncertain present, investigating how panics during the National Banking Era played out and how they were eventually quelled and prevented. Gorton and Tallman open with a survey of the period’s “information environment,” tracing the development of national bank notes, checks, and clearing houses to show how the key to keeping order was to disseminate information very carefully. Identifying the most effective responses based on the framework of the National Banking Era, they then consider the Fed’s and the SEC’s reactions to the recent crisis, building an informative new perspective on how the modern economy works.

Credit crunches, asset prices and technological change   
Araujo, L., Q. Cao, R. Minetti & P. Murro (2019)

Bank runs as a coordination problem within a two-bank set-up: Who will survive?   
Shakina, E. (2019)

Monetary policy and large crises in a financial accelerator agent-based model   
Giri, F., L. Riccetti, A. Russo & M. Gallegati (2019)

Predatory cells and puzzling financial crises: Are toxic products good for the financial markets?   
Mesly, O., I. Chkir & F-E. Racicot (2019)

Do better institutions offset the adverse effect of a financial crisis on investment? Evidence from East Asia   
Eslamloueyan, K. & M. Jafari (2019)

Informality and the labor market effects of financial crises   
Colombo, E., L. Menna & P. Tirelli (2019)

Fiscal Space and the Aftermath of Financial Crises: How It Matters and Why
Romer, C.D. & D.H. Romer (2019)

After the Panic: Are Financial Crises Demand or Supply Shocks? Evidence from International Trade | Published   
Benguria, F. & A.M. Taylor (2019/20)

Abstract: Are financial crises a negative shock to demand or a negative shock to supply? This is a fundamental question for both macroeconomics researchers and those involved in real-time policymaking, and in both cases the question has become much more urgent in the aftermath of the recent financial crisis. Arguments for monetary and fiscal stimulus usually interpret such events as demand-side shortfalls. Conversely, arguments for tax cuts and structural reform often proceed from supply-side frictions. Resolving the question requires models capable of admitting both mechanisms, and empirical tests that can tell them apart. We develop a simple small open economy model, where a country is subject to deleveraging shocks that impose binding credit constraints on households and/or firms. These financial crisis events leave distinct statistical signatures in the empirical time series record, and they divide sharply between each type of shock. Household deleveraging shocks are mainly demand shocks, contract imports, leave exports largely unchanged, and depreciate the real exchange rate. Firm deleveraging shocks are mainly supply shocks, contract exports, leave imports largely unchanged, and appreciate the real exchange rate. To test these predictions, we compile the largest possible crossed dataset of 200+ years of trade flow data and event dates for almost 200 financial crises in a wide sample of countries. Empirical analysis reveals a clear picture: after a financial crisis event we find the dominant pattern to be that imports contract, exports hold steady or even rise, and the real exchange rate depreciates. History shows that, on average, financial crises are very clearly a negative shock to demand.

Modeling financial contagion using mutually exciting jump processes   
Aït-Sahalia, Y., J. Cacho-Diaz & R.J.A. Laeven (2019)

Inefficient Fire-Sales in Decentralized Asset Markets
Ebrahimy, E. (2019)

Arbitrage Crashes, Financial Accelerator, and Sudden Market Freezes   
Zhang, A. (2019)

Renegotiation Frictions and Financial Distress Resolution: Evidence from CDS Spreads   
Campello, M., T. Ladika & R. Matta (2019)

Do Distressed Banks Really Gamble for Resurrection?
Ben-David, I., A.A. Palvia & R.M. Stulz (2019)

Liquidation, bailout, and bail-in: Insolvency resolution mechanisms and bank lending   
Lambrecht, B. & A. Tse (2019)

Real estate prices and systemic banking crises   
Deng, Y., Y. Zeng & Z. Li (2019)

Bailouts, Bail-ins and Banking Crises   
Keister, T. & Y. Mitkov (2019)

An assets-liabilities dynamical model of banking system and systemic risk governance   
Fatone, L. & F. Mariani (2019)

Externalities and financial crisis - enough to cause collapse?   
Miller, M. & L. Zhang (2019)

On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, R.J. & G. Kamber (2019)

Banking Crises, Bail-ins and Money Holdings   
Brown, M., I.S. Evangelou & H. Stix (2019)

The Information View of Financial Crises
Dang, T.V., G.B. Gorton & B.R. Holmstrom (2019)

Banking Panic Risk and Macroeconomic Uncertainty   
Mikkelsen, J. & J. Poeschl (2019)

Externalities and financial crisis - enough to cause collapse?   
Miller, M. & L. Zhang (2019)

When the bank is closed, the cash is king; ... not!   
Nikolopoulos, K. & K. Litsiou (2019)

Crises: Equilibrium Shifts and Large Shocks
Morris, S. & M. Yildiz (2019)

Default, Bailouts and the Vertical Structure of Financial Intermediaries | Published      
Damjanovic, T., V. Damjanovic & C. Nolan (2019/20)

Lending Standards, Productivity and Credit Crunches   
Swarbrick, J. (2019)

An Early Warning System for banking crises: From regression-based analysis to machine learning techniques   
Casabianca, E.J., M. Catalano, L. Forni, E. Giarda & S. Passeri (2019)

Tools for the Rescue of Banks in Crisis   
Kenesey, Z. & T. Kovács (2019)

Money Runs | Published   
Donaldson, J.R. & G. Piacentino (2019/22)

Anticipating individual bank rescues   
Correia, R., T. Dubiel-Teleszynski & J. Población (2019)

Haircut Cycles   
Tong, Z. (2019)

A behavioral model of the credit cycle   
Annicchiarico, B., S. Surricchio & R.J. Waldmann (2019)

Banking crises and liquidity in a monetary economy   
Matsuoka, T. & M. Watanabe (2019)

Machine Learning and Causality: The Impact of Financial Crises on Growth
Tiffin, A.J. (2019)

Bank Capital Regulation and Endogenous Shadow Banking Crises   
Poeschl, J. & X. Zhang (2019)

What Does Financial Crisis Tell Us About Exporter Behavior and Credit Reallocation?   
Jiao, Y. & Y. Wen (2019)

Systemic banking panics, liquidity risk, and monetary policy   
Robatto, R. (2019)

Does experience of banking crises affect trust in banks?   
Fungácová, Z., E. Kerola & L. Weill (2019)

Financial Risk Capacity
Bigio, S. & A. d'Avernas (2019)

Strategic uncertainty and the power of extrinsic signals- evidence from an experimental study of bank runs   
Arifovic, J. & J.H. Jiang (2019)

News-based Sentiment Indicators
Huang, C., S. Simpson, D. Ulybina & A. Roitman (2019)

The Dynamics of Non-Performing Loans during Banking Crises: A New Database
Ari, A., S. Chen & L. Ratnovski (2019)

Income inequality and banking crises: Testing the level hypothesis directly   
Bellettini, G., F. Delbono, P. Karlström & S. Pastorello (2019)

Debt Is Not Free
Moreno Badia, M., P. Medas, P. Gupta & Y. Xiang (2019)

Systematic Banking Crises: The Relationship Between Concentration and Interbank Connections   
Calef, A. (2019)

Information Management in Times of Crisis   
Anderson, H. & A. Copeland (2019)

Banking crisis prediction with differenced relative credit   
Kauko, K. & E. Tölö (2019)

Anticipating the Financial Crisis: Evidence from Insider Trading in Banks   
Akin, O., J.M. Marín & J-L. Peydró (2019)

Learning from trees: A mixed approach to building early warning systems for systemic banking crises   
Gabriele, C. (2019)

Predicting banking crises based on credit, housing and capital booms   
Shen, C-H., Y-H. Lee & H. Fang (2020)

Bad bank resolutions and bank lending
Brei, M., L. Gambacorta, M. Lucchetta & M. Lucchetta (2020)

Firm or bank weakness? Access to finance since the European sovereign debt crisis   
Corbisiero, G. & D. Faccia (2020)

Perceived vs actual financial crisis and bank credit standards: is there any indication of self-fulfilling prophecy?   
Anastasiou, D., Z. Bragoudakis & S. Giannoulakis (2020)

The anatomy of financial vulnerabilities and banking crises   
Lee, S.J., K.E. Posenau & V. Stebunovs (2020)

Managing Systemic Banking Crises: New Lessons and Lessons Relearned   
Moretti, M., M.C. Dobler & A.P. Chavarri (2020)

Global Corporate Debt during Crises : Implications of Switching Borrowing across Markets | Published      
Cortina Lorente, J.J., Didier Brandao, T. & S.L. Schmukler (2020/21)

Debt and financial crises   
Koh, W.C., M.A. Kose, P.S. Nagle, F.L. Ohnsorge & N. Sugawara (2020)

Financial Crises and Innovation | Published   
Harcy, B. & C. Sever (2020/21)

Banking Crises without Panics | Published   
Baron, M., E. Verner & W. Xiong (2020/21)

Bank Runs: The Predeposit Game   
Shell, K. & Y. Zhang (2020)

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry   
Foley-Fisher, N., B. Narajabad & S. Verani (2020)

Estimating Macroeconomic Models of Financial Crises: An Endogenous Regime-Switching Approach
Benigno, G., A. Foerster, C. Otrok & A. Rebucci (2020)

Financial Crisis and Slow Recovery with Bayesian Learning Agents   
Horii, R. & Y. Ono (2020)

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
Krishnamurthy, A. & W. Li (2020)

Worldwide economic recoveries from financial crises through the decades   
Barthélémy, S., M-E. Binet & J-S. Pentecôte (2020)

Currency Swap Agreements and Financial Crises in Small Open Economies   
Ikeda, A. (2020)

Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation   
Santioni, R., F. Schiantarelli & P.E. Strahan (2020)

Margin Trading and Comovement During Crises   
Kahraman, B. & H. Tookes (2020)

Systemic Banking Crises Database: A Timely Update in COVID-19 Times
Laeven, L. & F. Valencia (2020)

Credit Booms, Financial Crises and Macroprudential Policy | Published   
Gertler, M., N. Kiyotaki & A. Prestipino (2020)

Catch, Restrict, and Release: The Real Story of Bank Bailouts
Tsyplakov, S., A.N. Berger, S. Ongena & S. Nistor (2020)

Shadow Bank Runs   
Andolfatto, D. & E. Nosal (2020)

Trading for Bailouts   
Ahnert, T., C. Machado & A.E. Pereira (2020)

Financial Crises, Dollarization, and Lending of Last Resort in Open Economies
Bocola, L. & G. Lorenzoni (2020)

Credit Market Disruptions and Liquidity Spillover Effects in the Supply Chain   
Costello, A.M. (2020)

The rationality of irrationality in times of financial crises   
Huck, N., H. Mavoori & O. Mesly (2020)

Riding out of a financial crisis: The joint effect of trust and corporate ownership   
Amore, M.D. & M. Epure (2020)

A Liquidity Crunch in an Endogenous Growth Model with Human Capital   
Salas, S. (2020)

Financial crises, macroprudential policy and the reliability of credit-to-GDP gaps   
Alessandri, P., P. Bologna & M. Galardo (2020)

Stock market listing and the persistence of bank performance across crises   
Garel, A., J.M. Martín-Flores & A. Petit-Romec (2020)

Dividend Payouts and Rollover Crises   
Juelsrud, R.E. & P.T. Nenov (2020)

The Epidemiology of Economic and Financial Crises
Bird, G. & E. Pentecost (2020)

Payments Crises and Consequences
Chen, Q., C. Koch, P. Sharma, and Gary Richardson (2020)

Which credit gap is better at predicting financial crises? A comparison of univariate filters
Drehmann, M. & J. Yetman (2020)

Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times   
Agarwal, S., R. Correa, B. Morais, J. Roldán & C. Ruiz (2020)

Money, Banking, and Financial Markets   
Andolfatto, D., A. Berentsen & F.M. Martin (2020)

Demand deposit contracts and bank runs with present biased preferences   
Kang, M. (2020)

Financial crises and economic recovery: Cross-country heterogeneity and cross-sectional dependence   
Bakas, D. & I. Mendieta-Muñoz (2020)

A Markov-Chain Measure of Systemic Banking Crisis Frequency   
Tambakis, D. (2020)

Financial constraints and collateral crises   
Araujo, L., B. Guimaraes & D. Rodrigues (2020)

Fighting Crises with Secrecy
Gorton, G. & G. Ordoñez (2020)

Monetary Policy Cooperation/Coordination and Global Financial Crises in Historical Perspective
Bordo, M.D. (2020)

Disastrous Defaults | Published      
Christian, G., M. Alain, M. Sarah & R. Jean-Paul (2020/21)

Bank partnership and liquidity crisis   
Choi, S., Y.K. Gam, J. Park & H. Shin (2020)

Is market liquidity less resilient after the financial crisis? Evidence for US Treasuries   
Broto, C. & M. Lamas (2020)

Foreign bank lending during a crisis: The impact of financial regulations   
Hsieh, M-F. & C-C. Lee (2020)

Allocating Losses: Bail-ins, Bailouts and Bank Regulation   
Keister, T. & Y. Mitkov (2020)

Unexpected Effects of Bank Bailouts: Depositors Need Not Apply and Need Not Run   
Berger, A.N., M. Lamers, R.A. Roman & K. Schoors (2020)

Capital Regulations and the Management of Credit Commitments during Crisis Times
Pelzl, P. & M.T. Valderrama (2020)

Banking Concentration and Financial Crises   
Barrell, R. & D. Karim (2020)

Unconventional Monetary Policy, Leverage & Default Dynamics   
Palombo, E. (2020)

Managerial Overconfidence and Bank Bailouts   
Gietl, D. & B. Kassner (2020)

Risky Mortgages and Bank Runs   
Turdaliev, N. & Y. Zhang (2020)

Recapitalization, bailout, and long-run welfare in a dynamic model of banking   
Modena, A. (2020)

Banking Crises under a Central Bank Digital Currency (CBDC)   
Bitter, L. (2020)

Risk mitigating versus risk shifting: evidence from banks security trading in crises   
Peydró, J-L., A. Polo & E. Sette (2020)

Liquidity in resolution: estimating possible liquidity gaps for specific banks in resolution and in a systemic crisis   
Parisi, L., D. Chalamandaris, R. Amamou, P. Torstensson & A. Baumann (2020)

The cost of banking crises: Does the policy framework matter?   
Levieuge, G., Y. Lucotte & F. Pradines-Jobet (2020)

Macroprudential policy and the probability of a banking crisis   
Nakatani, R. (2020)

Does more finance mean more inequality in times of crisis?   
Mathonnat, C. & B. Williams (2020)

Sophisticated and Unsophisticated Runs
Cipriani, M. & G. La Spada (2020)

Answering the Queen: Machine Learning and Financial Crises
Fouliard, J., M. Howell & H. Rey (2020)

A Model of Bank-Note Runs   
Tomura, H. (2020)

Optimizing Credit Gaps for Predicting Financial Crises: Modelling Choices and Tradeoffs   
Beltran, D.O. & M.R. Jahan-Parvar (2021)

Optimizing Policymakers' Loss Functions in Crisis Prediction: Before, Within, or After?   
Sarlin, P. & G. von Schweinitz (2021)

On the distributional effects of bank bailouts   
Schroth, J. (2021)

Preventing runs with fees and gates   
Voellmy, L. (2021)

Procyclical Leverage and Crisis Probability in a Macroeconomic Model of Bank Runs   
Ikeda, D. & H. Matsumoto (2021)

Corporate Governance and Banking Systemic Risk: A Test of the Bundling Hypothesis   
Addo, K.A., N. Hussain & J. Iqbal (2021)

Three Decades of International Financial Crises: What Have We Learned and What Still Needs to be Done?   
Buckley, R., E. Avgouleas & D. Arner (2021)

Financial Crises and Shadow Banks: A Quantitative Analysis | Published   
Rottner, M. (2021/23)

Collateral Runs   
Infante, S. & A.P. Vardoulakis (2021)

Commodity Prices and Banking Crises | Published      
Eberhardt, M. & A. Presbitero (2021)

The Resilience of the U.S. Corporate Bond Market During Financial Crises
Becker, N. & E. Benmelech (2021)

Investing in crises   
Baron, M., L. Laeven, J. Pénasse & Y. Usenko (2021)

Securitization and crash risk: Evidence from large European banks   
Battaglia, F., B.G. Buchanan, F. Fiordelisi & O. Ricci (2021)

Should regulators always be transparent? A bank run experiment   
Chakravarty, S., L. Choo, M.A. Fonseca & T.R. Kaplan (2021)

Memory, Multiple Equilibria and Emerging Market Crises   
Pierri, D. & K. Reffett (2021)

Collateral in bank lending during the financial crises: a borrower and a lender story   
Affinito, M., F. Sabatini & M. Stacchini (2021)

Measuring the impact of a bank failure on the real economy: an EU-wide analytical framework   
Vacca, V.P., F. Bichlmeier, P. Biraschi, N. Boschi, A.J. Álvarez, L. Di Primio, A. Ebner, S. Hoeretzeder, E.L. Ballesteros, C. Miani, G. Ricci, R. Santioni, S. Schellerer & H. Westman (2021)

Bailouts in Financial Networks   
Egressy, B. & R. Wattenhofer (2021)

Crisis and non-crisis short selling and bank enforcement actions   
Boni, L., J.C. Leach & R.S. White (2021)

Bank Runs, Bank Competition and Opacity   
Ahnert, T. & D. Martinez-Miera (2021)

The rich, the poor, and the middle class: banking crises and income distribution   
El Herradi, M. & A. Leroy (2021)

How excessive endogenous money supply can contribute to global financial crises   
Shvets, S. (2021)

The carrot and the stick: Bank bailouts and the disciplining role of board appointments   
Mücke, C., L. Pelizzon, V. Pezone & A.V. Thakor (2021)

Anatomy of a liquidity crisis: Corporate bonds in the COVID-19 crisis   
O'Hara, M. & X.A. Zhou (2021)

Do financial crises increase income inequality?   
Bodea, C., C. Houle & H. Kim (2021)

Market Freezes
Gu, C., G. Menzio, R. Wright & Y. Zhu (2021)

Sunspot bank runs and fragility: The role of financial sector competition   
Gao, J. & R.R. Reed (2021)

Banking-Crisis Interventions, 1257-2019   
Metrick, A. & P. Schmelzing (2021)

Bank Runs, Fragility, and Credit Easing | Published
Amador, M. & J. Bianchi (2021/24)

Financial Crises, Investment Slumps, and Slow Recoveries
Lama, R., M. Hakamada & V. Cerra (2021)

Private Equity and the Resolution of Financial Distress   
Hotchkiss, E.S., D.C. Smith & P. Strömberg (2021)

Resolution of financial crises | Published   
Fanelli, S. & M. Gonzalez-Eiras (2021)

Monetary Policy and Endogenous Financial Crises
Boissay, F., F. Collard, J. Galí & C. Manea (2021)

Financial Instability and Banking Crises in a small open economy
Grytten, O.H. (2021)

Credit, crises and inequality   
Bridges, J., G. Green & M. Joy (2021)

Cash demand in times of crises   
Rösl, G. & F. Seitz (2021)

Predictive power of the Financial Activity Indexes - A case study of banking crisis in multiple countries   
Hirano, R., Y. Hogen & N. Sudo (2021)

Are Bank Bailouts Welfare Improving?   
Shukayev, M. & A. Ueberfeldt (2021)

Reducing Strategic Default in a Financial Crisis   
Agarwal, S., S. Mikhed, B. Scholnick & M. Zhang (2021)

Born to Run: Adaptive and Strategic Behavior in Experimental Bank-Run Games   
Belotti, F., E. Campioni, V. Larocca, F. Marazzi, L. Panaccione & A.P. Mortari (2022)

A new comprehensive database of financial crises: Identification, frequency, and duration   
Nguyen, T.C., V. Castro & J. Wood (2022)

Modeling Bank Panics: Challenges   
Christiano, L., H. Dalgic & X. Li (2022)

The effects of financial integration during crises   
Tang, A. & W. Yao (2022)

Money under the Mattress: Inflation and Lending of Last Resort
Barlevy, G., D. Bird, D. Fershtman & D. Weiss (2022)

Who withdraws first? Line formation during bank runs   
Kiss, H.J., I. Rodriguez-Lara & A. Rosa-Garcia (2022)

Target 2 determinants: The role of Balance of Payments imbalances in the long run   
Minenna, M. (2022)

The Sale of Failed Banks: The Characteristics of Acquirers as Well as of the Acquired Matter   
Abedifar, P., A. Tarazi & L. White (2022)

Savings, efficiency and the nature of bank runs   
Leonello, A., C. Mendicino, E. Panetti & D. Porcellacchia (2022)

Relevance of the collateral constraint form in the analysis of financial crisis interventions   
Vargas, C.O. & J.A. Parra-Polania (2022)

Depositor Responses to a Banking Crisis: Are Finance Professionals Special?   
Boyle, G., R. Stover, A. Tiwana & O. Zhylyevskyy (2022)

Investment slumps during financial crises: The real effects of credit supply   
Fakos, A., P. Sakellaris & T. Tavares (2022)

Who Can Tell Which Banks Will Fail?
Blickle, K., M.K. Brunnermeier & S. Luck (2022)

The optimal bailout policy in an interbank network   
Sim, K.Z. (2022)

Financial Crises and Expectation-driven Recessions   
Castro Fernández, J.C. (2022)

Wealth, endogenous collateral quality, and financial crises?   
Liu, Z. & A.J. Sinclair (2022)

Restoring confidence in troubled financial institutions after a financial crisis   
Calomiris, C.W. & M.A. Carlson (2022)

Policy Rules and Large Crises in Emerging Markets   
Espino, E., J. Kozlowski, F.M. Martin & J.M. Sanchez (2022)

Markups and Financial Shocks   
Meinen, P. & A.C. Soares (2022)

A machine learning approach to rank the determinants of banking crises over time and across countries   
Casabianca, E.J., M. Catalano, L. Forni, E. Giarda & S. Passeri (2022)

Capital forbearance in the bank recovery and resolution game   
Martynova, N., E. Perotti & J. Suarez (2022)

What drives the systemic banking crises in advanced economies?   
Roy, S. (2022)

Systemic bank runs without aggregate risk: how a misallocation of liquidity may trigger a solvency crisis   
Altermatt, L., H. van Buggenum & L. Voellmy (2022)

Bank runs and the optimality of limited banking   
Peck, J. & A. Setayesh (2023)

Liquidation, Bailout, and Bail-In: Insolvency Resolution Mechanisms and Bank Lending   
Lambrecht, B.M. & A.S.L. Tse (2023)

Surrogate Data Models: Interpreting Large-scale Machine Learning Crisis Prediction Models
Chan-Lau, J.A., R. Hu, M. Ivanyna, R. Qu & C. Zhong (2023)

Capital Deaccumulation and the Large Persistent Effects of Financial Crises   
Knowles, M. (2023)

Who Wil Run Their Bank?   
Weinstein, E. & G. Muradoglu (2022)

Banking Crises in Historical Perspective   
Frydman, C. & C. Xu (2023)

Financial Crises and the Global Supply Network: Evidence from Multinational Enterprises
Basco, S., G. Felice, B. Merlevede & M. Mestieri (2023)

Why strong banks fail   
Ozili, P.K. (2023)

From Tech Hub to Banking Failure: Exploring the Implications of CBDCs on the Destiny of Silicon Valley Bank   
Ali, H., A. Faruk & T.M. Yousef (2023)

Inefficient Bank Recapitalization, Bailout and Post-Crisis Recoveries   
Modena, A. (2023)

When Losses Turn into Loans: The Cost of Weak Banks
Blattner, L., L. Farinha & F. Rebelo (2023)

Optimal Deposit Insurance   
Dávila, E. & I. Goldstein (2023)

The paradox of safe asset creation   
Segura, A. & A. Villacorta (2023)

Allocating losses: Bail-ins, bailouts and bank regulation   
Keister, T. & Y. Mitkov (2023)

Panic bank runs, global market contagion and the financial consequences of social media   
Dosumu, O.E., R. Sakariyahu, O. Oyekola & R. Lawal (2023)

Do the carry trades respond to geopolitical risks? Evidence from BRICS countries   
Cepni, O., F. Emirmahmutoglu, I.E. Guney, M.H. Yilmaz (2023)

Government Banks and Interventions in Credit Markets   
Joaquim, G., F. Netto & J.R. Ornelas (2023)

Too-many-to-fail and the Design of Bailout Regimes   
Wagner, W. & J. Zeng (2023)

Bank Branch Density and Bank Runs
Benmelech, E., J. Yang & M. Zator (2023)

Trade credit, creditor protection and banking crisis   
Baños-Caballero, S., P.J. García-Teruel & P. Martínez-Solano (2023)

Climate-induced liquidity crises: interbank exposures and macroprudential implications   
D'Orazio, P., J. Reale & A.D. Pham (2023)

Predicting Financial Crises: The Role of Asset Prices
Iossifov, P.K. & R. Varghese (2023)

Why are credit-driven crises deep and long-lasting?   
Salas, S. & K. Odell (2023)

How Heterogeneous Beliefs Trigger Financial Crises   
Schuster, F., M. Wysietzki & J. Zdrzalek (2023)

Keep Calm and Bank On: Panic-Driven Bank Runs and the Role of Public Communication
Sandri, D., F. Grigoli, Y. Gorodnichenko & O. Coibion (2023)

To use or not to use? Capital buffers and lending during a crisis   
Avezum, L., V. Oliveira & D. Serra (2023)

How Do Financial Crises Redistribute Risk?   
Mitchener, K.J. & A. Vossmeyer (2023)

Financial Intermediaries and Financial Crises   
Diamond, D.W. (2023)

Are benchmark stock indices, precious metals or cryptocurrencies efficient hedges against crises?   
Kyriazis, N.A., S. Papadamou & P. Tzeremes (2023)

Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets   
Indarte, S. (2023)

A Model of Sequential Crisis Management
Li, F. & J. Zhou (2023)

Decoding Financial Crises: Analyzing Predictors and Evolution
Jeong, Y.S. & Y. Baek (2023)

A flexible predictive density combination for large financial data sets in regular and crisis periods   
Casarin, R., S. Grassi, F. Ravazzolo & H.K. van Dijk (2023)

Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?
Anadu, K.E., P.D. Azar, C. Huang, M. Cipriani, T.M. Eisenbach, G. La Spada, M. Landoni, M. Macchiavelli, A. Malfroy-Camine & J.C. Wang (2023)

The Risk of External Financial Crisis   
Cavallo, E.A. & E. Fernández-Arias (2023)

The Long-Run Real Effects of Banking Crises: Firm-Level Investment Dynamics and the Role of Wage Rigidity   
Wix, C. (2023)

The Historical Effects of Banking Distress on Economic Activity
Bräuning, F. & V. Sheremirov (2023)

Crisis Risk and Risk Management
Stulz, R.M. (2023)

Knockin' on H(e)aven's door: Financial crises and hidden wealth   
Marchesi, S. & G. Marcolongo (2023)

Unequal access to The Global Financial Safety Net: An index for the quality of crisis finance   
Zucker Marques, M., L. Mühlich & B. Fritz (2023)

Income inequality and systemic banking crises: A nonlinear nexus   
Wang, S. (2023)

Credit growth, the yield curve and financial crisis prediction: Evidence from a machine learning approach   
Bluwstein, K., M. Buckmann, A. Joseph, S. Kapadia & O. Simsek (2023)

Bank Runs and Inequality   
Monroy-Taborda, S. (2023)

Leaning against persistent financial cycles with occasional crises   
Kockerols, T., E.M. Kravik & Y. Mimir (2023)

Central Bank Crisis Interventions: A Review of the Recent Literature on Potential Costs
Aldridge, P., D. Cimon & R. Vala (2023)

Financial Intermediation, Capital Accumulation, and Crisis Recovery   
Gersbach, H., J-C. Rochet & M. Scheffel (2024)

Delayed crises and slow recoveries   
Liu, X., P. Wang & Z. Yang (2024)

Preventing runs under sequential revelation of liquidity needs   
Voellmy, L. (2024)

Determinants of Zombie Banks in Emerging Markets and Developing Economies
Wezel, T., H. Sheldon & Z. Fu (2024)

Why do rational investors like variance at the peak of a crisis? A learning-based explanation   
Ghaderi, M., M. Kilic & S.B. Seo (2024)

Pay, Stay, or Delay? How to Settle a Run   
Matta, R. & R. Perotti (2024)

Bernanke and Kindleberger on financial crises, 1978-2003   
Carré, E. & L. Le Maux (2024)

Central Banking Post Crises
Kiley, M. & F.S. Mishkin (2024)

Bank Runs, Fragility, and Regulation
Amador, M. & J. Bianchi (2024)

Systemic Risk in Banking, Fire Sales, and Macroeconomic Disasters   
Bougheas, S., D.I. Harvey, A. Kirman & D. Nelson (2024)

Resolving Failed Banks: Uncertainty, Multiple Bidding and Auction Design   
Allen, J., R. Clark, B. Hickman & E. Richert (2024)

Two Centuries of Systemic Bank Runs   
Jamilov, R., T. König, K. Müller & F. Saidi (2024)

The Puzzling Persistence of Financial Crises
Calomiris, C. & M.S. Jaremski (2024)

Robust-less-fragile: Tackling Systemic Risk and Financial Contagion in a Macro Agent-Based Model   
Pallante, G., M. Guerini, M. Napoletano & A. Roventini (2024)

Bankruptcy Resolution and Credit Cycles
Kornejew, M., C. Lian, Y. Ma, P. Ottonello & D.J. Perez (2024)

The macroeconomics of liquidity in financial intermediation   
Porcellacchia, D. & K.D. Sheedy (2024)

Do "Too-Big-To-Fail" Banks Receive Preferential Treatment in Bailouts? Surprising Results from a Cross-Country Analysis
Berger, A.N., S. Nistor, S. Ongena & S. Tsyplakov (2024)

A Model of Balance-of-Payments Crises      
Krugman, P.R. (1979)

Abstract: This is the seminal paper on the analysis of balance-of-payments crises.

Balance of Payments Crises in a Cash-in-Advance Economy      
Calvo, G.A. (1987)

Abstract: The author shows that a flexible-prices, Sidrauski-type model with a cash-in-advance constraint is capable of depicting some of the phenomena associated with a balance of payments crisis, like the onesrecently observed in Argentina and Mexico (current-accounts deficits,and appreciation of the real exchange rat e). It is also shown that these phenomena become exacerbated as the rate of devaluation (before the crisis occurs) becomes smaller.

Explaining Sudden Stop, Growth Collapse, and BOP crisis      
Calvo, G. (2002)

Abstract: The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as fiscal burden reaches a critical level. Growth collapse is associated with a sudden stop of capital inflows, real depreciation and a drop in output (driven by a fall in the output of nontradables)—all of which have occurred during recent financial crises in emerging markets. The monetary version of the model is employed to show that balance of payments (BOP) crises could be a result of fiscal distortions. In par-ticular, it is further argued that BOP crisis could be a justifiable central bank response to growth col-lapse, although realistic circumstances may make this response highly ineffective. An important policy implication of the model is that in order to avoid sudden stop crises, policymakers should aim at improving fiscal institutions. Lowering the fiscal deficit is highly effective in the medium term, but could be counterproductive in the short run if it relies on higher taxes.

Aftermaths of Current Account Crisis: Export Growth or Import Contraction?
Sturzenegger, F., P. Guidotti & A. Villar (2003)

Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops
Edwards, S. (2004)

Financial Openness, Sudden Stops and Current Account Reversals | Published   
Edwards, S. (2004)

Current Account Reversals: Always a Problem?
Eichengreen, B. & M. Adalet (2005)

Current Account Reversals and Growth: The Direct Effect Central and Eastern Europe 1923-2000   
Komarek, L., Z. Komarkova & M. Melecky (2006)

Currency Crises, Current Account Reversals and Growth: The Compounded Effect for Emerging Markets   
Komarek, L. & M. Melecky (2006)

Balance of Payments Crises Under Inflation Targeting | Published   
Kumhof, M., S. Li & I.K. Yan (2007)

Balance of Payment Crises in Emerging Markets: How Early Were the 'Early' Warning Signals?   
Bussiere, M. (2007)

Dynamic Panel Probit Models for Current Account Reversals and their Efficient Estimation   
Liesenfeld, R., G.V. Moura & J-F. Richard (2007)

Determinants and Costs of Current Account Reversals under Heterogeneity and Serial Correlation   
Assmann, C. (2007)

Inventories, lumpy trade, and large devaluations   
Alessandria, G., J. Kaboski & V. Midrigan (2008)

Rapid Current Account Adjustments: Are Microstates Different?
Imam, P.A. (2008)

Did Mergers Help Japanese Mega-Banks Avoid Failure? Analysis of the Distance to Default of Banks
Harada, K. & T. Ito (2008)

Financial Crash, Commodity Prices and Global Imbalances
Caballero, R.J., E. Farhi & P-O. Gourinchas (2008)

Coordination Frictions and The Financial Crisis   
Gautier, P.A. (2009)

The Dollar in the Turmoil   
Benassy-Quere, A., S. Bereau & V. Mignon (2009)

Balance of Payments Anti-Crises      
Kumhof, M. & I.K. Yan (2009)

Abstract: Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understand these episodes is as manifestations of balance of payments anti-crises, as reflecting the perception that the government intends to discontinue its accumulation of reserves in the near future. The end-phase of such crises is characterized by nominal interest rates approaching their zero lower bound in accelerating fashion and, if the government targets CPI inflation, by fast increasing domestic inflation.

Do Workers’ Remittances Reduce the Probability of Current Account Reversals?   
Bugamelli, M. & F. Paternò (2009)

Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View | Published   
Bordo, M.D., C.M. Meissner & D. Stuckler (2009/10)

Globalization, the output–inflation tradeoff and inflation   
Badinger, H. (2009)

Remittances and Financial Openness   
Beine, M., E. Lodigiani & R. Vermeulen (2010)

External Imbalances and Financial Crises
Taylor, A.M. (2012)

Growth Following Investment and Consumption-Driven Current Account Crises
Klemm, A. (2013)

Financial fragility in small open economies: firm balance sheets and the sectoral structure   
Kalantzis, Y. (2014)

Balance-of-payments anti-crises   
Kumhof, M. & I. Yan (2016)

Current account deficits during heightened risk: menacing or mitigating?   
Forbes, K., I. Hjortsoe & T. Nenova (2016)

Adjustment to Negative Price Shocks by a Commodity Exporting Economy: Does Exchange Rate Flexibility Resolve a Balance of Payments Crisis?   
Nakatani, R. (2018)

Deflating asset price bubbles with leverage constraints and monetary policy   
Fenig, G., M. Mileva & L. Petersen (2018)

Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis
Verner, E. & G. Gyöngyösi (2020)

Who Lends Before Banking Crises? Evidence from the International Syndicated Loan Market
Giannetti, M. & Y. Jang (2021)

Tropical Bubbles: Asset Prices in Latin America, 1980-­2001
Herrera, S. & G. Perry (2001)

Lending Booms, Real Estate Bubbles and The Asian Crisis
Collyns, C.V. & A.S. Senhadji (2002)

Bubbles and Capital Flows | Published   
Ventura, J. (2002/12)

Temporary bubbles   
Michel, P. & C. Wigniolle (2003)

Bubbling and Crashing Exchange Rates   
Grimaldi, M. & P. De Grauwe (2003)

Shakeouts and Market Crashes | Published   
Barbarino, A. & B. Jovanovic (2004/07)

Distinguishing Informational Cascades from Herd Behavior in the Laboratory   
Bogachan, C. & S. Kariv (2004)

Riding the South Sea Bubble   
Temin, P. & H-J. Voth (2005)

Testing for bubbles and change-points   
Kirman, A. & G. Teyssière (2005)

Rational bubbles or persistent deviations from market fundamentals?   
Koustas, Z. & A. Serletis (2005)

Bubbles and Capital Flow Volatility: Causes and Risk Management | Published
Caballero, R.J. & A. Krishnamurthy (2005/06)

Slow boom, sudden crash   
Veldkamp, L.L. (2005)

Bubbles and Experience: An Experiment   
Dufwenberg, M., T. Lindqvist & E. Moore (2005)

Who herds?   
Bernhardt, D., M. Campello & E. Kutsoati (2006)

Bubbles and Busts: The 1990s in the Mirror of the 1920s
White, E.N. (2006)

Explosive bubbles in the cointegrated VAR model   
Engsted, T. (2006)

Periodically Collapsing Rational Bubbles in Exchange Rates: A Markov-Switching Analysis for a Sample of Industrialised Markets   
Ferreira, J.E.A. (2006)

Foreign Bank Participation and Crises in Developing Countries
Cull, R. & M.S.M. Peria (2007)

Banks and bubbles: How good are bankers at spotting winners?   
Gonzalez, L. & C. James (2007)

Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets? An Overinvestment View   
Schnabl, G. & A. Hoffmann (2007)

Inefficient Credit Booms | Published   
Lorenzoni, G. (2007/08)

Herd Behavior in Financial Markets: An Experiment with Financial Market Professionals | Published   
Cipriani, M. & A. Guarino (2008)

Expectations and bubbles in asset pricing experiments   
Hommes, C., J. Sonnemans, J. Tuinstra & H. van de Velden (2008)

Thar She Blows: Can Bubbles Be Rekindled with Experienced Subjects?
Hussam, R.N., D. Porter & V.L. Smith (2008)

Advisors and asset prices: A model of the origins of bubbles   
Hong, H., J. Scheinkman & W. Xiong (2008)

Don’t let your robots grow up to be traders: Artificial intelligence, human intelligence, and asset-market bubbles   
Miller, R.M. (2008)

An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data
Mendoza, E.G. & M. Terrones (2008)

The Subprime Panic
Gorton, G.B. (2008)

Unit root testing for bubbles: A resurrection?   
Waters, G.A. (2008)

Bubbles and multiplicity of equilibria under portfolio constraints | Published   
Hugonnier, J. (2008/12)

Confidence, Crashes and Animal Spirits | Published   
Farmer, R.E.A. (2009/12)

A prototype model of speculative dynamics with position-based trading   
Franke, R. (2009)

The Japanese Bubble: A 'Heterogeneous' Approach
Barsky, R.N. (2009)

Bubbles and Self-Enforcing Debt   
Hellwig, C. & G. Lorenzoni (2009)

On Rational Exuberance   
Bosi, S. & T. Seegmuller (2009)

A Robust Model of Bubbles With Multidimensional Uncertainty   
Doblas-Madrid, A. (2009)

A note on sunspots with heterogeneous agents   
Carroll, D.R. & E.R. Young (2009)

Speculative bubbles and financial crisis   
Wang, P. & Y. Wen (2009)

Inexperienced investors and bubbles   
Greenwood, R. & S. Nagel (2009)

New Evidence on the First Financial Bubble | Published   
Frehen, R.G.P., W.N. Goetzmann & K.G. Rouwenhorst (2009/13)

Leverage and Asset Bubbles: Averting Armageddon with Chapter 11? | Published   
Miller, M. & J.E. Stiglitz (2009/10)

Intrinsic bubbles and Granger causality in the S&P 500: Evidence from long-term data   
Chen, A-S., L-Y. Cheng & K-F. Cheng (2009)

Quasi equilibria for growth economies   
Burke, J.L. (2009)

Macroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts
Kannan, P., P. Rabanal & A. Scott (2009)

The Chinese Warrants Bubble
Xiong, W. & J. Yu (2009)

Leveraged financing, over investment, and boom-bust cycles   
Pintus, P-A. & Y. Weng (2009)

Produce or Speculate? Asset Bubbles, Occupational Choice and Efficiency | Published   
Cahuc, P. & E. Challe (2009)

Booms and Busts in Asset Prices | Published   
Adam, K., A. Marcet & J. Beutel (2010/17)

Beauty Contests and Irrational Exuberance: A Neoclassical Approach
Angeletos, G-M., G. Lorenzoni & A. Pavan (2010)

Expectations-driven cycles in the housing market   
Lambertini, L., C. Mendicino & M.T. Punzi (2010)

International capital flows and expectation-driven boom–bust cycles in the housing market   
Tomura, H. (2010)

Asset Bubbles, Endogenous Growth, and Financial Frictions | Published      
Hirano, T. & N. Yanagawa (2010/17)

Theoretical Notes on Bubbles and the Current Crisis | Published
Martin, A. & J. Ventura (2010/12)

Rational and Near-Rational Bubbles Without Drift   
Lansing, K.S. (2010)

Bubbly Liquidity
Farhi, E. & J. Tirole (2011)

A consolidated model of self-fulfilling expectations and self-destroying expectations in financial markets   
Gao, Y. & H. Li (2011)

The recent boom–bust cycle: The relative contribution of capital flows, credit supply and asset bubbles   
Veld, J.I., R. Raciborski, M. Ratto & W. Roeger (2011)

Identification of speculative bubbles using state-space models with Markov-switching   
Al-Anaswah, N. & B. Wilfling (2011)

Bubbles and Self-Fulfilling Crises
Challe, E. & X. Ragot (2011)

General equilibrium, wariness and efficient bubbles   
Araujo, A., R. Novinski & M.R. Páscoa (2011)

Speculative trading, price pressure and overvaluation   
Ding, R. & P. Cheng (2011)

Why do people risk exposure to Ponzi schemes? Econometric evidence from Jamaica   
Tennant, D. (2011)

Taking the road less traveled by: Does conversation eradicate pernicious cascades?   
Cao, H.H., B. Han & D. Hirshleifer (2011)

New models of trader beliefs and their application for explaining financial bubbles   
Chen, Z. & Q. Duan (2011)

Testing for rational bubbles in the presence of structural breaks: Evidence from nonstationary panels   
Cerqueti, R. & M. Costantini (2011)

Asymmetric herding as a source of asymmetric return volatility   
Park, B-J. (2011)

Aggregate information cascades   
Guarino, A., H. Harmgart & S. Huck (2011)

Animal Spirits, Rational Bubbles and Unemployment in an Old-Keynesian Model | Published   
Farmer, R.E.A. (2011/13)

Herding and Contrarian Behavior in Financial Markets   
Park, A. & H. Sabourian (2011)

Quasi real time early warning indicators for costly asset price boom/bust cycles: A role for global liquidity   
Alessi, L. & C. Detken (2011)

Learning about Risk and Return: A Simple Model of Bubbles and Crashes   
Branch, W.A. & G.W. Evans (2011)

Short-sale constraints and price bubbles   
Lim, B.Y. (2011)

How to grow a bubble: A model of myopic adapting agents   
Harras, G. & D. Sornette (2011)

Do Low Interest Rates Sow the Seeds of Financial Crises?   
Cociuba, S.E., M. Shukayev & A. Ueberfeldt (2011)

Double Bubbles in Assets Markets with Multiple Generations   
Deck, C., D. Porter & V.L. Smith (2011)

Rapid Credit Growth: Boon or Boom-Bust?
Elekdag, S. & Y. Wu (2011)

Bootstrapping asset price bubbles   
Gutierrez, L. (2011)

Intangible Capital, Relative Asset Shortages and Bubbles | Published   
Giglio, S. & T. Severo (2011/12)

Some properties of periodically collapsing bubbles   
Yoon, G. (2012)

Boom–bust cycles: Leveraging, complex securities, and asset prices   
Semmler, W. & L. Bernard (2012)

A simple model of herd behavior, a comment   
Morone, A. (2012)

Stochastic Herding in Financial Markets Evidence from Institutional Investor Equity Portfolios
Nirei, M., T. Stamatiou & V. Sushko (2012)

The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking over the Business Cycle
Acharya, v.V. & H. Naqvi (2012)

Fooled by Search: Housing Prices, Turnover and Bubbles   
Peterson, B.M. (2012)

Asset bubbles, economic growth, and a self-fulfilling financial crisis: a dynamic general equilibrium model of infinitely lived heterogeneous agents | Published   
Kunieda, T. & A. Shibata (2012/16)

Tournament incentives and asset price bubbles: Evidence from a field experiment   
Berlemann, M. & H. Vöpel (2012)

Understanding Bubbly Episodes | Published
Carvalho, V.M., A. Martin & J. Ventura (2012)

Boom-and-bust cycles marked by capital inflows, current account deterioration and a rise and fall of the real exchange rate   
Müller-Plantenberg, N. (2012)

Thar She Bursts: Reducing Confusion Reduces Bubbles
Kirchler, M., J. Huber & Stöckl (2012)

Banking Bubbles and Financial Crises | Published      
Miao, J. & P. Wang (2012/15)

Bubbles and Total Factor Productivity
Miao, J. & P. Wang (2012)

Asset bubbles, credit market imperfections, and technology choice   
Matsuoka, T. & A. Shibata (2012)

Speculative Bubbles and Financial Crises
Wang, P. & Y. Wen (2012)

Herding, contrarianism and delay in financial market trading   
Park, A. & D. Sgroi (2012)

An Anatomy of Credit Booms and their Demise
Mendoza, E.G. & M.E. Terrones (2012)

Speculative growth, overreaction, and the welfare cost of technology-driven bubbles   
Lansing, K. (2012)

The Transition from Brownian Motion to Boom-and-Bust Dynamics in Financial and Economic Systems
Lamba, H. (2012)

Exchange rate bubbles: Fundamental value estimation and rational expectations test   
Maldonado, W.L., O.A.F. Tourinho & M. Valli (2012)

Speculative Overpricing in Asset Markets With Information Flows
Palfrey, T.R. & S.W. Wang (2012)

Economic Growth with Bubbles
Martin, A. & J. Ventura (2012)

Sectoral Bubbles and Endogenous Growth   
Wang, P. & J. Miao (2012)

Asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics   
Rannenberg, A. (2012)

Consumption and Bubbles   
Loewenstein, M. & G.A. Willard (2013)

Behavioral aspects of arbitrageurs in timing games of bubbles and crashes   
Matsushima, H. (2013)

Bubble cycle   
Sakuragawa, M. (2013)

Bubbles in prices of exhaustible resources   
Jovanovic, B. (2013)

Monetary Policy and Rational Asset Price Bubbles | Published
Gali, J. (2013/14)

A statistical model of speculative bubbles, with applications to the stock markets of the United States, Japan, and China   
Asako, K. & Z. Liu (2013)

Asset Price Bubbles: A Selective Survey   SURVEY PAPER
Scherbina, A. (2013)

Early warning indicators of asset price boom/bust cycles in emerging markets   
Ponomarenko, A. (2013)

Bubble Troubles? Rational Storage, Mean Reversion and Runs in Commodity Prices
Bobenrieth, E.S.A., J.R.A. Bobenrieth & B.D. Wright (2013)

A review of bubbles and crashes in experimental asset markets   SURVEY PAPER   
Palan, S. (2013)

Asset Bubbles in an Overlapping Generations Model with Endogenous Labor Supply | Published   
Shi, L. & R.M.H. Suen (2013/14)

The Bubble Game: An Experimental Study of Speculation   
Moinas, S. & S. Pouget (2013)

The Stabilizing Virtues of Fiscal vs. Monetary Policy on Endogenous Bubble Fluctuations   
Clain-Chamosset-Yvrard, L. & T. Seegmuller (2013)

Quiet bubbles   
Hong, H. & D. Sraer (2013)

Globalization and Financial Development: A Model of the Dot-Com and the Housing Bubbles   
Basco, S. (2014)

On Existence and Bubbles of Ramsey Equilibrium with Borrowing Constraints   
Becker, R., S. Bosi, C.L. Van & T. Seegmuller (2013)

Asset Bubbles & Global Imbalances   
Ikeda, D. & T. Phan (2013)

Monetary Policy and Inflation Dynamics in Asset Price Bubbles
Ikeda, D. (2013)

Limited records and reputation bubbles   
Liu, Q. & A. Skrzypacz (2014)

Herd behavior, bubbles and social interactions in financial markets   
Chang, S-K. (2014)

Optimism, pessimism and financial bubbles   
Wigniolle, B. (2014)

Bubbles in Food Commodity Markets: Four Decades of Evidence   
Etienne, X.L., S.H. Irwin & P. Garcia (2014)

Managing Credit Bubbles
Martin, A. & J. Ventura (2014)

Growth effect of bubbles in a non-scale endogenous growth model with in-house R&D   
Takao, K. (2014)

The Effects of Monetary Policy on Stock Market Bubbles: Some Evidence | Published
Gali, J. & L. Gambetti (2014/15)

Periodically collapsing Evans bubbles and stock-price volatility   
Rotermann, B. & B. Wilfling (2014)

Asset-Holdings Caps and Bubbles in Experimental Asset Markets   
Lugovskyy, V., D. Puzzello, S. Tucker & A. Williams (2014)

Bubbles over the U.S. business cycle: A macroeconometric approach   
Luik, M-A. & D. Wesselbaum (2014)

No-Bubble Condition: Model-free Tests in Housing Markets | Published   
Giglio, S., M. Maggiori & J.C. Stroebel (2014/16)

Managing Credit Bubbles
Martin, A. & J. Ventura (2014)

The Macroeconomic Consequences of Asset Bubbles and Crashes
Shi, L. & R.M.H. Suen (2014)

A leverage-based model of speculative bubbles   
Barlevy, G. (2014)

Housing Bubbles
Glaeser, E.L. & C.G. Nathanson (2014)

Asset Price Bubbles and Monetary Policy in a Small Open Economy   
López, M. (2014)

Financial crises, debt volatility and optimal taxes   
Parra-Polania, J.A. & C.O. Vargas (2014)

Wall Street and the Housing Bubble
Cheng, I-H., S. Raina & W. Xiong (2014)

The "Inflow-Effect" - Trader Inflow and Bubble Formation in Asset Markets   
Kirchler, M., C. Bonn, J. Huber & M. Razen (2014)

Herding, trend chasing and market volatility   
Di Guilmi, C., X-Z. He & K. Li (2014)

Contagious Herding and Endogenous Network Formation in Financial Networks |   
Georg, C-P. (2014)

Identifying Speculative Bubbles: A Two-Pillar Surveillance Framework
Jones, B. (2014)

Systematic cyclicality of systemic bubbles: Evidence from the U.S. commercial banking system   
Kim, M.H. & B. Kim (2014)

Market run-ups, market freezes, inventories, and leverage   
Bond, P. & Y. Leitner (2014)

Contagious synchronization and endogenous network formation in financial networks   
Aymanns, C. & C-P. Georg (2014)

Intertemporal equilibrium with production: bubbles and efficiency   
Bosi, S., C.L. Van & N-S. Pham (2014)

Credit Market Frictions and Sudden Stops   
Imura, Y. (2014)

A mechanism for booms and busts in housing prices   
Hillebrand, M. & T. Kikuchi (2014)

Credit Supply and the Housing Boom | Published   
Justiniano, A., G.E. Primiceri & A. Tambalotti (2015/18)

Bubbles and unemployment in an endogenous growth model   
Hashimoto, K. & R. Im (2014)

Should central banks burst bubbles? Some microeconomic issues   
Conlon, J.R. (2015)

Speculative bubbles in agricultural prices   
Adämmer, P. & M.T. Bohl (2015)

Signalling the Dotcom bubble: A multiple changes in persistence approach   
Leone, V. & O. Ribeiro de Medeiros (2015)

Super-exponential endogenous bubbles in an equilibrium model of fundamentalist and chartist traders   
Kaizoji, T., M. Leiss, A. Saichev & D. Sornette (2015)

Credit Supply and the Housing Boom
Justiniano, A., G.E. Primiceri & A. Tambalotti (2015)

Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin   
Cheah, E-T. & J. Fry (2015)

Bubbles and Central Banks: Historical Perspectives
Brunnermeier, M.K & I. Schnabel (2015)

Rational bubbles and macroeconomic fluctuations: The (de-)stabilizing role of monetary policy   
Clain-Chamosset-Yvrard, L. & T. Seegmuller (2015)

Limited Liability, Asset Price Bubbles and the Credit Cycle: The Role of Monetary Policy e
Mateju, J. (2015)

Contractual incompleteness, limited liability and asset price bubbles   
Dow, J. & J. Han (2015)

International Transmission of Bubble Crashes: Stationary Sunspot Equilibria in a Two-Country Overlapping Generations Model   
Claini-Chamosset-Yvrard, L. & T. Kamihigashi (2015)

Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach
Gelain , P., K.J. Lansing & G.J. Natvik (2015)

Helpful laymen in informational cascades   
Wu, J. (2015)

Mutual funds flows and the geography of contagion   
Puy, D. (2015)

The International Transmission of Credit Bubbles: Theory and Policy   
Martin, A. & J. Ventura (2015)

Monetary Policy, Hot Housing Markets and Leverage   
Ungerer, C.T. (2015)

Bubbles, banks and financial stability   
Aoki, K. & K. Nikolov (2015)

Leveraged Bubbles | Published   
Jorda, O., M. Schularick & A.M. Taylor (2015)

Traders' heterogeneity and bubble-crash patterns in experimental asset markets   
Baghestanian, S., V. Lugovskyy & D. Puzzello (2015)

Animal spirits and credit cycles   
De Grauwe, P. & C. Macchiarelli (2015)

Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises
Lagos, R. & S. Zhang (2015)

Monetary Policy and Controlling Asset Bubbles   
Sakuragawa, M. (2015)

The cyclicality of leverage   
Adrian, T., N. Boyarchenko & H.S. Shin (2015)

Liquidity shocks and stock bubbles   
Nneji, O. (2015)

Testing for Multiple Bubbles: Historical Episodes of Exuberance and Collapse in the S&P 500   
Phillips, P.C.B., S. Shi & J. Yu (2015)

Testing for Multiple Bubbles: Limit Theory of Real-Time Detectors   
Phillips, P.C.B., S. Shi & J. Yu (2015)

Are individual or institutional investors the agents of bubbles?   
Choi, J.J., H. Kedar-Levy & S.S. Yoo (2015)

On the Interplay Between Speculative Bubbles and Productive Investment | Published      
Raurich, X. & T. Seegmuller (2015/19)

The performances of acquired firms in the steel industry: Do financial institutions cause bubbles?   
Huh, K-S. (2015)

Imperfect knowledge, liquidity and bubbles   
Branch, W.A. (2015)

Money growth, dynamic efficiency and asset bubbles in a perpetual youth model   
Femminis, G. (2015)

The international transmission of credit bubbles: Theory and policy   
Martin, A. & J. Ventura (2015)

Asset bubbles, collateral, and policy analysis   
Miao, J., P. Wang & J. Zhou (2015)

Asset Bubbles: Re-thinking Policy for the Age of Asset Management
Jones, B. (2015)

Bubble or riddle? An asset-pricing approach evaluation on China's housing market   
Feng, Q. & G.L. Wu (2015)

Rational Bubbles and Economic Crises: A Quantitative Analysis   
Domeij, D. & T. Ellingsen (2015)

Asset bubbles and bailouts   
Hirano, T., M. Inaba & N. Yanagawa (2015)

Can a financial transaction tax prevent stock price booms?   
Adam, K., J. Beutel, A. Marcet & S. Merkel (2015)

Bubbles, Crashes, and Endogenous Uncertainty in Linked Asset and Product Markets   
Jaworski, T. & E.O. Kimbrough (2016)

Bubble-driven business cycles   
Larin, B. (2016)

Speculative Fever: Investor Contagion in the Housing Bubble | Published
Bayer, P., K. Mangum & J.W. Roberts (2016/21)

Inefficient Investment Waves   
He, Z. & P. Kondor (2016)

Credit-fuelled bubbles   
Doblas-Madrid, A. & K.J. Lansing (2016)

Are there periodically collapsing bubbles in the stock markets? New international evidence   
Chen, S-W., C-S. Hsu & Z. Xie (2016)

Switching bubbles: From Outside to Inside Bubbles   
Basco, S. (2016)

Fama on Bubbles      SURVEY PAPER
Engsted, T. (2016)

Interpreting the movement of oil prices: Driven by fundamentals or bubbles?   
Zhang, Y-J. & T. Yao (2016)

Interpreting the movement of oil prices: Driven by fundamentals or bubbles?   
Zhang, Y-J. & T. Yao (2016)

Informational herding with model misspecification   
Bohren, J.A. (2016)

Sentiments, financial markets, and macroeconomic fluctuations   
Benhabib, J., K. Liu & P. Wang (2016)

Securitisation Bubbles: Structured finance with disagreement about default correlations   
Broer, T. (2016)

Taxation, bubbles and endogenous growth   
Bosi, S. & N-S. Pham (2016)

Asset bubbles and efficiency in a generalized two-sector model | Published      
Bosi, S., C.L. Van & N-S. Pham (2016/17)

Explosive bubbles in house prices? Evidence from the OECD countries   
Engsted, T., S. J. Hviid & T.Q. Pedersen (2016)

Understanding Booms and Busts in Housing Markets
Burnside, C., M. Eichenbaum & S. Rebelo (2016)

Testing for Speculative Bubbles in Large-Dimensional Financial Panel Data Sets   
Horie, T. & Y. Yamamoto (2016)

A Double Counting Problem in the Theory of Rational Bubbles   
Tomura, H. (2016)

Monetary Policy for a Bubbly World | Published      
Asriyan, V., L. Fornaro, A. Martín & J. Ventura (2016/21)

Heterogeneous expectations, boom-bust housing cycles, and supply conditions: A nonlinear economic dynamics approach   
Dieci, R. & F. Westerhoff (2016)

Secular Stagnation, Rational Bubbles, and Fiscal Policy   
Teulings, C.N. (2016)

Economic shocks and crime: Evidence from the crash of Ponzi schemes   
Cortés, D., J. Santamaría & J.F. Vargas (2016)

Frictional Unemployment with Stochastic Bubbles   
Vuillemey, G. & E. Wasmer (2016)

Regulation and Rational Banking Bubbles in Infinite Horizon   
Chevallier, C.O. & S. El Joueidi (2016)

Direct comparison of agent-based models of herding in financial markets   
Barde, S. (2016)

Asset bubbles, labor market frictions, and R&D-based growth   
Hashimoto, K. & R. Im (2016)

Did the FED React to Asset Price Bubbles?   
Wesselbaum, D. & M-A. Luik (2016)

Asset Bubbles and Foreign Interest Rate Shocks | Published      
Wang, P., J. Miao & F. Dong (2016/22)

Noise Bubbles   
Forni, M., L. Gambetti, M. Lippi & L. Sala (2017)

Bubbles, wage rigidity, and persistent slumps   
Hanson, A. & T. Phan (2017)

Speculative behavior in a housing market: Boom and bust   
Zheng, M., H. Wang, C. Wang & S. Wang (2017)

A Real Estate Boom with Chinese Characteristics
Glaeser, E., W. Huang, Y. Ma & A. Shleifer (2017)

An early alarm system for housing bubbles   
Huang, M. & H-H. Chiang (2017)

Asset Bubbles, Technology Choice, and Financial Crises   
Kunieda, T., T. Matsuoka & A. Shibata (2017)

Bubbles for Fama | Pubished   
Greenwood, R., A. Shleifer & Y. You (2017/19)

The Circular Relationship Between Inequality, Leverage, and Financial Crises   
Bazillier, R. & J. Hericourt (2017)

Herding in frontier markets: Evidence from African stock exchanges   
Guney, Y., V. Kallinterakis & G. Komba (2017)

Bubbly Markov Equilibria   
Barbie, M. & M. Hillebrand (2017)

Aggregate Uncertainty Can Lead to Incorrect Herds   
Monzón, I. (2017)

A robust reference-dependent model for speculative bubbles   
Zhang, M. & J. Zheng (2017)

Vulnerabilities to housing bubbles: Evidence from linkages between housing prices and income fundamentals   
Huang, M. (2017)

Speculative Dynamics of Prices and Volume
DeFusco, A.A., C.G. Nathanson & E. Zwick (2017)

Booms, busts and behavioural heterogeneity in stock prices   
Hommes, C. & D. in 't Veld (2017)

Are there bubbles in exchange rates? Some new evidence from G10 and emerging market economies   
Hu, Y. & L. Oxley (2017)

Default Cycles   
Cui, W. & L. Kaas (2017)

Accounting for debt service: the painful legacy of credit booms
Drehmann, M., M. Juselius & A. Korinek (2017)

Information disclosure and asymmetric speed of learning in booms and busts   
Palazzo, F. & M. Zhang (2017)

The housing bubble and the evolution of the homeownership gap   
Oberg, P.M. (2017)

Commodity Booms and Busts in Emerging Economies | Published   
Drechsel, T. & S. Tenreyro (2017/18)

The Housing Boom and Bust: Model Meets Evidence | Published   
Kaplan, G., K. Mitman & G.L. Violante (2017/20)

Do bubbles have an explosive signature in markov switching models?   
Balcombe, K. & I. Fraser (2017)

Speculative bubbles or market fundamentals? An investigation of US regional housing markets   
Shi, S. (2017)

Venture Capital and the Market for Talent during Booms and Busts   
Yung, C. (2017)

Can Learning Explain Boom-Bust Cycles in Asset Prices? An Application to the US Housing Boom   
Caines, C. (2017)

Explaining the timing of tulipmania's boom and bust: historical context, sequestered capital and market signals   
McClure, J.E. & D.C. Thomas (2017)

On Interest Rate Policy and Asset Bubbles
Allen, F., G. Barlevy & D. Gale (2017)

Explaining the timing of tulipmania's boom and bust: historical context, sequestered capital and market signals   
McClure, J.E. & D.C. Thomas (2017)

The case for herding is stronger than you think   
Bohl, M.T., N. Branger & M. Trede (2017)

Bubble Formation and (In)Efficient Markets in Learning-to-forecast and optimise Experiments   
Bao, T., C. Hommes & T. Makarewicz (2017)

The Real Effects of Credit Booms and Busts: A County-Level Analysis   
Gilchrist, S. (2017)

The market for lemmings: The herding behavior of pension funds   
Blake, D., L. Sarno & G. Zinna (2017)

Price bubbles, gender, and expectations in experimental asset markets   
Holt, C.A., M. Porzio & M.Y. Song (2017)

Extreme Returns and Herding of Trade Imbalances   
Chung, Y.P. & S.T. Kim (2017)

Testing for Speculative Bubbles Using Spot and Forward Prices   
Pavlidis, E.G., I. Paya & D.A. Peel (2017)

Identifying bubbles in Latin American equity markets: Phillips-Perron-based tests and linkages   
Escobari, D., S. Garcia & C. Mellado (2017)

Income Distribution by Age Group and Productive Bubbles   
Raurich, X. & T. Seegmuller (2017)

Bank Failures, Capital Buffers, and Exposure to the Housing Market Bubble   
Kara, G. & C.M. Vojtech (2017)

Should Monetary Authorities Prick Asset Price Bubbles? Evidence from a New Keynesian Model with an Agent-Based Financial Market   
Vasilenko, A. (2017)

Gilded Bubbles   
Perez-Reyna, D. & X. Freixas (2017)

A Model of Bank Credit Cycles   
Wei, J. & T. Xu (2017)

Herding, social network and volatility   
Wang, G. & Y. Wang (2018)

Testing for bubbles in the art markets: An empirical investigation   
Assaf, A. (2018)

Herding behavior among wine investors   
Aytaç, B., G. Coqueret & C. Mandou (2018)

Do 18th century 'bubbles' survive the scrutiny of 21st century time series econometrics?   
Hu, Y. & L. Oxley (2018)

Rational bubbles in a monetary economy   
Zhou, G. (2018)

The Macroeconomics of Rational Bubbles: A User's Guide | Published
Martin, A. & J. Ventura (2018)

Lending Standards and Output Growth
Kirti, D. (2018)

Bubbles in hybrid markets: How expectations about algorithmic trading affect human trading   
Farjam, M. & O. Kirchkamp (2018)

On the role of responsiveness in rational herds   
Ali, S.N. (2018)

Growth, financial development, and housing booms   
Lim, T. (2018)

Securitization bubbles: Structured finance with disagreement about default risk   
Broer, T. (2018)

Determinants of housing bubbles' duration in OECD countries   
Amador-Torres, J.S., J.E. Gomez-Gonzalez & S. Sanin-Restrepo (2018)

Housing Booms, Manufacturing Decline, and Labor Market Outcomes   
Charles, K.K., E. Hurst & M.J. Notowidigdo (2018)

Capital price bubbles and dynamic inefficiency   
Sorger, G. (2018)

Bubbly Recessions | Published   
Biswas, S., A. Hanson & T. Phan (2018/20)

Asset Bubbles and Global Imbalances | Published   
Daisuke, I. & T. Phan (2018/19)

Financial bubbles and capital accumulation in altruistic economies   
Bosi, S., H-H. Thai; L.V. Cuong; C-T. Pham & N-S. Pham (2018)

Bubbles and Crowding-in of Capital via a Savings Glut   
Hillebrand, M., T. Kikuchi & M. Sakuragawa (2018)

The simplest rational greater-fool bubble model   
Liu, F. & J.R. Conlon (2018)

Herding with costly information   
Ali, S.N. (2018)

Financial Bubbles in Interbank Lending   
Corrado, L. & T. Schuler (2018)

Herding in analysts’ recommendations: The role of media?   
Frijns, B. & T.D. Huynh (2018)

Overoptimism and house price bubbles   
Abildgren, K., N.L. Hansen & A. Kuchler (2018)

Neighborhood effects on speculative behavior   
Mitton, T., K. Vorkink & I. Wright (2018)

Rational bubbles and public debt policy: A quantitative analysis   
Domeij, D. & T. Ellingsen (2018)

Boom-bust dynamics in a stock market participation model with heterogeneous traders   
Agliari, A., A. Naimzada & N. Pecora (2018)

Riding the Credit Boom
Hansman, C., H. Hong, W. Jiang, Y-J. Liu & J-J. Meng (2018)

Extrapolation and bubbles   
Barberis, N., R. Greenwood, L. Jin & A. Shleifer (2018)

Bias-corrected estimation for speculative bubbles in stock prices   
Kruse, R., H. Kaufmann & C. Wegener (2018)

Wealth Preference and Rational Bubbles   
Michau, J-B., Y. Ono & M. Schlegl (2018)

Bilateral adjustment of bank assets: Boom and bust   
Mehigan, C. (2018)

Asset Pledgeability and Endogenously Leveraged Bubbles | Published      
Bengui, J. & T. Phan (2018)

Asset Bubbles and Credit Constraints
Miao, J. & P. Wang (2018)

Booms, busts and heavy-tails: The story of Bitcoin and cryptocurrency markets?   
Fry, J. (2018)

Credit booms, debt overhang and secular stagnation   
Illing, G., Y. Ono & M. Schlegl (2018)

Booms and Busts in a Housing Market with Heterogeneous Agents   
Ascari, G., N. Pecora & A. Spelta (2018)

Ponzi schemes and the financial sector: DMG and DRFE in Colombia   
Hofstetter, M., D. Mejía, J.N. Rosas & M. Urrutia (2018)

Bubble on Real Estate: The Role of Altruism and Fiscal Policy | Published      
Clain-Chamosset-Yvrard, L. & T. Seegmuller (2018/19)

The Gilded Bubble Buffer   
Freixas, X. & D. Perez-Reyna (2018)

Endogenous Business Cycles with Bubbles   
Asaoka, S. (2018)

Financial Cycles, Credit Bubbles and Stabilization Policies   
Corrado, L. & T. Schuler (2018)

How do valuations impact outcomes of asset sales with heterogeneous bidders?   
Gorbenko, A.S. (2019)

Should central banks lean against the bubble? The monetary policy conundrum under credit frictions and capital accumulation   
Ciccarone, G., F. Giuli & E. Marchetti (2019)

Probability of price crashes, rational speculative bubbles, and the cross-section of stock returns   
Jeewon, J. & K. Jangkoo (2019)

Fundamental and Speculative Demands for Housing
Lian, W. (2019)

Riding the Bubble with Convex Incentives   
Sotes-Paladino, J. & F. Zapatero (2019)

Bubbles, Crashes, and the Financial Cycle: The Impact of Banking Regulation on Deep Recessions   
van der Hoog, S. & H. Dawid (2019)

Expectations During the U.S. Housing Boom: Inferring Beliefs from Actions
Ben-David, I., P. Towbin & S. Weber (2019)

Asset bubbles, banking stability and economic growth   
Wang, S., L. Chen & X. Xiong (2019)

Affordability, Financial Innovation, and the Start of the Housing Boom   
Campbell, J.R., F. Ferroni, J.D.M. Fisher & L. Melosi (2019)

Asset Price Bubbles and Systemic Risk | Published   
Brunnermeier, M.K., S.C. Rother & I. Schnabel (2019/20)

The power of sunspots: An experimental analysis   
Fehr, D., F. Heinemann & A. Llorente-Saguer (2019)

From boom to bust: a typology of real commodity prices in the long run   
Jacks, D.S. (2019)

Identifying booms and busts in house prices under heterogeneous expectations   
Bolt, W., M. Demertzis, C. Diks, C. Hommes & M. van der Leij (2019)

Credit Supply and the Housing Boom   
Justiniano, A., G.E. Primiceri & A. Tambalotti (2019)

A Macroeconomic Model of Price Swings in the Housing Market
Garriga, R.M. & A. Peralta-Alva (2019)

Growth and bubbles: Investing in human capital versus having children   
Raurich, X. & T. Seegmuller (2019)

Is there a housing bubble in China?   
Zhi, T., Z. Li, Z. Jiang, L. Wei & D. Sornette (2019)

Blockchain hysteria: Adding "blockchain" to company's name   
Jain, A. & C. Jain (2019)

Affordability, financial innovation and the start of the housing boom
Dokko, J.K., B.J. Keys & L. Relihan (2019)

Asset Bubbles and Economic Growth Under Endogenous Market Structure   
Takao, K. (2019)

Asset price bubbles with low interest rates: not all bubbles are alike
Bonchi, J. (2019)

Optimal Macroprudential Policy and Asset Price Bubbles
Biljanovska, N., L. Gornicka & A. Vardoulakis (2019)

Asset shortages, liquidity and speculative bubbles   
Bloise, G. & A. Citanna (2019)

The impact of interest rate policy on individual expectations and asset bubbles in experimental markets   
Bao, T. & J. Zong (2019)

Beliefs, Aggregate Risk, and the U.S. Housing Boom   
Jacobson, M. (2019)

Bubbles, growth and sunspots with credit market frictions   
Ho, W-H. & L. Zhu (2019)

Debt Limits and Credit Bubbles in General Equilibrium   
Martins-da-Rocha, V.F., T. Phan & Y. Vailakis (2019)

Economic Consequences of Housing Speculation | Published   
Gao, Z., M. Sockin & W. Xiong (2019/20)

Real indeterminacy and dynamics of asset price bubbles in general equilibrium   
Pham, N-S., L.V. Cuong & S. Bosi (2019)

Explosive dynamics in house prices? An exploration of financial market spillovers in housing markets around the world   
Martínez-García, E. & V. Grossman (2019)

Fire Sales in Frozen Markets   
Ebrahimy, E. (2019)

Rational exuberance booms   
Ambrocio, G. (2020)

Leverage and Asset Prices: An Experiment
Cipriani, M., A. Fostel & D. Houser (2020)

On booms that never bust: Ambiguity in experimental asset markets with bubbles   
Corgnet, B., R. Hernán-González & P. Kujal (2020)

(A)symmetric information bubbles: Experimental evidence   
Asako, Y., Y. Funaki, K. Ueda & N. Uto (2020)

Who inflates the bubble? Forecasters and traders in experimental asset markets   
Giamattei, M., J. Huber, J.G. Lambsdorff, A. Nicklisch & S. Palan (2020)

Coordination on bubbles in large-group asset pricing experiments   
Bao, T., M. Hennequin, C. Hommes & D. Massaro (2020)

Shadow banks, leverage risks, and asset prices
Feng, X., L. Lu & Y. Xiao (2020)

Monetary policy and herd behavior: International evidence   
Krokida, S-I., P. Makrychoriti & S. Spyrou (2020)

The Minsky Moment as the Revenge of Entropy   
Rosser, J.B. (2020)

Cycles of credit expansion and misallocation: The Good, the Bad and the Ugly   
Dong, F. & Z. Xu (2020)

Rational bubbles in non-linear business cycle models: Closed and open economies   
Kollmann, R. (2020)

The other (commercial) real estate boom and bust: The effects of risk premia and regulatory capital arbitrage   
Duca, J.V. & D.C. Ling (2020)

Monetary Policy and Bubbles in a New Keynesian Model with Overlapping Generations | Published
Galí, J. (2020/21)

Market impact and performance of arbitrageurs of financial bubbles in an agent-based model   
Westphal, R. & D. Sornette (2020)

Bubbles and house price dispersion in the United States during 1975-2017   
Tang, Y., T. Zeng & S. Zhu (2020)

Bubbles and persuasion with uncertainty over market sentiment   
Negrelli, S. (2020)

Natural Interest Rate and Asset Price Bubbles: How Bubbles Counteract Low Interest Rates   
Bonchi, J. (2020)

News and noise bubbles in the housing market   
Gazzani, A. (2020)

Financial policy in an exuberant world   
Walther, A. (2020)

Housing Booms and the U.S. Productivity Puzzle   
Carreno, J. (2020)

Price discovery in the small and in the large: Momentum and reversal, bubbles, and crashes   
Kedar-Levy, H. (2020)

Do 'complex' financial models really lead to complex dynamics? Agent-based models and multifractality   
Kukacka, J. & L. Kristoufek (2020)

Are speculative bubbles welfare improving? A note on Wang and Wen (2012)   
Fausch, J. & M. Sigonius (2020)

Are the liquidity and collateral roles of asset bubbles different?   
Clain-Chamosset-Yvrard, L., X. Raurich & T. Seegmuller (2020)

Credit Supply Driven Boom-Bust Cycles
Arslan, Y., B. Guler & B. Kuruscu (2020)

Asset Bubbles and Monetary Policy | Published      
Wang, P., J. Miao & F. Dong (2020)

The Fiscal Theory of Price Level with a Bubble
Brunnermeier, M.K., S.A. Merkel & Y. Sannikov (2020)

Disentangling bubbles in equity REITs   
Huerta-Sanchez, D., M. Jafarinejad, D. Kim & K.W. Soyeh (2020)

Bubbles and Financial Professionals   
Weitzel, U., C. Huber, J. Huber, M. Kirchler, F. Lindner & J. Rose (2020)

Market Panics, Frenzies, and Informational Efficiency: Theory and Experiment
Kendall, C. (2020)

Recurrent Bubbles and Economic Growth   
Guerron-Quintana, P.A., T. Hirano & R. Jinnai (2020)

Monetary Policy and Asset Price Bubbles: A Laboratory Experiment | Published      
Galí, J., G. Giusti & C.N. Noussair (2020/21)

Chaos control in presence of financial bubbles   
Bella, G. & P. Mattana (2020)

Asset bubble and endogenous labor supply: a clarification   
Zekkari, K.B. & T. Seegmuller (2020)

Asset Bubbles, Unemployment, and Financial Market Frictions   
Hashimoto, K., R. Im, T. Kunieda & A. Shibata (2020)

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect
Caballero, R.J. & A. Simsek (2020)

Asset Bubbles, Unemployment, and a Financial Crisis   
Hashimoto, K., R. Im & T. Kunieda (2020)

Credit policy and asset price bubbles   
Caraiani, P., M-A. Luik & D. Wesselbaum (2020)

Stationary bubble equilibria in rational expectation models   
Gourieroux, C., J. Jasiak & A. Monfort (2020)

Understanding risk of bubbles in cryptocurrencies   
Enoksen, F.A., C.J. Landsnes, K. Lucivjanská & P. Molnár (2020)

Do investors follow the herd in option markets?   
Bernales, A., T. Verousis & N. Voukelatos (2020)

Weighing up the Credit-to-GDP Gap: A Cautionary Note   
Karagedikli, O. & O. Rummel (2020)

Speculative bubbles in segmented markets: Evidence from Chinese cross-listed stocks   
Pavlidis, E.G. & K. Vasilopoulos (2020)

Role of the Community Reinvestment Act in Mortgage Supply and the U.S. Housing Boom   
Saadi, V. (2020)

Social interactions and asset pricing bubbles   
Steiger, S. & M. Pelster (2020)

Coordinated bubbles and crashes   
Zheng, H. (2020)

Can learning explain boom-bust cycles in asset prices? An application to the US housing boom   
Caines, C. (2020)

Effectiveness of Bailout Policies for Asset Bubbles in a Small Open Economy   
Motohashi, A. (2020)

Self-Fulfilling Risk Panics: An Expected Utility Framework
Benhabib, J., X. Liu & P. Wang (2020)

Leaning against the bubble: Can theoretical models match the empirical evidence?   
Ciccarone, G., F. Giuli, E. Marchetti & M. Tancioni (2020)

Mutual fund flows and fluctuations in credit and business cycles   
Ben-Rephael, A., J. Choi & I. Goldstein (2021)

Identifying bubbles and the contagion effect between oil and stock markets: New evidence from China   
Zhao, Z., H. Wen & K. Li (2021)

The Chinese Warrants Bubble: Evidence from Brokerage Account Records   
Pearson, N.D., Z. Yang & Q. Zhang (2021)

Winners, Losers, and Regulators in a Derivatives Market Bubble   
Li, X., A. Subrahmanyam & X. Yang (2021)

Beta herding through overconfidence: A behavioral explanation of the low-beta anomaly   
Hwang, S., A. Rubesam & M. Salmon (2021)

Credit Crunch: The Role of Household Lending Capacity in the Dutch Housing Boom and Bust 1995-2018   
Schellekens, M. & T. Yasseri (2021)

Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications   
Foote, C.L., L. Loewenstein & P.S. Willen (2021)

The Macroeconomics of Financial Speculation
Simsek, A. (2021)

Entrepreneurship, growth and productivity with bubbles   
Clain-Chamosset-Yvrard, L., X. Raurich & T. Seegmuller (2021)

Capital constraints and asset bubbles: An experimental study   
Coppock, L.A., D.Q. Harper & C.A. Holt (2021)

Heterogeneous expectations, housing bubbles and tax policy   
Martin, C., N. Schmitt & F. Westerhoff (2021)

The Financial Transmission of Housing Booms: Evidence from Spain
Martín, A., E. Moral-Benito & T. Schmitz (2021)

Liquidity Rules and Credit Booms   
Hachem, K. & Z. Song (2021)

The Interaction of Bankers' Asset and Liability Management with Liquidity Concerns   
Fan, Y. (2021)

Learning in speculative bubbles: Theory and experiment   
Hong, J., S. Moinas & S. Pouget (2021)

Collateralization and asset price bubbles when investors disagree about risk   
Broer, T. & A. Kero (2021)

Heterogeneous Global Booms and Busts
Farboodi, M. & P. Kondor (2021)

Speculative bubbles in present-value models: A Bayesian Markov-switching state space approach   
Chan, J.C.C. & C. Santi (2021)

Diagnosing housing fever with an econometric thermometer      SURVEY PAPER
Shi, S. & P.C.B. Phillips (2021)

When a Master Dies: Speculation and Asset Float   
Pénasse, J., L. Renneboog & J.A. Scheinkman (2021)

What drove the 2003-2006 house price boom and subsequent collapse? Disentangling competing explanations   
Griffin, J.M., S. Kruger & G. Maturana (2021)

Diagnostic bubbles   
Bordalo, P., N. Gennaioli, S.Y. Kwon & A. Shleifer (2021)

Did technology contribute to the housing boom? Evidence from MERS   
Lewellen, S. & E. Williams (2021)

Bitcoin: Bubble that bursts or Gold that glitters?   
Caferra, R., G. Tedeschi & A. Morone (2021)

Public Debt Bubbles in Heterogeneous Agent Models with Tail Risk | Published   
Kocherlakota, N.R. (2021/23)

Experience Does Not Eliminate Bubbles: Experimental Evidence   
Kopányi-Peuker, A. & M. Weber (2021)

Returns, volatility and the cryptocurrency bubble of 2017-18   
Cross, J.L., C. Hou & K. Trinh (2021)

Informational Herding, Optimal Experimentation, and Contrarianism   
Smith, L., P.N. Sørensen & J. Tian (2021)

Market Depth, Leverage, and Speculative Bubbles   
Enders, Z. & H. Hakenes (2021)

Bubbles, Crashes, Ups and Downs in Economic Growth Theory and Evidence   
Guerron-Quintana, P.A., T. Hirano & R. Jinnai (2021)

Ascendant altruism and asset price bubbles   
Bosi, S., T. Ha-Huy, C-T. Pham & N-S. Pham (2021)

Are Bank Bailouts Welfare Improving?   
Shukayev, M. & A. Ueberfeldt (2021)

Regressive Welfare Effects of Housing Bubbles   
Graczyk, A. & T. Phan (2021)

Emerging stock market exuberance and international short-term flows   
Wang, X., J.K. Yan, C. Yan & G. Gozgor (2021)

The effects of a "black swan" event (COVID-19) on herding behavior in cryptocurrency markets   
Yarovaya, L., R. Matkovskyy & A. Jalan (2021)

Moderating Macroeconomic Bubbles Under Dispersed Information   
Adams, J.J. (2021)

Bubbles for Fama from Sornette
Zhao, S. & D. Sornette (2021)

China's Housing Bubble, Infrastructure Investment, and Economic Growth   
Jiang, S., J. Miao & Y. Zhang (2022)

Detecting periodically collapsing bubbles in the S&P 500   
Nguyen, Q.N. & G.A. Waters (2022)

Credit Supply and Housing Speculation   
Mian, A. & A. Sufi (2022)

Moral Hazard during the Housing Boom: Evidence from Private Mortgage Insurance   
Bhutta, N. & B.J. Keys (2022)

Mortgage borrowing and the boom-bust cycle in consumption and residential investment   
Zhou, X. (2022)

Heterogeneity, Bubbles and Monetary Policy   
Bonchi, J. & S. Nisticò (2022)

Wealth redistribution in bubbles and crashes   
An, L., D. Lou & D. Shi (2022)

Can monetary policy lean against housing bubbles?   
André, C., P. Caraiani, A.C. Calin & R. Gupta (2022)

Extrapolative Bubbles and Trading Volume   
Liao, J., C. Peng & N. Zhu (2022)

Bubbles and the Value of Innovation | Published   
Haddad, V., P. Ho & E. Loualiche (2022)

How monetary policy shaped the housing boom   
Drechsler, I., A. Savov & P. Schnabl (2022)

Asset Price Booms and Macroeconomic Policy: A Risk-Shifting Approach
Allen, F., G. Barlevy & D. Gale (2022)

Time-varying impacts of expectations on housing markets across hot and cold phases   
Huang, M. (2022)

Two Types of Asset Bubbles in a Small Open Economy   
Kamihigashi, T. & R. Im (2022)

Bubbly bailout   
Dong, F. & Z. Xu (2022)

A model of financial bubbles and drawdowns with non-local behavioral self-referencing
Malevergne, Y., D. Sornette & R. Wei (2021)

A re-examination of housing bubbles: Evidence from European countries   
Tsai, I-C. & C-C. Lin (2022)

Herding and China's market-wide circuit breaker   
Wang, X., M.H. Kim & S. Suardi (2022)

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect   
Caballero, R.J. & A. Simsek (2022)

Predicting the Bubble of Non-Fungible Tokens (NFTs): An Empirical Investigation   
Ito, K., K. Shibano & G. Mogi (2022)

Sentiment and Speculation in a Market with Heterogeneous Beliefs
Martin, I.W.R. & D. Papadimitriou (2022)

Speculative Bubbles and Talent Misallocation   
Dong, F., Y. Jia & S. Wang (2022)

Rational housing demand bubble   
Clain-Chamosset-Yvrard, L., X. Raurich; Thomas Seegmuller (2022)

Housing Boom and Headline Inflation: Insights from Machine Learning
Liu, Y., D. Yang & Y. Zhao (2022)

A review of Phillips-type right-tailed unit root bubble detection tests      SURVEY PAPER
Hu, Y. (2022)

On Speculative Frenzies and Stabilization Policy
Barlevy, G. (2022)

Speculation, money supply and price indeterminacy in financial markets: An experimental study   
Hirota, S., J. Huber, T. Stöckl & S. Sunder (2022)

Bubbles and Stagnation | Published      
Xavier, I. (2022/23)

How did house and stock prices respond to different crisis episodes since the 1870s?   
Rafiq, S. (2022)

Runs on Algorithmic Stablecoins: Evidence from Iron, Titan, and Steel
Adams, A. & M.F. Ibert (2022)

The role of media coverage in the bubble formation: Evidence from the Bitcoin market   
Li, Y., W. Zhang, A. Urquhart & P. Wang (2022)

Do birds of a feather flock together? Evidence from time-varying herding behaviour of bitcoin and foreign exchange majors during Covid-19   
Mohamad, A. & S. Stavroyiannis (2022)

Borrower- and lender-based macroprudential policies: What works best against bank systemic risk?   
Apergis, N., A.F. Aysan & Y. Bakkar (2022)

Herding with leading traders: Evidence from a laboratory social trading platform   
Chmura, T., H. Le & K. Nguyen (2022)

Speculation Sentiment   
Davies, S.W. (2022)

The Good, the Bad, and the Missed Boom   
Perotti, E. & M. Rola-Janicka (2022)

Bubbly firm dynamics and aggregate fluctuations   
Tang, H. & D. Zhang (2022)

Asset Bubbles and Inflation as Competing Monetary Phenomena | Published      
Plantin, G. (2022/23)

LTV regulation and housing bubbles   
Chevallier, C.O. & S. El Joueidi (2022)

The shortage of safe assets and China's housing boom   
Luo, Y. & D. Mei (2023)

Necessity of Rational Asset Price Bubbles in Two-Sector Growth Economies   
Hirano, T., R. Jinnai & A.A. Toda (2023)

Commercial Real Estate in Crisis: Evidence from Transaction-Level Data
Alter, A., E.M. Mahoney & C. Badarinza (2023)

Bubble Detective: City-Level Analysis of House Price Cycles | Published   
Cevik, S. & S. Naik (2022/24)

Necessity of Rational Asset Price Bubbles in Two Sector Growth Economies   
Hirano, T., R. Jinnai & A.A. Toda (2023)

NFT Bubbles   
Barbon, A. & A. Ranaldo (2023)

Testing factor models when asset bubbles occur: A time-varying perspective   
Yu, L. & Y. Li (2023)

Rational bubbles: Too many to be true?   
Caravello, T.E., Z. Psaradakis & M. Sola (2023)

Point estimation in sign-restricted SVARs based on independence criteria with an application to rational bubbles   
Herwartz, H. & S. Wang (2023)

Are the Liquidity and Collateral Roles of Asset Bubbles Different?   
Clain-Chamosset-Yvrard, L., X. Raurich & T. Seegmuller (2023)

A Panel Clustering Approach to Analyzing Bubble Behavior   
Liu, Y., P.C.B. Phillips & J. Yu (2023)

Asset bubbles, entrepreneurial risks, and economic growth   
Hori, T. & R. Im (2023)

Herding through booms and busts   
Schaal, E. & M. Taschereau-Dumouchel (2023)

Anti-herding by hedge funds and its implications for expected returns   
Ali, S., I. Badshah & R. Demirer (2023)

A Three-State Rational Greater-Fool Bubble Model with Consumption Smoothing   
Liu, F., J.S. White & J.R. Conlon (2023)

A culture of greed: Bubble formation in experimental asset markets with greedy and non-greedy traders   
Hoyer, K., S. Zeisberger, S.M. Breugelmans & M. Zeelenberg (2023)

Bubble Necessity Theorem   
Hirano, T. & A.A. Toda (2023)

Credit cycles revisited   
Urban, J. (2023)

House Bubbles, global imbalances and monetary policy in the US   
Evgenidis, A. & A. Malliaris (2023)

A Comment on Monetary Policy and Rational Asset Price Bubbles   
Allen, F., G. Barlevy & D. Gale (2023)

Risk-Taking and Asymmetric Learning in Boom and Bust Markets   
Kieren, P., J. Müller-Dethard & M. Weber (2023)

Leverage, Endogenous Unbalanced Growth, and Asset Price Bubbles   
Hirano, T., R. Jinnai & A.A. Toda (2023)

Optimal Monetary Policy and Rational Asset Bubbles   
Bonchi, J. & S. Nisticò (2023)

Testing for explosive bubbles in the presence of non-Gaussian conditions   
Feng, H. (2023)

Is there a national housing market bubble brewing in the United States?   
Gupta, R., J. Ma, K. Theodoridis & M.E. Wohar (2023)

Can housing booms elevate financing costs of financial institutions?   
Ma, C. & S. Zhang (2024)

Revisiting speculative hyperinflations in monetary models: A rejoinder   
Diba, B. & O. Loisel (2024)

Money is the root of asset bubbles   
Awaya, Y., K. Iwasaki & M. Watanabe (2024)

Multiple-bubble testing in the cryptocurrency market: a case study of bitcoin   
Behzadi, S., M. Bayanati & H. Nozari (2024)

Corporate Debt, Boom-Bust Cycles, and Financial Crises
Ivashina, V., S. Kalemli-Özcan, L. Laeven & K. Müller (2024)

Rational bubbles on assets with a fundamental value   
Clain-Chamosset-Yvrard, L., X. Raurich & T. Seegmuller (2024)

The effect of bubbles on production: The state of the literature      SURVEY PAPER
Fernández-González, C., L.A. Hierro & H. Domínguez-Torres (2024)

Bubbly booms and welfare   
Dong, F., Y. Jiao & H. Sun (2024)

Short-covering bubbles   
Guimaraes, B. & P. Pannella (2024)

Housing Bubbles with Phase Transitions   
Hirano, T. & A.A. Toda (2024)

Beyond Pangloss: Financial sector origins of inefficient economic booms   
Malherbe, F. & M. McMahon (2024)

Speculative trading, stock returns and asset pricing anomalies   
Zhang, T., J. Li & Z. Xu (2024)

A Simple Trade Policy Perspective on Capital Controls
Schukhnecht, L. (1998)

International Liquidity Illusion: On the Risks of Sterilization
Caballero, R.J. and A. Krishnamurthy (2001)

Country Risk and Capital Flow Reversals
Razin, A. & E. Sadka (2001)

Financial Liberalization and Capital Flow Reversals   
Eicher, T.S., U. Walz & S. Turnovsky (2001)

The swings in capital flows and the Brazilian crisis   
Goldfajn, I. (2001)

Convertibility, Currency Controls and the Cost of Capital in Western Europe, 1950-1999   
Voth, H.J. (2001)

Credit, Prices, and Crashes: Business Cycles with a Sudden Stop   
Mendoza, E.G. (2001)

Abstract: The 1990s emerging-markets crises were characterized by sudden reversals in inflows of foreign capital followed by unusually large declines in current account deficits, private expenditures, production, and prices of nontradable goods relative to tradables. This paper shows that these Sudden Stops can be the outcome of the equilibrium dynamics of a flexible-price economy with imperfect credit markets. Foreign debt is denominated in units of tradables and a liquidity constraint links credit-market access to the income generated in the nontradables sector and the relative price of nontradables. Sudden Stops occur when real shocks of foreign or domestic origin, or policy-induced shocks make this constraint binding. Sudden Stops are not reflected in long-run business cycle statistics but still they entail nontrivial welfare costs. These results question crises-management policies seeking to impose direct controls on private capital flows and favor those that work to weaken credit frictions.

Temporary Controls on Capital Inflows
Reinhart, C.M. & R.T. Smith (2001)

The Quality of Bureaucracy and Capital Account Policies   
Bai, C.E. & S.J. Wei (2001)

Abstract: The extent of bureaucracy varies widely across countries. However, the quality of bureaucracy within a country evolves more slowly than economic policies---such as the imposition of capital controls---which can be implemented quickly. This paper presents the possibility that the quality of bureaucracy may be an important structural determinant of open-economy macro-policies. The imposition/removal of capital controls, in particular, may be one such consequence. We derive a model that delivers such a result. It shows that bureaucratic corruption translates into the reduced ability of government to collect tax revenue. Even if capital control/financial repression is otherwise inefficient, the government still has to rely on capital control/financial repression to raise revenue for public goods provision. For all countries for which we can obtain relevant data, we find that more corrupt countries are indeed more likely to impose capital controls, a pattern consistent with the model’s prediction. To deal with possible reverse causality we use the extent of corruption in a country’s judicial system and the degree of democracy as the instrumental variables (IV) for bureaucratic corruption. The IV regressions show more corrupt countries are associated with more severe capital controls. The results suggest that a premature removal of capital controls mandated by outside institutions could reduce rather than enhance economic efficiency.

A Simple Measure of the Intensity of Capital Controls
Edison, H.J. & F.E. Warnock (2001)

Foreign Direct Investment in a World of Multiple Taxes
Desai, M.A. & J.R. Hines Jr. (2001)

Capital Controls and Exchange Rate Instability in Developing Economies | Published   
Glick, R. & M. Hutchison (2001/2005)

Short and Long-Run Integration: Do Capital Controls Matter?
Kaminsky, G. & S. Schmukler (2001)

Smoothing Sudden Stops | Published   
Caballero, R.J. & A. Krishnamurthy (2001)

Private capital flows and poverty reduction: incompatible bedfellows?
Cobham, A. & A. Wood (2001)

The Effects of Capital Controls on Exchange Rate Volatility and Output
Frenkel, M., C. Nickel, G. Schmidt & G. Stadtmann (2001)

Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Inflows
Razin, A., E. Sadka & C.W. Yuen (2001)

Scrapping capital controls: pro or anti poor?
Cobham, A. (2001)

Capital flight: a blight on growth?
FitzGerald, V. & A. Cobham (2002)

International Capital Crunches: The Time-Varying Role of Informational Asymmetries
Mody, A. & M.P. Taylor (2002)

Sudden Stops and the Mexican Wave: Currency Crises, Capital Flow Reversals and Output Loss in Emerging Markets | Published      
Hutchison, M. & I. Noy (2002/05)

The Influence of Capital Controls on Long Run Growth: Where and How Much? | Published   
Chanda, A. (2002)

Location of Investors and Capital Flight   
Botman, D. & C.G.H. Diks (2002)

Capital Flows and Crisis: the Role of Credit Market Imperfections   
Bloch, C. (2002)

Credits, Crises, and Capital Controls: A Microeconomic Analysis
Neeman, Z. & G.O. Orosel (2002)

Capital Account Liberalization and Growth: Was Mr. Mahathir Right?
Eichengreen, B. & D. Leblang (2002)

Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes
Calvo, C.A. (2003)

Hedging Sudden Stops and Precautionary Recessions: A Quantitative Framework | Published
Caballero, R.J. & S. Panageas (2003)

Inflation Targeting and Sudden Stops
Caballero, R.J. & A. Krishnamurthy (2003)

One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smallest Traded Firms | Published   
Forbes, K. (2003/07)

Capital flows to emerging markets   
Penalver, A. (2003)

Cross-board listings, capital controls, and equity flows to emerging markets
Edison, H.J. & F.E. Warnock (2003)

Exchange Rate Based Stabilization with Sudden Restrictions on Capital Flows   
Subramanian, C. & J. Park (2003)

The Intriguing Nexus Between Corruption and Capital Account Restrictions   
Dreher, A. & L.H.R. Siemers (2003)

Modeling the Demand for Emerging Market Assets   
FitzGerald, V. & D. Krolzig (2003)

Can short-term capital controls promote capital inflows?   
Cordella, T. (2003)

Capital Controls: Mud in the Wheels of Market Discipline
Forbes, K.J. (2004)

Capital Controls, Liberalizations, and Foreign Direct Investment
Desai, M.A., C.F. Foley & J.R. Hines Jr. (2004)

Financial Liberalisation and Capital Regulation in Open Economies   
Morrison, A.D. & L. Whit (2004)

On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects
Calvo, G.A., A. Izquierdo & L.F. Mejia (2004)
Morrison, A.D. & L. Whit (2004)

Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
Caballero, R. & A. Krishnamurthy (2004)

Dealing with Destabilizing 'Market Discipline'
Cohen, D. & R. Portes (2004)

Bubbles and Crashes in a Behavioural Finance Model
De Grauwe, P. & M. Grimaldi (2004)

Growth Effects of the Exchange-Rate Regime and the Capital-Account Openness in A Crisis-Prone World Market: A Nuanced View
Razin, A. & Y. Rubinstein (2004)

A New Set of Measures on Capital Account Restrictions
Miniane, J. (2004)

Banks and Capital Inflows   
Fontenla, M. (2004)

Capital Control, Speculation and Exchange Rate Volatility   
Chu, M-L. (2004)

The determination of capital controls: Which role do exchange rate regimes play?   
von Hagen, J. & J. Zhou (2004)

Capital Controls, Risk, and Liberalization Cycles   
Alfaro, L. & F. Kanczuk (2004)

Managing Macroeconomic Crises
Frankel, J.A. & S-J. Wei (2004)

Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices | Published   
Mendoza, E.G. & K.A. Smith (2004/06)

Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality | Published   
Frankel, J.A. & E.A. Cavallo (2004/08)

Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops
Razin, A. & Y. Rubinstein (2005)

Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile
Calvo, G.A. & E. Talvi (2005)

Sudden Stops and Output Drops | Alternative   
Chari, V.V., P.J. Kehoe & E.R. McGrattan (2005)

Capital Controls, Sudden Stops and Current Account Reversals
Edwards, S. (2005)

Are Asset Price Guarantees Useful for Perventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff | Published   
Durdu, C.B. & E.G. Mendoza (2005/06)

A Quantitative Model of Sudden Stops and External Liquidity Management
Caballero, R. & S. Panageas (2005)

Crises in Emerging Market Economies: A Global Perspective
Calvo, G.A. (2005)

What Matters for Financial Development? Capital Controls, Institutions, and Interactions
Chinn, M.D. & H. Ito (2005)

The Microeconomic Evidence on Capital Controls: No Free Lunch
Forbes, K.J. (2005)

Capital Controls, Exchange Rate Volatility and External Vulnerability | Published   
Edwards, S. & R. Rigobon (2005/09)

International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile
De Gregorio, J. & K. Cowan (2005)

Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects | Published   
Calvo, G.A., A. Izquierdo & R. Loo-Kung (2005)

Robbing the Riches: Capital Flight, Institutions, and Instability
Cerra, V., R. Meenakshi & S.C. Saxena (2005)

Capital Controls: An Evaluation   
Magud, N. & C.M. Reinhart (2005)

Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
Mendoza, E.G. (2006)

Hedging Sudden Stops and Precautionary Contractions
Caballero, R.J. & S. Panageas (2006)

The Interaction Between Capital Controls and Exchange Rate Regimes: Evidence from Developing Countries
von Hagen, J. & J. Zhou (2006)

Sudden Stops and IMF-Supported Programs
Eichengreen, B.J., P. Gupta & A. Mody (2006)

Sudden Stops and Currency Drops: A Historical Look
Catão, L. (2006)

Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties
de M. Carvalho, B.S. & M.G.P. Garcia (2006)

Lessons From the Debt-Deflation Theory of Sudden Stops | Published   
Mendoza, E.G. (2006)

Output Drops and the Shocks That Matter
Becker, T.I. & P. Mauro (2006)

Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Deja vu?
Bordo, M.D. (2006)

Do Some Forms of Financial Flows Help Protect from Sudden Stops?
Levchenko, A.A. & P. Mauro (2006)

The effects of capital controls on international capital flows in the presence of asymmetric information   
Neumann, R.M. (2006)

Output Growth, Capital Flow Reversals and Sudden stop Crises   
Deb, S. (2006)

Cross-border Listings, Capital Controls, and Equity Flows To Emerging Markets
Edison, H.J. & F.E. Warnock (2006)

Capital Controls, Capital Flow Contractions, and Macroeconomic Vulnerability | Published   
Edwards, S. (2007)

Collective Risk Management in a Flight to Quality Episode
Caballero, R.J. & A. Krishnamurthy (2007)

Collateral Damage: Exchange Controls and International Trade | Published   
Wei, S-J. & Z. Zhang (2007)

Controls on capital inflows and external shocks
David, A.C. (2007)

How do Capital Controls Affect the Transmission of Foreign Shocks?   
Cooke, D. (2007)

The Effect of Capital Controls on Foreign Direct Investment Decisions Under Country Risk with Intangible Assets
Elo, K.Z. (2007)

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism | Published   
Durdu, C.B., E.G. Mendoza & M.E. Terrones (2007/09)

Capital flight and war
Davies, V.A.B. (2007)

Do China's capital controls still bind? Implications for monetary autonomy and capital liberalisation
Ma, G. & R.N. McCauley (2007)

Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913 | Published   
Bordo, M.D., A.F. Cavallo & C.M. Meissner (2007/09)

The Role of Expectations in Sudden Stops   
Mertens, K. (2007)

The Duration of Capital Account Crises--An Empirical Analysis
Mecagni, M., R. Atoyan, D. Hofman & D. Tzanninis (2007)

Are Capital Controls in the Foreign Exchange Market Effective? | Published   
Straetmans, S., R. Versteeg & C.C. Wolff (2008/13)

Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market
Dell'Ariccia, G., D. Igan & L. Laeven (2008)

Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration
Calvo, G.A., A. Izquierdo & L-F. Meja (2008)

Exchange Rate Pass-Through And Monetary Policy Mishkin, F.S. (2008)

Understanding International Price Differences Using Barcode Data
Broda, C. & D.E. Weinstein (2008)

Sudden Stops and Optimal Self-Insurance
Kim, J.I. (2008)

Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markes
Kaminsky, G.L. (2008)

Optimal reserve composition in the presence of sudden stops - the euro and the dollar as safe haven currencies | Published      
Beck, R. & E. Rahbari (2008/11)

Sudden Stops, Sectoral Reallocations, and the Real Exchange Rate | Published   
Kehoe, T.J. & K.J. Ruhl (2008/09)

Bankruptcy Costs, Liability Dollarization, and Vulnerability to Sudden Stops | Published      
Aysun, U. & A. Honig (2008/11)

Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q | Published
Mendoza, E.G. (2008/10)

Imperfect Competition in Financial Markets and Capital Controls: A Model and a Test
Pasricha, G.K. (2008)

Sudden Stops, Banking Crises and Investment Collapses in Emerging Markets | Published      
Joyce, J.P. & M. Nabar (2008/09)

Multiple Reserve Requirements, Exchange Rates, Sudden Stops and Equilibrium Dynamics in a Small Open Economy
Wang, W-Y. & P. Hernandez-Verme (2009)

The Persistence of Capital Account Crises
Mecagni, M., R. Atoyan & D. Hofman (2009)

A double-edged sword: High interest rates in capital-control regimes | Published   
Gudmundsson, G.S. & G. Zoega (2009/16)

Modeling sudden stops: The non-trivial role of preference specifications   
Chakraborty, S. (2009)

Optimal monetary policy in a ‘sudden stop’   
Braggion, F., L.J. Christiano & J. Roldos (2009)

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis
Tong, H. & S-J. Wei (2009)

When do sudden stops really hurt?   
Caner, M., F. Koehler-Geib & G.A. Vincelette (2009)

Fear of Fire Sales and the Credit Freeze
Diamond, D.W. & R.G. Rajan (2009)

Fire Sales in a Model of Complexity
Caballero, R.J. & A. Simsek (2009)

Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows | Published   
Binici, M., M. Hutchison & M. SchindlerWhen Do Sudden Stops Really Hurt?
Caner, M., F. Koehler-Geib & G.A. Vincelette (2009)

The reversibility of different types of capital flows to emerging markets   
Sula, O. & T.D. Willett (2009)

Capital Controls and 21st Century Financial Crises: Evidence from Colombia and Thailand   
Coelho, B. & K. Gallagher (2010)

Fire Sales in Finance and Macroeconomics | Published
Shleifer, A. & R.W. Vishny (2010/11)

Capital Controls and Welfare | Published      
Kitano, S. (2010/11)

Liberalization and Regulation of Capital Flows- Lessons for Emerging Market Economies
Mohan, R. & M. Kapur (2010)

Managing the Process of Removing Capital Controls: What Does the Literature Suggest? | Published      SURVEY PAPER
Moore, W. (2010/12)

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach
Jeanne, O. & A. Korinek (2010)

Capital Controls and Monetary Policy in Developing Countries   
Montecino, J.A. & J.A. Cordero (2010)

Shifts in Portfolio Preferences of International Investors: An Application to Sovereign Wealth Funds   
Sá, F. & F. Viani (2010)

The illusive quest: do international capital controls contribute to currency stability?   
Glick, R. & M. Hutchison (2010)

External Finance, Sudden Stops, and Financial Crisis: What is Different This Time?
Gulcin Ozkan, F. & D.F. Unsal (2010)

Sudden Stops, Output Drops, and Credit Collapses
Dagher, J. (2010)

Fiscal and monetary policies and the cost of sudden stops   
Hutchison, M.M., I. Noy & L. Wang (2010)

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis   
Tong, H. & S-J. Wei (2010)

Are Capital Controls and Central Bank Intervention Effective?   
Rincón, H. & J. Toro (2010)

Growth and Crisis, Unavoidable Connection? | Published   
Piazza, R. (2010/14)

Capital Controls: Myth and Reality - A Portfolio Balance Approach
Magud, N.E., C.M. Reinhart & K.S. Rogoff (2011)

The Duration of Intermediate Exchange Rate Regimes and Capital Controls   
Razo-Garcia, R. (2011)

Sudden Stops: Are Global and Local Investors Alike? | Published   
Calderon, C. & M. Kubota (2011/12)

Sudden stops and financial frictions: evidence from industry level data |   
Cowan, K. & C. Raddatz (2011/13)

Fire sale acquisitions: Myth vs. reality   
Ang, J. & N. Mauck (2011)

Sudden Flight and True Sudden Stops   
Rothenberg, A.D. & F.E. Warnock (2011)

Capital Controls: A Meta-analysis Approach
Magud, N., C. Reinhart & K. Rogoff (2011)

Managing Capital Inflows: The Role of Capital Controls and Prudential Policies
Qureshi, M.S., J.D. Ostry, A.R. Ghosh & M. Chamon (2011)

Capital Flow Waves: Surges, Stops, Flight, and Retrenchment
Forbes, K.J. & F.E. Warnock (2011)

Market Phoenixes and Banking Ducks: Are Recoveries Faster in Market-Based Financial Systems?
Allard, J. & R. Blavy (2011)

Currency crises with the threat of an interest rate defence   
Daniëls, T.R., H. Jager & F. Klaassen (2011)

An assessment of another decade of capital controls in Colombia: 1998–2008   
Concha, A., A.J. Galindo & D. Vasquez (2011)

Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s
Baba, C. & A. Kokenyne (2011)

Sudden stops, financial frictions, and labor market flows: Evidence from Latin America   
Gallego, F.A. & J.A. Tessada (2011)

Capital Controls and Foreign Exchange Policy   
Fratzscher, M. (2011)

A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation | Published   
Costinot, A., G. Lorenzoni & I. Werning (2011/14)

The New Economics of Capital Controls Imposed for Prudential Reasons
Korinek, A. (2011)

Episodes of Large Capital Inflows and the Likelihood of Banking and Currency Crises and Sudden Stops | Published   
Furceri, D., S. Guichard & E. Rusticelli (2011/12)