Hutchison, Michael M; Noy, Ilan - In: Journal of Money, Credit and Banking 37 (2005) 4, pp. 725-52
We investigate the output effects of banking and currency crises in emerging markets, focusing on whether "twin crises" entail especially large losses. Recent literature emphasizes the costs of financial crises, and suggests that twin crises are particularly damaging to the real economy. Using a...