Aus der Einleitung: Aus den Diskussionen, die anläßlich der Dollar-Krise 1970/71 geführt werden, läßt sich entnehmen, daß sowohl bürgerliche Ökonomen wie auch Marxisten unklare Vorstellungen über die Ursachen von Währungskrisen haben. In den uns bekannten Arbeiten wird nicht der...

We propose a hierarchical Marshall–Olkin model of countrywide systemic risk. At the lower level, we model the systemic risk of a crisis within the banking system (that we call “within” systemic risk) and at the higher level we model the probability of a joint default of the banking system...

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that the ratio of net foreign liabilities (NFL) to GDP is a significant crisis predictor, and...

This paper investigates the dynamic implications of Krugman’s (1999) model of financial crises with balance-sheet effects, which has a considerable impact on the literature as well as the teaching of international financial crisis. By explicitly taking account of wealth accumulation and...