Interconnections between banking crises and fiscal crises have a long history. We document the long-run evolution from classic banking panics towards modern banking crises where financial guarantees are associated with crisis resolution. Recent crises feature a feedback loop between bank...

Interconnections between banking crises and fiscal crises have a long history. We document the long-run evolution from classic banking panics towards modern banking crises where financial guarantees are associated with crisis resolution. Recent crises feature a feedback loop between bank...

This paper examines the alternative views of fixed versus floating exchange rates presented in Gottfried Haberler's Prosperity and Depression (1937) and Ragnar Nurkse's Interwar Currency Experience (1944). It shows how Haberler presented a model of exchange rates that is an anticipation of the...