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This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main … factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp … markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main …
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implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts … the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches … and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42 …
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This paper studies the determinants of global liquidity using data on cross-border bank flows, with a longer time series and broader country sample than previous studies. We define global liquidity as non-price determinants of cross-border credit supply, consistent with its meaning as the...
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