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 fluctuations in asset and credit markets, the paper...

The world is still recovering from the most recent global recession associated with the 2008-09 financial crisis and the possibility of another downturn persists as the global economy struggles to regain lost ground. But, what is a global recession? What is a global recovery? What really happens...