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The Internationalisation of Financial Crises: Banking and currency crises 1883-2008

Citation

Dungey, M and Jacobs, JPAM and Lestano, The Internationalisation of Financial Crises: Banking and currency crises 1883-2008, North American Journal of Economics and Finance, 32 pp. 29-47. ISSN 1062-9408 (2015) [Refereed Article]


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Copyright Statement

Copyright 2015 Elsevier

DOI: doi:10.1016/j.najef.2015.01.003

Abstract

Financial crises are high cost events which can transmit across inter- national borders. Using data from 1883 to 2008, this paper develops a means of mapping changes in the degree of international synchroni- sation of banking and currency crises through a formal concordance index. This index specifcally accounts for the typically low incidence and potential serial correlation of crisis data. The results show that banking crises were highly internationalised at the beginning of the 20th century, and became far less so in the strong regulatory environ- ment prevailing after the Depression until the 1980s. A strong increase in the synchronicity of international banking crises is revealed during the late 20th and early 21st century. Currency crises began the century as more idiosyncratic, but have tended to become more synchronised over the 115 year sample.

Item Details

Item Type:Refereed Article
Keywords:financial crises, currency crisis, banking crisis, synchronisation, concordance indices
Research Division:Economics
Research Group:Applied Economics
Research Field:Macroeconomics (incl. Monetary and Fiscal Theory)
Objective Division:Economic Framework
Objective Group:Macroeconomics
Objective Field:Fiscal Policy
Author:Dungey, M (Professor Mardi Dungey)
Author:Jacobs, JPAM (Dr Jan Jacobs)
ID Code:106976
Year Published:2015
Web of Science® Times Cited:4
Deposited By:Tasmanian School of Business and Economics
Deposited On:2016-02-29
Last Modified:2017-02-15
Downloads:31 View Download Statistics

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