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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 |
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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 |
UTAS Author: | Dungey, M (Professor Mardi Dungey) |
UTAS Author: | Jacobs, JPAM (Dr Jan Jacobs) |
ID Code: | 106976 |
Year Published: | 2015 |
Web of Science® Times Cited: | 9 |
Deposited By: | TSBE |
Deposited On: | 2016-02-29 |
Last Modified: | 2017-02-15 |
Downloads: | 222 View Download Statistics |
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