106976_Dungey-2.pdf (1.24 MB)
The Internationalisation of Financial Crises: Banking and currency crises 1883-2008
journal contribution
posted on 2023-05-18, 17:26 authored by Dungey, M, Jacobs, JPAM, Lestano, LestanoFinancial 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.
History
Publication title
North American Journal of Economics and FinanceVolume
32Pagination
29-47ISSN
1062-9408Department/School
TSBEPublisher
Elsevier BVPlace of publication
NetherlandsRights statement
Copyright © 2015 ElsevierRepository Status
- Restricted