Debt and currency crises are closely interlinked through the government’s intertemporal budget constraint. The default tax and the inflation/devaluation tax can be considered as alternative means of financing. Our empirical analysis finds that high-debt countries choose default rather than inflation/devaluation for financing, while a high money stock reduces the probability of debt crises. Furt...

Background: The existence of moral challenges resulting from political, social and economic crises is an inevitable issue of any society and government. Challenges are not urgent, they gradually turn into crises, and can ultimately pose a serious threat to the sovereignty. The Qajar government was in such a situation, especially after the Constitutional Revolution. Political crises and its inte...

BACKGROUND The complexity of providing medical care in a high-tech environment with a highly specialized, limited labour force makes hospitals more crisis-prone than other industries. An effective defence against crises is only possible if the organizational resilience and the capacity to handle crises become part of the hospitals' organizational culture. To become more resilient to crises, a r...

The coincidence of banking and currency crises associated with the Asian financial crisis has drawn renewed attention to causal and common factors linking the two phenomena. In this paper, we analyze the incidence and underlying causes of banking and currency crises in 90 industrial and developed countries over the 1975-97 period. We measure the individual and joint (“twin”) occurrence of bank ...

the study investigated the effects of communal crises on selected crops production among farmers in langtang north local government area of plateau state, nigeria. multi-stage sampling technique was adopted; four local government areas were selected in each of the local government selected, four villages affected by communal crises were selected purposively. in two of the villages selected, 24 ...

The abruptness and virulence of the 1997 Asian crises have led many to claim that these crises are of a new breed and thus they were unforecastable. This paper examines 102 financial crises in 20 countries and concludes that the Asian crises are not of a new variety. Overall, the 1997 Asian crises, as well as previous crises in other regions, occur when the economies are in distress, making the...

Adrenal crises (ACs) sometimes progress rapidly and can be fatal. The aims of the present study were to reveal whether stress doses of glucocorticoids (SDGs) can prevent progression of severe ACs and to suggest a method of prevention, through analysis of its clinical features. We studied 24 severe ACs (nine patients) that occurred after diagnosis of primary or secondary adrenal insufficiency, r...

We build the network of the top 190 Italian quoted companies during the two financial crises of 2008-2009 (US credit crisis) and 2010-2011 (European sovereign debt crisis) and compare its structure to the pre-crises years, using both minimum spanning trees and the full network with thresholds. We also analyze the centrality and compactness of industry sectors. We find a general contraction of t...

The Interactions between Debt and Currency Crises – Common Causes or Contagion? In contrast to the well-known twin currency and banking crises the literature has so far neglected a second type of twin crises, the simultaneous occurrence of currency and debt crises. The decision of a government to devalue and/or to default is closely interlinked through the government’s intertemporal budget cons...

We provide one of the first tests of recent macro global-game crisis models that show that the precision of public signals can coordinate crises (e.g. Angeletos and Werning 2006; Morris and Shin 2002, 2003). In these models, self-fulfilling crises (independent of fundamentals) can occur only when publicly disclosed fundamental signals have high precision; fundamentals are thus the sole driver o...