The paper studies mechanisms through which a sudden stop in international credit flows may bring about financial and balance of payments crises. It is shown that these crises can occur even though the current account deficit is fully financed by foreign direct investment. However, equity and long-term bond financing may shield the economy from sudden stop crises. The paper also examines possibl...

Currency crises tend to be regional; they affect countries in geographic proximity. This suggests that patterns of international trade are important in understanding how currency crises spread, above and beyond any macroeconomic phenomena. We provide empirical support for this hypothesis. Using data for five different currency crises (in 1971, 1973, 1992, 1994, and 1997) we show that currency c...

Identifying banking crises is the first step in the research on determinants of banking crises. The prevailing practice is to employ market events to identify a banking crisis. Researchers justify the usage of this method on the grounds that either direct and reliable indicators of banks’ assets quality are not available, or that withdrawals of bank deposits are no longer a part of financial cr...

Several public health crises in Europe have led to sustained outbreaks, political problems, or have generated social alarm. For this reason, a nationwide study was conducted in Spain with the objective to determine which public health events provoke the most frequent crises, to reach a consensus regarding the appropriate actions to be taken when responding to public health crises, and to provid...

The instability of international financial markets, as exhibited by persistent periodic crises, is an important issue for all market participants. This paper presents an alternative agent-based network theory of financial crises derived from recent developments in complexity science, and applies it to short-term currency crises. The theory, despite being parsimonious, is capable of generating c...

This paper addresses current problems of democratic instability in continental Latin America, assuming that all its countries have been at least “minimalist” democracies during the years 2000–07. To identify essential factors leading to instability, it focuses on the countries’ most recent and acute political crises. It considers two periods in the post–cold war years: 1992–99 and 2000–07. The ...

Painless and painful crises are common phenomena in sickle cell crises. People with Sickle Cell Disorder (SCD) do experience both chronic and acute pain throughout life. The painful crisis is unpleasant with wide variation in intensity, quality, duration and persistence. It accounts for over 60% of hospital admissions in any given year of persons affected with SCD. Little attempt has been made ...

Can we improve forecasts of currency crises by using a large number of predictors? Which economic variables are most important to predict currency crises? This paper evaluates the performance of traditional Leading Indicators and a new Diffusion Index (DI) method as Early Warning Systems to monitor the risk and forecast the likelihood of the recent currency crises in East-Asia. We find that, re...

Qian et al. (2010) (henceforth QRR) have assembled an impressively rich data set on external default, banking, and monetary crises. This paper is part of an ambitious project on placing crises in the proper historical perspective (e.g., Reinhart and Rogoff, 2009). It is an extremely valuable research agenda, as much of modern sovereign debt literature has focused on recent (post 1980) episodes,...

This study examines the concepts of conflicts and crises and their antecedents in Nigeria. It makes a clarification of the causes of crises in Nigeria due mainly to poverty and unjust allocation of the available resources. An attempt is made to identify strategies adopted by Nigerian government on crises resolution and their shortcomings. The study finally presents ways forward towards a better...