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Manias, Panics, and Crashes: A History of Financial Crises
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In this article, the authors discuss the history of the financial crisis and its role in economic and monetary instability, including speculative manias, economic booms, and international contagion, and the international lender of last resort.Abstract:
1. Financial Crisis: A Hardy Perennial 2. Anatomy of a Typical Crisis 3. Speculative Manias 4. Fueling them Flames: The Expansion of Credit 5. The Critical Stage: Pricking the Bubble 6. Euphoria and Economic Booms 7. International Contagion 8. Bubble Contagion: Tokyo to Bangkok to New York 9. Swindles and Theft and Bad Manners 10. Policy Responses: Letting It Burn Out 11. Lenders of Last Resort: The Domestic Responses 12. The International Lender of Last Resort 13. Conclusion The Lessons of Historyread more
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
TL;DR: This paper studied the behavior of money, credit, and macroeconomic indicators over the long run based on a newly constructed historical dataset for 12 developed countries over the years 1870-2008, utilizing the data to study rare events associated with financial crisis episodes.
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The East Asian Financial Crisis: Diagnosis, Remedies, Prospects
TL;DR: This paper pointed out that the failure of a loan usually represents miscalculations on both sides of the transaction or distortions in the lending process itself, which is odd, since a loan agreement invariably has two parties.
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Predicting takeover targets: A methodological and empirical analysis
TL;DR: In this paper, the authors pointed out a number of methodological flaws which bias the results of these studies and showed that it is difficult to predict targets, indicating that the prediction accuracies reported by the earlier studies are overstated.
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Moritz Schularick,Alan M. Taylor +1 more
TL;DR: This article studied the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the years 1870-2008 and found that credit growth is a powerful predictor of financial crises, suggesting that policymakers ignore credit at their peril.
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From Financial Crash to Debt Crisis
Carmen Reinhart,Kenneth Rogoff +1 more
TL;DR: In this paper, the authors developed historical time series on public debt, along with data on external debts, allow a deeper analysis of the debt cycles underlying serial debt and banking crises, and they test three related hypotheses at both world aggregate levels and on an individual country basis.
References
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