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Academic literature on the topic 'Financial crises'

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Published: 4 June 2021
Last updated: 30 July 2024

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Journal articles on the topic "Financial crises"

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Ovcharov, A. "Financial Crises and Financial Contagion in Latin America." World Economy and International Relations 67, no. 2 (2023): 104–13. http://dx.doi.org/10.20542/0131-2227-2023-67-2-104-113.

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The article deals with modern financial crises and features of their spread in Latin America. The classification of crises and ways of their identification are presented. The interconnectedness of modern financial crises is emphasized, which leads to the emergence of double and triple crises. Such crises have been repeatedly recorded in Argentina, Mexico, Uruguay and other countries. Over a period of more than fifty years, Latin America experienced 165 financial crises, with the largest share of them occurring in currency crises. The article proposes the indicator “crisis burden on the countries of Latin America” – its calculation for the period 1970–2019 showed that the region is characterized by alternating growth and decrease in the burden from banking and currency crises with a relatively stable load from debt crises. The maximum intensity of financial crises was observed in the 1970–1980, and then it decreased, although there were isolated spikes. The interconnectedness of crises is analyzed in the context of the effects of financial contagion – the transmission of shocks through different channels from one country or region to another country or region. Two main approaches explaining the mechanisms of transmission of crises between countries have been allocated. The results of studies indicating the direction and extent of financial contagion in Latin America were discussed. In particular, it is shown that contagion in the crisis periods of 1990–2000 spread both within the region and from the United States through trade and financial channels. The article presents the results of its own empirical study, which also confirmed the existence of contagion in this region. For the calculations, daily data on the stock indices of 8 Latin American countries over a long period of time were used. With the help of econometric tests for shifts in correlations (Forbes-Rigobon test and coskewness test), it was found that the recipients of contagion that spread through the stock market channels from the United States during the global financial crisis of 2007–2009 were countries such as Argentina, Brazil, Colombia and Mexico. During the crisis caused by the spread of COVID‑19, only Mexico was susceptible to contagion. This made it possible to draw a conclusion about the resilience of Latin American economies to the pandemic shock and the effectiveness of restrictive government measures.
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Gorton, Gary. "Financial Crises." Annual Review of Financial Economics 10, no. 1 (November 2018): 43–58. http://dx.doi.org/10.1146/annurev-financial-110217-022552.

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Financial crises are runs on short-term debt. Whatever its form, short-term debt is an inherent feature of a market economy. A run is an information event in which holders of short-term debt no longer want to lend to banks because they receive information leading them to suspect the value of the backing for the debt, so they run. When runs are system-wide they threaten the solvency of the entire financial system, which then requires either public or private intervention to remedy. Runs, which most likely follow credit booms, are integral parts of movements in the macroeconomy.
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Aldcroft, Derek H., and Michael Bordo. "Financial Crises." Economic History Review 47, no. 4 (November 1994): 840. http://dx.doi.org/10.2307/2597748.

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Rustamov, E. "Financial Crises: Sources, Manifestations, Consequences." Voprosy Ekonomiki, no. 4 (April 20, 2012): 46–66. http://dx.doi.org/10.32609/0042-8736-2012-4-46-66.

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Building on the empirical studies and financial crises theories, a general framework describing the mechanisms of crisis formation and transmission is developed. Factors of crisis formation include external and internal imbalances, shocks, deficiencies of economic policies and changes in the economic agents behavior (in particular, as concerns price bubbles formation and burst). Channels of crisis transmission include direct links between financial organizations; "negative loss spirals" arising from massive asset sales; increase in uncertainty. The framework is employed to the analysis of several crisis episodes in 1990s and 2000s (Mexican, Asian, Russian and Argentine crises). The channels of crisis transmission to the real economy are also considered. The approaches to measuring both short- and long-term impact of crises on fiscal stability and economic growth are discussed.
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Vasina, E. V. "THE GLOBAL FINANCIAL CRISES AND THEIR TYPES." MGIMO Review of International Relations, no. 4(43) (August 28, 2015): 271–77. http://dx.doi.org/10.24833/2071-8160-2015-4-43-271-277.

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In this study the author reveals the essence of the financial crisis and examines the various types of financial crises. By studying the literature on financial crises, the author of the studypays attention to three specific areas: the definition of the crisis, the manifestations of the crisis and the types of financial crises. The article notes that the term "financial crisis" is widely used in a variety of situations in which some financial assets suddenly lose most of their nominal value, but it does not necessarily lead to changes in the real economy. The financial crisis is a crisis that is systematically covers financial markets and institutions of the financial sector, international finance, money circulation and credit, state, municipal and corporate finance. Financial crises have common elements, but they come in different forms. Financial crises are generally multidimensional events and are difficult to characterize using a single indicator. The author considers the following types of financial crises: a banking crisis, a currency crisis, speculative bubbles and international financial crises. Banking crisis is a situation when a bank faces with a sudden outflow of depositors' funds. A currency crisis is a situation when the exchange rate, which is pegged to the currency of another country, is on the verge of collapse, causing committed speculation. A speculative bubble is in the case of large, sustainable overpricing of any asset class. Financial crises are reflected in a sharp rise in interest rates, a collapse in exchange rates, massive withdrawal of deposits from banks and credit crunch, currency and debt crisis.
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Sudarsan, P. K. "UNDERSTANDING FINANCIAL CRISIS: A THEORETICAL ANALYSIS." Ushus - Journal of Business Management 2, no. 1 (January 1, 2003): 1–10. http://dx.doi.org/10.12725/ujbm.2.1.

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Financial crises and their sub set banking crises have become worldwide phenomena in recent years. Understanding of financial crises assumes importance because the success of policy prescriptions to cure these crises depends to a large extent on the proper diagnosis of these crises. The objective of this paper is to provide a theoretical analysis to understand the financial crisis in a better way. The poper conjectures three stages in the financial crisis: confidence crisis, currency crisis and financial crisis. Paper shows that confidence crisis leads to the currency crisis and currency crisis in turn advances into the financial crisis. The paper also highlights the two-way linkage between currency crisis and financial crisis and its implications on policy suggestions. The two-way linkage between the currency crisis and financial crisis makes the policy prescriptions difficult. IMF policy to cure the East Asian crisis failed initially mainly because of this reason. The theoretical analysis reveals that a judicious mix of different policies would be the best remedy for the financial crisis of the type occurred in East Asia, though this would take some time to show positive results.
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Chang, Roberto. "Financial crises and political crises." Journal of Monetary Economics 54, no. 8 (November 2007): 2409–20. http://dx.doi.org/10.1016/j.jmoneco.2007.03.001.

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Ruzgar, Nursel Selver, and Clare Chua-Chow. "Behavior of Banks’ Stock Market Prices during Long-Term Crises." International Journal of Financial Studies 11, no. 1 (February 6, 2023): 31. http://dx.doi.org/10.3390/ijfs11010031.

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Countries are drastically impacted by financial and fiscal crises. Financial crises have the worst impact on not only society, but also the economy. The Canadian economy underwent financial crises and recessions several times during the last century. In this paper, daily closing stock prices of five large Canadian banks were studied during the last five crisis periods. It is aimed to determine the most effective or dominant index prices on the daily closing stock price of the banks during the crisis periods. The five periods were selected from secondary data from January 1975 to December 2020 by using the graphs and the crises in the literature. Multiple linear regression was performed to analyze the impact of price indexes during crisis periods. Findings show that “price index—financials” had a positive impact on the daily closing price of banks during the last five economic crises in Canada. Since the banks have different investment tools in their portfolio, the impacts of price indexes on the daily closing prices depend on these portfolios, which ultimately could have led to the economic crises.
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Ovcharov, A. O. "Financial crises and financial contagion in Japan." Japanese Studies in Russia, no. 1 (April 11, 2023): 59–79. http://dx.doi.org/10.55105/2500-2872-2023-1-59-79.

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The article analyzes the features of the financial crises in Japan in the context of using theoretical and practical approaches to financial contagion. A brief overview of the three significant financial crises observed in the period 1990–2009 is made with the identification of their causes, nature, and consequences. A strong impact on the Japanese economy was exerted by the banking crisis of 1997–2001, which became one of the most noticeable events of the “lost decade”. Its lessons allowed the Japanese government to overcome with minimal losses the global financial crisis of 2007–2009, which negatively affected not so much the credit and stock markets as the real sector of the Japanese economy and its foreign trade.It is productive to consider the spread of crises from the standpoint of the theory and methodology of financial contagion. It is a process of transmission of negative shocks that can lead to the disruption of fundamental links between countries and markets, thereby contributing to the growth of crises and instability. The article shows that Japan can act as both a transmitter and a recipient of infection. Examples of studies that examine the channels and direction of financial contagion in Japan are given. Its important feature is that the main channel for the transmission of shocks in a given country are trade relations, and not the financial ones. Taking this circumstance into account explains the effectiveness of the policy of supporting the real sector of the economy pursued by the Japanese government during the global financial crisis of 2007–2009.In order to illustrate the methodology of financial contagion, the article conducted an empirical study of the country and cross-industry effects of infection in the Japanese economy during the COVID-19 period. A specific infection detection tool (statistical tests) and an extensive empirical database were used. As a result, the country effects were confirmed only partially – Japan was the recipient of the financial contagion that came from China, but only weakly transferred it to other countries. Cross-industry infection spread more actively (it was recorded by more than a half of the tests). At the same time, uneven transmission of shocks between sectors was detected; possible causes of high or low susceptibility to infection in different sectors were discussed.
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Ovcharov, A. O. "Financial Crises and Financial Contagion in Japan." Russian Japanology Review 6, no. 2 (January 12, 2024): 32–60. http://dx.doi.org/10.55105/2658-6444-2023-2-32-60.

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The article analyzes the features of the financial crises in Japan in the context of using theoretical and practical approaches to financial contagion. A brief overview is made with the identification of the causes, nature, and consequences in relation to the three significant financial crises observed in the period 1990– 2009. A strong impact on the Japanese economy was exerted by the banking crisis of 1997–2001, which became one of the most noticeable events of the “lost decade.” Its lessons allowed the Japanese government to overcome the global financial crisis of 2007–2009 with minimal losses, which negatively affected not so much the credit and stock markets as the real sector of the Japanese economy and its foreign trade. From a scientific standpoint, the spread of crises is productively considered from the standpoint of the theory and methodology of financial contagion. It is a process of transmission of negative shocks that can lead to the disruption of fundamental links between countries and markets, thereby contributing to the growth of crises and instability. The article shows that Japan can act as both a transmitter and a recipient of infection. Examples of studies that examine the channels and direction of financial contagion in Japan are given. An important feature has been identified, which is that the main channel for the transmission of shocks in a given country is trade relations, and not financial ones. Taking this circumstance into account explains the effectiveness of the policy of supporting the real sector of the economy pursued by the Japanese government during the global financial crisis of 2007–2009.In order to illustrate the methodology of financial contagion, the article conducted an empirical study of the country and cross-industry effects of infection in the Japanese economy during the COVID-19 period. A specific infection detection tool (statistical tests) and an extensive empirical base were used. As a result, the country effects were confirmed only partially – Japan was the recipient of the financial contagion that came from China, but weakly transferred it to other countries. Cross-industry infection spread more actively (it was recorded by more than half of the tests). At the same time, uneven transmission of shocks between sectors was detected; possible causes of high or low susceptibility to infection in different sectors were discussed.
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Dissertations / Theses on the topic "Financial crises"

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Karlstroem, Peter Henning <1981&gt. "Essays on Financial Crises." Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2018. http://amsdottorato.unibo.it/8735/1/PhD_thesis_Karlstroem.pdf.

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Chapter 1 studies the relationship between income inequality and the occurrence of banking crises for 33 advanced countries between 1970-2011. Differently from other empirical studies, the focus of this study is on levels rather than growth rates of income inequality. A statistically significant and positive relationship is found between the value of the Gini index and the probability of banking crises. This result is confirmed when income distribution is summarized by the top 1% income share. Chapter 2 investigates whether macroprudential policies have been effective to address booms in in bank and household credit. Most of the previous empirical literature with cross-country data assess the effectiveness of macroprudential policies in curbing credit growth. However, in this study estimations are conducted with a binary dependent variable capturing credit booms. The results show that an aggregate index including five different macroprudential policy instruments is negatively and significantly associated with domestic bank credit booms. The results for aggregate indexes are robust to the inclusion of country and year fixed effects. Moreover, macroprudential policies are also found to be effective to reduce the likelihood of booms in household credit. Finally, this study shows that macroprudential policies are effective to address specifically those credit booms that are followed by systemic banking crises. Chapter 3 examines the impact of macroprudential policies on banks’ systemic risk in advanced and developing countries during the period 2000-2015. The main findings suggest that a tighter macroprudential policy stance in a country is negatively and significantly associated with the level of systemic risk for banks. Moreover, tighter conditions for concentration limits seem to reduce the growth rate of systemic risk. Finally, the results also show that tightenings of macroprudential policies were negatively associated with the growth rate of systemic risk for banks prior to the Global Financial Crisis.
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Bianchi, Caporale Javier Ignacio. "Essays on Financial Crises and Financial Regulation." UNIVERSITY OF MARYLAND, COLLEGE PARK, 2012. http://pqdtopen.proquest.com/#viewpdf?dispub=3479040.

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Ngadi, Leila. "Financial liberalisation as a predictor of financial crises : evidence from the Asian crisis /." Title page, contents and introduction only, 1999. http://web4.library.adelaide.edu.au/theses/09ARM/09armn576.pdf.

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Cândido, Maria Teresa. "Financial market liquidity, asset pricing, and financial crises /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 1998. http://wwwlib.umi.com/cr/ucsd/fullcit?p9914068.

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Rastapana, Songklod. "Three essays on financial crises." Thesis, University of Warwick, 2018. http://wrap.warwick.ac.uk/107782/.

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This thesis analyses different aspects of financial crises with a focus on the role of pecuniary externalities. The topics explored in these essays are as follows: Chapter 1 provides background on issues of illiquidity and insolvency, and discusses how the two can interact. Chapter 2 studies pecuniary externalities in a `bank run' model where banks supply credit in the form of marketable securities. An aggregate liquidity shock, which triggers `fire sales' of such securities, can lead to insolvency when their value falls. So, in this type of model, a run on several banks can lead to insolvency driven pecuniary externalities. Chapter 3 explores three explanations of the U.S. subprime crisis; insolvency due to externalities, insolvency due to cheating, and illiquidity driven by panic. We argue that these narratives should be treated as complements (rather than as substitutes), with each playing an important role at different stages of the crisis. Chapter 4 studies the reversibility of shocks in a general equilibrium model of competitive markets with heterogeneous beliefs. I find that heterogeneous beliefs can amplify shocks; and, due to asymmetric adjustment of risky asset prices, they can also lead to systemic default when a group of optimistic agents exits the market.
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Nikoloski, Z. "Institutions, financial crises and welfare." Thesis, University College London (University of London), 2011. http://discovery.ucl.ac.uk/1322962/.

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The aims of this thesis are threefold: (i) to investigate empirically the political and economic determinants of income inequality, paying particular attention to the role of institutions and institutional development; (ii) to determine the impact of macro-shocks (such as financial crises) on some of the most widely used human well-being indicators, such as poverty and mortality; (iii) to assess the importance of institutions and institutional change, investigating the impact of key aspects of institutional change in former communist countries (rapid privatization programmes) onto human well-being (mortality). Fulfilling these aims is important in its own right, but also from a policy point of view. In terms of income inequality, an enhanced understanding of its determinants, will help facilitate the adoption of policies aimed at reducing it. This is particularly important, since a reduction in income inequality could have positive spill-over effects on other human well-being indicators such as health or education. Finally, a deeper understanding of the impact of financial crises helps to facilitate immediate policy responses that might better shelter those that suffer the most during periods of macroeconomic shocks. The overall findings of the thesis support the notion that financial (and economic) crises carry negative consequences for the most vulnerable parts of society. Vis-à-vis the determinants of inequality, the thesis finds that economic determinants carry more weight than political ones (and some of the determinants, for example, financial sector development, have an inverted U-shaped relationship with inequality). Finally, the thesis finds no evidence in support of the claim that rapid privatization in the countries of Central and Eastern Europe and the former USSR was associated with increases in mortality rates, further shedding light onto the social implications of the transition process.
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Dumitrescu, Elena. "Econometric Methods for Financial Crises." Electronic Thesis or Diss., Orléans, 2012. http://www.theses.fr/2012ORLE0502.

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Connus sous le nom de Systèmes d’Alerte Avancés, ou Early Warning Systems (EWS), les modèles de prévision des crises financières sont appelés à jouer un rôle déterminant dans l’orientation des politiques économiques tant au niveau microéconomique qu’au niveau macroéconomique et international. Or,dans le sillage de la crise financière mondiale, des questions majeures se posent sur leur réelle capacité prédictive. Deux principales problématiques émergent dans le cadre de cette littérature : comment évaluer les capacités prédictives des EWS et comment les améliorer ?Cette thèse d’économétrie appliquée vise à proposer (i) une méthode d’évaluation systématique des capacités prédictives des EWS et (ii) de nouvelles spécifications d’EWS visant à améliorer leurs performances. Ce travail comporte quatre chapitres. Le premier propose un test original d’évaluation des prévisions par intervalles de confiance fondé sur l’hypothèse de distribution binomiale du processus de violations. Le deuxième chapitre propose une stratégie d’évaluation économétrique des capacités prédictives des EWS. Nous montrons que cette évaluation doit être fondée sur la détermination d’un seuil optimal sur les probabilités prévues d’apparition des crises ainsi que sur la comparaison des modèles.Le troisième chapitre révèle que la dynamique des crises (la persistance) est un élément essentiel de la spécification économétrique des EWS. Les résultats montrent en particulier que les modèles de type logit dynamiques présentent de bien meilleurs capacités prédictives que les modèles statiques et que les modèles de type Markoviens. Enfin, dans le quatrième chapitre nous proposons un modèle original de type probit dynamique multivarié qui permet d’analyser les schémas de causalité intervenant entre différents types crises (bancaires, de change et de dette). L’illustration empirique montre clairement que le passage à une modélisation trivariée améliore sensiblement les prévisions pour les pays qui connaissent les trois types de crises
Known as Early Warning Systems (EWS), financial crises forecasting models play a key role in definingeconomic policies at microeconomic, macroeconomic and international level. However, in the wake ofthe global financial crisis, numerous questions with respect to their forecasting abilities have been raised,as very few signals were drawn prior to the starting of the turmoil. Two questions arise in this context:how to evaluate EWS forecasting abilities and how to improve them?The broad goal of this applied econometrics dissertation is hence (i) to propose a systematic model-free evaluation methodology for the forecasting abilities of EWS as well as (ii) to introduce new EWSspecifications with improved out-of-sample performance. This work has been concretized in four chapters.The first chapter introduces a new approach to evaluate interval forecasts which relies on the binomialdistributional assumption of the violations series. The second chapter proposes an econometric evaluationmethodology of the forecasting abilities of an EWS. We show that adequate evaluation must take intoaccount the cut-off both in the optimal crisis forecast step and in the model comparison step. The thirdchapter points out that crisis dynamics (persistence) is essential for the econometric specification of anEWS. Indeed, dynamic logit models lead to better out-of-sample forecasting probabilities than those oftheir main competitors (static model and Markov-switching one). Finally, a multivariate dynamic probitEWS is proposed in the fourth chapter to take into account the causality between different types of crises(banking, currency, sovereign debt). The empirical application shows that the trivariate model improvesforecasts for countries that underwent the three types of crises
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8

Dumitrescu, Elena. "Econometric Methods for Financial Crises." Thesis, Orléans, 2012. http://www.theses.fr/2012ORLE0502/document.

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Connus sous le nom de Systèmes d’Alerte Avancés, ou Early Warning Systems (EWS), les modèles de prévision des crises financières sont appelés à jouer un rôle déterminant dans l’orientation des politiques économiques tant au niveau microéconomique qu’au niveau macroéconomique et international. Or,dans le sillage de la crise financière mondiale, des questions majeures se posent sur leur réelle capacité prédictive. Deux principales problématiques émergent dans le cadre de cette littérature : comment évaluer les capacités prédictives des EWS et comment les améliorer ?Cette thèse d’économétrie appliquée vise à proposer (i) une méthode d’évaluation systématique des capacités prédictives des EWS et (ii) de nouvelles spécifications d’EWS visant à améliorer leurs performances. Ce travail comporte quatre chapitres. Le premier propose un test original d’évaluation des prévisions par intervalles de confiance fondé sur l’hypothèse de distribution binomiale du processus de violations. Le deuxième chapitre propose une stratégie d’évaluation économétrique des capacités prédictives des EWS. Nous montrons que cette évaluation doit être fondée sur la détermination d’un seuil optimal sur les probabilités prévues d’apparition des crises ainsi que sur la comparaison des modèles.Le troisième chapitre révèle que la dynamique des crises (la persistance) est un élément essentiel de la spécification économétrique des EWS. Les résultats montrent en particulier que les modèles de type logit dynamiques présentent de bien meilleurs capacités prédictives que les modèles statiques et que les modèles de type Markoviens. Enfin, dans le quatrième chapitre nous proposons un modèle original de type probit dynamique multivarié qui permet d’analyser les schémas de causalité intervenant entre différents types crises (bancaires, de change et de dette). L’illustration empirique montre clairement que le passage à une modélisation trivariée améliore sensiblement les prévisions pour les pays qui connaissent les trois types de crises
Known as Early Warning Systems (EWS), financial crises forecasting models play a key role in definingeconomic policies at microeconomic, macroeconomic and international level. However, in the wake ofthe global financial crisis, numerous questions with respect to their forecasting abilities have been raised,as very few signals were drawn prior to the starting of the turmoil. Two questions arise in this context:how to evaluate EWS forecasting abilities and how to improve them?The broad goal of this applied econometrics dissertation is hence (i) to propose a systematic model-free evaluation methodology for the forecasting abilities of EWS as well as (ii) to introduce new EWSspecifications with improved out-of-sample performance. This work has been concretized in four chapters.The first chapter introduces a new approach to evaluate interval forecasts which relies on the binomialdistributional assumption of the violations series. The second chapter proposes an econometric evaluationmethodology of the forecasting abilities of an EWS. We show that adequate evaluation must take intoaccount the cut-off both in the optimal crisis forecast step and in the model comparison step. The thirdchapter points out that crisis dynamics (persistence) is essential for the econometric specification of anEWS. Indeed, dynamic logit models lead to better out-of-sample forecasting probabilities than those oftheir main competitors (static model and Markov-switching one). Finally, a multivariate dynamic probitEWS is proposed in the fourth chapter to take into account the causality between different types of crises(banking, currency, sovereign debt). The empirical application shows that the trivariate model improvesforecasts for countries that underwent the three types of crises
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Atiq, Zeeshan. "Essays on financial liberalisation, financial crises and economic growth." Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-financial-liberalisation-financial-crises-and-economic-growth(8ebde51d-189b-40e9-a4e1-098b8880301e).html.

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This thesis investigates the impact of financial liberalisation policies on finance-growth relationship and financial crises. Analysis of recent trends and economic performance of financially developed and stable economies raises at least two very important questions that seem to have strong analytical connections. The first question is associated with the link between financial development and economic growth and the second question focuses the possible association between the policies of financial liberalisation and financial vulnerability. In this thesis we aim to shed light on some of the aspects that have gained so much attention from academics and policy makers during the last two decades. First we address whether excessive liberalisation has caused financial development to lose its effectiveness in generating economic growth. We employ a dynamic panel data analysis for 88 countries over the period of 1973 to 2005. Our index for the financial sector liberalisation covers seven aspects: credit controls and reserve requirements, interest rate controls, entry barriers, state ownership, policies on securities markets, banking regulations and restrictions on capital market. We use a comprehensive financial development indicator constructed through principal component analysis of five different indicators: bank private credit to GDP ratio, liquid liability to GDP ratio, deposit money bank assets to total bank assets ratio, deposit money bank assets to GDP ratio, and bank credit to bank deposit ratio. The results indicate that the positive effect of financial development on long-run growth continues to decline as the financial sector becomes more liberalised. Our results are robust to changes in the financial development indicators and the dis-aggregation of the financial liberalisation index. Second, we examine the possibility for an optimal sequence of financial sector reforms that may reduce an economy’s vulnerability to financial crises. We construct a distance measure from the countries that followed a more gradual approach and liberalised their capital account at a later stage. Our analysis shows that the experience of the countries that delayed or followed a very gradual approach for the liberalisation of their capital accounts have high level of implications to those countries that allowed for shock approach or liberalised their capital account before bringing reforms in other sectors.
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Nguyen, Mai Lan. "Financial contagion and interactions between financial markets during global crises." Rennes 1, 2012. http://www.theses.fr/2012REN1G033.

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Cette thèse se concentre principalement sur la modélisation des liens de marchés financiers afin de vérifier si le degré de transmission de volatilité et de contagion/fuite vers la qualité a évolué suite aux crises financières. Cette étude utilise les extensions des modèles GARCH multivariés, les tests spécifiques de contagion et les modèles à changements de régimes de Markov. Les résultats obtenus mettent en évidence la transmission de volatilité, la coexistence de contagion et fuite vers la qualité et le rôle des hedge funds dans ces phénomènes. Cette thèse souligne aussi les effets asymétriques des chocs sur la volatilité et sur les corrélations des hedge funds et examine les facteurs déterminants de ces corrélations
In this thesis, we firstly focus on modeling financial market linkages to verify the degree of volatility spillovers, comovement, interdependence and contagion/flight to quality during financial crises. Our estimations require precise modeling of conditional variances-covariances and significant changes in dynamic conditional correlations between indices. As a result, we use some extensions of multivariate GARCH models, specific tests of contagion and Markov regime-switching models. The thesis results reveal clear evidence of volatility spillovers, coexistence of contagion and flight to quality, and the role of hedge funds in these phenomena during the ongoing financial crisis. This thesis further highlights the asymmetry effects of positive and negative shocks on volatility and correlations of hedge fund strategy returns, and explores the determinant factors of these correlations
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Books on the topic "Financial crises"

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D, Bordo Michael, ed. Financial crises. Aldershot, Hants, England: E. Elgar Pub., 1992.

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Chang, Roberto. Financial crises and political crises. Cambridge, MA: National Bureau of Economic Research, 2005.

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Glenn, Hubbard R., and National Bureau of Economic Research., eds. Financial markets and financial crises. Chicago: University of Chicago Press, 1991.

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Moro, Beniamino, and Victor A. Beker. Modern Financial Crises. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-20991-3.

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Bisignano, Joseph R., William C. Hunter, and George G. Kaufman, eds. Global Financial Crises. Boston, MA: Springer US, 2000. http://dx.doi.org/10.1007/978-1-4615-4367-1.

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Office, General Accounting. Financial crisis management: Four financial crises in the 1980s. Washington, D.C: The Office, 1997.

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Campos, Nauro F. Crises, what crises? Bonn, Germany: IZA, 2006.

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1954-, Frenkel Michael, Karmann Alexander, and Scholtens, L. J. R., 1959-, eds. Sovereign risk and financial crises. Berlin: Springer, 2004.

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Louis-Philippe, Rochon, and Rossi Sergio 1967-, eds. Monetary and exchange rate systems: A global view of financial crises. Cheltenham, UK: Edward Elgar, 2006.

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Cencini, Alvaro, and Sergio Rossi. Economic and Financial Crises. London: Palgrave Macmillan UK, 2015. http://dx.doi.org/10.1057/9781137461902.

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Book chapters on the topic "Financial crises"

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Christophers, Brett. "Financial Crises." In The Wiley Blackwell Companion to Political Geography, 462–77. Chichester, UK: John Wiley & Sons, Ltd, 2015. http://dx.doi.org/10.1002/9781118725771.ch34.

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Seidman, Ann, and Robert B. Seidman. "Financial Crises." In State and Law in the Development Process, 305–30. London: Palgrave Macmillan UK, 1994. http://dx.doi.org/10.1007/978-1-349-23615-2_15.

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Broome, André. "Financial Crises." In Issues and Actors in the Global Political Economy, 185–201. London: Macmillan Education UK, 2014. http://dx.doi.org/10.1007/978-1-137-39047-9_13.

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Inci, Ahmet Can. "Financial Crises." In Contemporary Issues in Quantitative Finance, 31–47. London: Routledge, 2023. http://dx.doi.org/10.4324/9781003213697-3.

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Friedman, Daniel. "laboratory financial markets." In Banking Crises, 204–10. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/9781137553799_21.

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D’Apice, Vincenzo, and Giovanni Ferri. "Recent Financial Crises." In Financial Instability, 48–109. London: Palgrave Macmillan UK, 2010. http://dx.doi.org/10.1057/9780230297111_9.

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Sinclair, Timothy J. "Global Financial Crises." In Issues in 21st Century World Politics, 80–91. London: Macmillan Education UK, 2013. http://dx.doi.org/10.1007/978-1-137-15470-5_6.

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Mennillo, Giulia, and Timothy J. Sinclair. "Global Financial Crises." In Issues in 21st Century World Politics, 157–71. London: Macmillan Education UK, 2017. http://dx.doi.org/10.1057/978-1-137-58900-2_12.

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Angeles, Luis. "Preventing Financial Crises." In Money Matters, 133–37. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-95516-8_14.

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Angeles, Luis. "Describing Financial Crises." In Money Matters, 87–101. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-95516-8_10.

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Conference papers on the topic "Financial crises"

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Aytaç, Deniz. "The Global Financial Crisis and the Stabilizing Effect of Financial Transaction Taxes." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00890.

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With the liberalization policies that started in the 1980s, almost a race began in lifting the barriers to capital movements, particularly in developing countries, with the aim of achieving capital inflows from countries with a savings surplus to countries with a current deficit. However, the crises that broke out one after another in the liberalized financial markets in the 1990’s and the global crisis that occurred in the 2007-2008 period as a result of increased volatility in short-term capital movements and of excessive credit growth have raised again the need to bring short-term capital movements under control. The present study discusses the feasibility of financial transaction taxes as a stabilizer in the economy due to the need to mitigate the destructive impacts of financial crises and to finance the economic damage after the crisis or, in other words, the increased need for fiscal consolidation resulting from the crisis. In the light of the findings obtained, it has been noted that financial transaction taxes applied at a low rate in financing the increased public debt on account of the support provided to the financial sector because of the crisis constitute an important item of revenue due to the high volatility in short-term capital movements. In this context, it has been concluded that financial transaction taxes, although difficulties are encountered in their application, can have a considerable stabilizing effect in the future, taking the periodical nature of financial crises into account.
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Fırat, Emine, and Hakan Seldüz. "The Role of Financial Reporting in Occurrence of Financial Crises: Are The Regulations Generated by International Financial Reporting Standards Suffic." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00882.

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Financial liberalization politics are utilized to cope with the economic dimension of globalization. They had important roles in occurrence and outspread of financial crises; and economic crises were triggered by the spread of financial crises to real economy. Because of financial liberalization; financial sector grew disproportionately developing faster than real economy. As the financial tools and methods got diversified, the sanction power of national regulations weakened due to the global dimension and a functional auditing mechanism could not be established. This enabled creative accounting practices and financial reporting manipulations and caused financial reports to become misleading and decreased their reliability. It is claimed by many researchers, that financial reporting again played an important role in the occurrence and spreading of the 2008 crisis, despite the fundamental amendments laid down with IFRS in 2003 and the continual updates. This study, which is displaying the characteristic features of a qualitative research, is carried out mainly by literature review. A wide and comprehensive investigation is meticulously executed on IFRS versions and drafts, the related legislation and regulations and the results of the some important researches about the allied subjects. The role of financial reports in occurrence of financial crises has been displayed. The effects of IFRS on financial reports are explored especially in terms of realism, transparency and reliability. The adequacies of the regulations are discussed, the risky points are spotlighted and proposals are put forward to minimize these risks in accordance with the principals of corporate governance.
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Woo, Gordon. "Natural hazard metaphors for financial crises." In Disordered and complex systems. AIP, 2001. http://dx.doi.org/10.1063/1.1358203.

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Grebenyuk, E. A., A. A. Budilov, E. A. Grebenyuk, I. D. Rodionov, and N. M. Selyuto. "Econometrics Methods for Predictability of Financial Crises on Example Asian Crisis." In 2018 Eleventh International Conference "Management of large-scale system development" (MLSD 2018). IEEE, 2018. http://dx.doi.org/10.1109/mlsd.2018.8551878.

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Hiç, Özlen, and Ayşen Hiç Gencer. "The 1994, 1997-98, 2001 and 2008 Crises and their Impacts on the Turkish Economy." In International Conference on Eurasian Economies. Eurasian Economists Association, 2023. http://dx.doi.org/10.36880/c15.02739.

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This article examines the impacts of four major economic and financial crises that significantly affected Turkey’s economic stability and growth: the 1994 crisis, the 1997-98 Asian crisis, the 2001 Turkish crisis, and the 2008 global crisis. The 1994 crisis was triggered by a sudden currency depreciation and resulted in a severe economic contraction. It revealed the vulnerabilities of the Turkish financial system and highlighted the need for structural reforms to improve fiscal discipline and monetary policy. The 1997-98 Asian financial crisis had a ripple effect on Turkey, leading to a sharp decline in exports, capital outflows, and a banking crisis. The Turkish Lira came under intense pressure, and the government had to implement stabilization measures with support from international institutions. The 2001 Turkish economic crisis stemmed from high public debt, banking sector weaknesses, and a loss of investor confidence, which led to a significant depreciation of the Turkish Lira, a banking sector restructuring, and the implementation of economic reforms. The 2008 global financial crisis, originated in the United States. The collapse of Lehman Brothers triggered a sharp decline in global demand, leading to a decline in Turkey's exports. The government implemented stimulus measures to mitigate the impacts of the crisis and prevent a severe recession. Overall, these crises exposed vulnerabilities in Turkey's economy and highlighted the importance of implementing structural reforms, improving financial regulations, and maintaining macroeconomic stability. The Turkish economy has demonstrated resilience in recovering from these crises, but ongoing challenges remain in sustaining long-term economic growth and stability.
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Chen, Xiaoyan, Yi Wei, and Qin Xu. "Notice of Retraction: Liquidity and Financial Crises." In 2009 International Conference on Management and Service Science (MASS). IEEE, 2009. http://dx.doi.org/10.1109/icmss.2009.5301197.

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Anderson, Jeremy. "District Leadership Spending Responses to Financial Crises." In 2023 AERA Annual Meeting. Washington DC: AERA, 2023. http://dx.doi.org/10.3102/2016393.

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Öngel, Volkan, and Serdar Kuzu. "An Evaluation of the Major Indicators of Economical Crisis in Central Asian Countries within the Framework of Global Financial Crisis of 2008." In International Conference on Eurasian Economies. Eurasian Economists Association, 2012. http://dx.doi.org/10.36880/c03.00478.

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Several financial crises that have different causes and effects occured in financial markets in which globalization takes its effect increasingly. Central Asian Countries which have gained their independence after the disintegration of the Soviet Union in 1991 both faced important socio-cultural and political changes and were affected many global crises during 1991-2012. The global financial crisis which occured in the USA in 2008 as a mortgage crisis spreaded as a result of globalization and affected the developing economies. 2008 global financial crisis caused trouble especially in macroeconomic issues such as employment, production, supply, demand, level of welfare, openness, price stability, economic growth, inflation and unemployment. This study aims to imply how the selected Central Asian Countries have been affected by the 2008 global financial crisis and their future expectations by analysing leading macroeconomic indicators. In this context, the effects of the global financial crisis on macroeconomic variables of Kazakhistan, Azerbaijan, Kyrgyzstan, Turkmenistan and Uzbekistan will be interpreted. In the light of these indicators, it will be analysed if there are leading indicators for a coming economic crisis in Central Asian Countries and also how their economic structure will be in the near future.
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Knopik, Cliff, and Justin Zhan. "The Effects of Financial Crises on American Financial Institutions Information Security." In 2010 5th International Conference on Future Information Technology. IEEE, 2010. http://dx.doi.org/10.1109/futuretech.2010.5482633.

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Maturo, Fabrizio, Donato Riccio, Giuseppe Bifulco, Paolone Francesco, and Andrea Mazzitelli. "Data-Driven Strategies for Early Detection of Corporates’ Financial Distress." In CARMA 2024 - 6th International Conference on Advanced Research Methods and Analytics. Valencia: Universitat Politècnica de València, 2024. http://dx.doi.org/10.4995/carma2024.2024.17826.

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Scholars have taken a keen interest in predicting corporate crises in the past decades. However, most studies focused on classical parametric models that, by their nature, can consider few predictors and interactions and must respect numerous assumptions. Over the past few years, the economy has faced a severe structural crisis that has resulted in significantly lower income, cash, and capital levels than in the past. This crisis has led to insolvency and bankruptcy in many cases. Hence, there is a renewed interest in research for new models for forecasting business crises using novel advanced statistical learning techniques. The study shows that using tree-based methods and hyper-parameters optimization leads to excellent results in terms of accuracy. Moreover, this approach allows us to automatically consider all possible interactions and discover relevant aspects never considered in past studies. This line of research provides fascinating results that can bring new knowledge into the reference literature.
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Reports on the topic "Financial crises"

1

Chang, Roberto. Financial Crises and Political Crises. Cambridge, MA: National Bureau of Economic Research, November 2005. http://dx.doi.org/10.3386/w11779.

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Greenwood, Robin, Samuel Hanson, Andrei Shleifer, and Jakob Ahm Sørensen. Predictable Financial Crises. Cambridge, MA: National Bureau of Economic Research, June 2020. http://dx.doi.org/10.3386/w27396.

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Mendoza, Enrique, and Vincenzo Quadrini. Financial Globalization, Financial Crises and Contagion. Cambridge, MA: National Bureau of Economic Research, October 2009. http://dx.doi.org/10.3386/w15432.

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Bordo, Michael, and Christopher Meissner. Fiscal and Financial Crises. Cambridge, MA: National Bureau of Economic Research, March 2016. http://dx.doi.org/10.3386/w22059.

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Herrera, Helios, Guillermo Ordoñez, and Christoph Trebesch. Political Booms, Financial Crises. Cambridge, MA: National Bureau of Economic Research, July 2014. http://dx.doi.org/10.3386/w20346.

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Sufi, Amir, and Alan Taylor. Financial crises: A survey. Cambridge, MA: National Bureau of Economic Research, August 2021. http://dx.doi.org/10.3386/w29155.

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Caballero, Julián, Jonathon Adams-Kane, and Jamus Lim. Foreign Bank Behavior during Financial Crises. Inter-American Development Bank, July 2014. http://dx.doi.org/10.18235/0011648.

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This paper studies whether lending by foreign banks is affected by financial crises. The paper pairs a bank-level dataset of foreign ownership with information on banking crises and examines whether the credit supply of majority foreignowned banks that underwent home-country crises differs systematically from that of other foreign banks. The baseline results show that banks exposed to homecountry crises in 2007 and 2008 exhibit changes in lending patterns that are lower by between 13 and 42 percent than their non-crisis counterparts. This finding is robust to potential alternative explanations and also holds, though less strongly, for the 1997-98 Asian crisis.
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Fernández Martín, Andrés, and Juan David Herreño. Equilibrium Unemployment During Financial Crises. Inter-American Development Bank, February 2013. http://dx.doi.org/10.18235/0011449.

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Financial crises in both emerging and developed economies have been characterized by large output drops and spikes in unemployment and interest rates. To account for these stylized facts this paper builds a business cycle model where financial and la- bor market frictions interact as occasionally binding borrowing constraints and search frictions. The model is calibrated to a Sudden Stop-prone emerging economy and also to some peripheral European economies in the recent crisis. The model accounts for unemployment dynamics both during crises and at regular business cycle frequencies. The paper also assesses the welfare implications of policies that reduce real minimum wages during crises.
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e Castro, Miguel Faria. Fiscal Multipliers and Financial Crises. Federal Reserve Bank of St. Louis, 2018. http://dx.doi.org/10.20955/wp.2018.023.

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Castiglionesi, Fabio, Fabio Feriozzi, and Guido Lorenzoni. Financial Integration and Liquidity Crises. Cambridge, MA: National Bureau of Economic Research, April 2017. http://dx.doi.org/10.3386/w23359.

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