Banking-Crisis Interventions, 1257 - 2019
308 Pages Posted: 10 Sep 2021 Last revised: 24 Feb 2024
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Banking-Crisis Interventions, 1257 - 2019
Banking-Crisis Interventions Across Time and Space
Date Written: September 7, 2021
Abstract
We present a new database of banking-crisis interventions from the Roman Empire to the present, covering 1,946 interventions in 20 categories across 143 countries. We demonstrate that crisis-intervention patterns are significantly related to income and fiscal variables and to measures of the political system and currency regime. GDP losses following crises are economically significant and are larger for wealthier countries, with some evidence that these losses are mitigated by democratic political systems and liberal currency regimes. Finally, intervention frequencies reached an apex during the post-Bretton Woods era, continuing a secular increase since at least the late 17th century.
Keywords: Financial Crises
JEL Classification: G01, G28
Suggested Citation: Suggested Citation