Stories of the Twentieth Century for the Twenty-First

Stories of the Twentieth Century for the Twenty-First

July 26, 2011 | Pierre-Olivier Gourinchas and Maurice Obstfeld
This web appendix provides a list of countries and crises from the 20th century relevant to the analysis of financial crises in the 21st century. It includes three types of crises: currency crises, systemic banking crises, and default crises. For currency crises, the authors use the criteria of Frankel and Rose (1996), defining a crisis as a 25% or greater nominal currency depreciation against the US dollar over a year, accompanied by a 10 percentage point increase in the annual rate of depreciation. For advanced economies, the chronology of Bordo et al. (2001) is used, which covers up to 1997. After 1997, there were no true currency crises in advanced countries until 2008, with Iceland included in 2008. The 2003-2010 crisis episodes are marked with a ‘*’ in the tables, indicating they were used only in the panel logit analysis of section 2.3 of the paper. For systemic banking crises, the authors refer to Laeven and Valencia (2010), with the 2003-2010 crisis episodes also marked with a ‘*’. This includes borderline systemic crises under their classification. For default crises, the authors use data from Reinhart and Rogoff (2009), Cantor and Packer (1995), Chambers (2011), Moody's (2009), and Sturzenegger and Zettelmeyer (2007). The 2003-2010 crisis episodes are also marked with a ‘*’. The tables list currency crisis episodes (1973-2010), systemic banking crisis episodes (1973-2010), and default episodes (1973-2010). The total number of crises is 76, of which 74 occurred between 1973 and 2006. The references cited include studies by Bordo et al. (2001), Cantor and Packer (1995), Caprio et al. (2003), Chambers (2011), Frankel and Rose (1996), Laeven and Valencia (2010), Moody's (2009), Reinhart and Rogoff (2009), and Sturzenegger and Zettelmeyer (2007).This web appendix provides a list of countries and crises from the 20th century relevant to the analysis of financial crises in the 21st century. It includes three types of crises: currency crises, systemic banking crises, and default crises. For currency crises, the authors use the criteria of Frankel and Rose (1996), defining a crisis as a 25% or greater nominal currency depreciation against the US dollar over a year, accompanied by a 10 percentage point increase in the annual rate of depreciation. For advanced economies, the chronology of Bordo et al. (2001) is used, which covers up to 1997. After 1997, there were no true currency crises in advanced countries until 2008, with Iceland included in 2008. The 2003-2010 crisis episodes are marked with a ‘*’ in the tables, indicating they were used only in the panel logit analysis of section 2.3 of the paper. For systemic banking crises, the authors refer to Laeven and Valencia (2010), with the 2003-2010 crisis episodes also marked with a ‘*’. This includes borderline systemic crises under their classification. For default crises, the authors use data from Reinhart and Rogoff (2009), Cantor and Packer (1995), Chambers (2011), Moody's (2009), and Sturzenegger and Zettelmeyer (2007). The 2003-2010 crisis episodes are also marked with a ‘*’. The tables list currency crisis episodes (1973-2010), systemic banking crisis episodes (1973-2010), and default episodes (1973-2010). The total number of crises is 76, of which 74 occurred between 1973 and 2006. The references cited include studies by Bordo et al. (2001), Cantor and Packer (1995), Caprio et al. (2003), Chambers (2011), Frankel and Rose (1996), Laeven and Valencia (2010), Moody's (2009), Reinhart and Rogoff (2009), and Sturzenegger and Zettelmeyer (2007).
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[slides and audio] Stories of the Twentieth Century for the Twenty-First