Systemic Banking Crises Revisited

Systemic Banking Crises Revisited

Systemic Banking Crises Revisited


Luc Laeven
Fabian Valencia

Publication Date:

September 14, 2018

Electronic Access:

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.


This paper updates the database on systemic banking crises presented in Laeven and
Valencia (2008, 2013). Drawing on 151 systemic banking crises episodes around the
globe during 1970-2017, the database includes information on crisis dates, policy
responses to resolve banking crises, and the fiscal and output costs of crises. We provide
new evidence that crises in high-income countries tend to last longer and be associated
with higher output losses, lower fiscal costs, and more extensive use of bank guarantees
and expansionary macro policies than crises in low- and middle-income countries. We
complement the banking crises dates with sovereign debt and currency crises dates to find
that sovereign debt and currency crises tend to coincide or follow banking crises.


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September 19, 2018 at 08:29PM