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1、ANEXEGESISONCURRENCYANDBANKINGCRISESJaniceBoucherBreuerUniversityofSouthCarolinaAbstract.Thispaperreviewstheliteratureoncurrencyandbankingcrises.Currencyandbankingcrisesarecharacterizedaccordingtosomestandardsintheliteratureandtheirhistoricalrecordsummarized.Thedev
2、elopmentoftheliteraturefromfirstthroughfourth-generation,orso-called‘institutional’modelsisreviewed.Adigressiononinstitutionsisprovidedalongwithsomesidebarsonthedevelopmentoftheliteratureoninstitutionsasitrelatestoeconomicgrowth.Theempiricalresearchonthird-generati
3、on(ortwincrises)modelsandoninstitu-tionalmodelsofcurrencyandbankingcrises,whicharesofarscarce,iscoveredtoo.Asummaryofthemainpolicyissuesfordealingwithfinancialcrisesispresented.Thepapercloseswithanemphasisoninstitutionsandacallformoreresearchdirectedatinstitutionsa
4、ndtheirroleinthefinancialsystem.Byjusticeakingbringsstabilitytoacountry,butonewhotakesbribesruinsit.(Proverbs29:4)1.IntroductionTherecordofeconomicdevelopmentandgrowthacrosscountries,evenlookingbacktotheearly1900s,showsthatcurrencycrisesareascommonplaceandsocio-eco
5、nomicallydiverseasbankingcrises.Oftentimes,thetwogohandinhand.EichengreenandBordo(2002)findthatbetween1973and1997,thefrequencyoftwincrises(bankingandcurrencycrises)isaboutequaltothefrequencyofbankingcrises.Forcountriesthatexperiencefinancialcrises–currencyorbank-in
6、gcrisesorboth,theeconomiclossescanbelargeanddisruptivewithrecovery1timesof2–4years.Thehumantollexactedisnotonlyfinancialandeconomic,butsocial,emotional,andpolitical.Indonesiaisoneexample.Inmanyepisodesoffinancialcrises,bankingandcurrencyproblemsarepre-senttogether.
7、Thatbanksactasintermediariesfordomesticandforeigncurrencytransactionsmay,inpart,explaintheirrelationship.Forthisreason,itseemsworthwhiletosurveyliteratureonthetwointandem.Currencyandbankingcriseshavesomecharacteristicsincommonandmaybecausallyrelated.Kaufman0950-080
8、4/04/030293–28JOURNALOFECONOMICSURVEYSVol.18,No.3#BlackwellPublishingLtd.2004,9600GarsingtonRoad,OxfordOX42DQ,UKand350MainSt.,Malden,MA02148,USA.
