Empirical Literature on Financial Crises : Fundamentals vs . Panic

@inproceedings{Goldstein2012EmpiricalLO,
  title={Empirical Literature on Financial Crises : Fundamentals vs . Panic},
  author={Itay Goldstein},
  year={2012}
}
The process of financial globalization has given rise to an increase in the frequency of financial crises. With it, there has also been a surge in research about financial crises. One of the key questions in this area is whether crises are triggered by fundamentals or come as a result of panic. Observing real-world events, many prominent researchers, including Friedman and Schwartz (1963) and Kindleberger (1978), concluded that financial crises are so strong and sudden that there must be an… CONTINUE READING

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