The economic and fiscal consequences of financial crisesCarmenReinhartauthorFinancial crises are historically associated with the “4 deadly D’s”: Sharp economic downturns follow banking crises; with government revenues dragged down, fiscal deficits worsen; deficits lead to debt; as debt piles up rating downgrades follow. For the most fortunate countries, the crisis does not lead to the deadliest D: default, but for many it has.F0 - GeneralE6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook2009-01-26MPRA Paper