Munich Personal RePEc Archive

The economic and fiscal consequences of financial crises

Reinhart, Carmen (2009): The economic and fiscal consequences of financial crises. Published in: VoxEU-Centre for Economic Policy Research (26 January 2009): pp. 1-10.

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Financial 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.

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