Contents: Preface xii 1 2002 Uruguay banking crisis 1 Simone Selva 2 2008 Financial Crisis in the US 7 Sara Hsu and Brandon Dupont 3 A Classical-Keynesian approach to financial crises 11 Carlo Panico 4 A financial crisis as a form of VUCA (volatile, uncertain, complex, and ambiguous situation) 17 Tiia Vissak 5 A modern Greek tragedy: the crises of 2009–2015 21 Animesh Ghoshal 6 Argentina’s 1989 crisis 26 Hernán Eduardo Neyra and Andrés Ernesto Ferrari Haines 7 Asian financial crisis 31 Andrew Sheng 8 Assessing reserve management during economic crises: lessons from Indonesia and Nigeria 35 Phyllis Papadavid 9 Austrian School monetary explanation for the business cycle 43 Cameron M. Weber 10 Bank and corporate balance sheet vulnerabilities and currency crises 48 Manuel Duarte Rocha and Roberto Accioly Perrelli 11 Belgium’s crises in the pre-World War I era 51 Gertjan Verdickt 12 Bolivia—debt accumulation in the 1970s, hyperinflation in the 1980s 54 Gabriel Martinez 13 Canada and the global financial crisis 58 Ian Roberge 14 Canada’s asset-backed commercial paper crisis 62 Ian Roberge 15 Central banks 65 Nicolás Varela García 16 Changes in commodity prices as the factor triggering financial crises 70 Marek Dabrowski 17 Chile: the 1973 economic crisis and the military coup 76 Juan M. Padín 18 Chile’s 1981–83 crisis 78 Gabriel Martinez 19 Colombia during the financial crisis of the 1980s 84 Carlos Eduardo Hernández and Edwin López-Rivera 20 Colombia during the financial crisis of the late 1990s 88 Carlos Eduardo Hernández and Edwin López-Rivera 21 Colombia during the Great Depression 92 Carlos Eduardo Hernández and Edwin López-Rivera 22 Crisis prevention and resolution 95 Sara Hsu 23 Definition of banking crisis 98 Ali Ari 24 Determinants of banking crises 101 Ali Ari 25 Discovering business opportunities emerging from financial crises 105 Tiia Vissak 26 Early warning systems (EWS) of currency crises 108 Manuel Duarte Rocha and Roberto Accioly Perrelli 27 Ecuador’s 1999 triple financial crisis 111 Gabriel Martinez 28 Egypt’s currency and financial crisis 118 Simon Neaime and Isabelle Gaysset 29 Factors determining public debt sustainability 121 Marek Dabrowski 30 Financial crises and financial regulation: what relationship? 127 Lyubov Klapkiv and Faruk Ülgen 31 Financial crises in Spain after Bretton Woods: 1977 and 2008 crises 136 Concha Betrán and María A. Pons 32 Financial crises in the Ottoman Empire 141 Akif Berber 33 Financial crises in Turkey 146 Ali Ari 34 Financial crises, their forms, interrelations between them, and crises’ origins 151 Marek Dabrowski 35 Financial liberalization, the capital surge, and the 1994–1995 peso crisis 155 Juan Carlos Moreno-Brid and Joaquín Sánchez Gómez 36 Financial stability in the insurance sector: the case of the American International Group, AIG 157 Lyubov Klapkiv and Faruk Ülgen 37 Firms’ ways to deal with financial crises 162 Tiia Vissak 38 Fiscal policy and financial instability 165 John Lodewijks 39 Global capital flows and financial instability 168 John Lodewijks 40 Global imbalances and global recession 171 Ensar Yõlmaz 41 Global pandemic and stock market volatility of Asia-Pacific countries 176 Naji Mansour Nomran and Razali Haron 42 Great crises of the twentieth and twenty-first centuries: a Schumpeterian perspective 181 Faruk Ülgen and Lyubov Klapkiv 43 Hyman Minsky (1919–1996) 189 Brenda Spotton Visano 44 IMF and World Bank remedies for financial instability 191 John Lodewijks 45 Income inequality before the Great Depression and Global Recession 194 Ensar Yõlmaz 46 India’s balance of payments crises 199 Animesh Ghoshal 47 Inequality created by active monetary policy 204 Cameron M. Weber 48 Inflation 209 Nicolás Varela García 49 International banking regulation 214 Martina Metzger 50 Italy and the 1992 crisis of the European Monetary System 219 Roberto Di Quirico 51 Italy and the Eurozone crisis 222 Roberto Di Quirico 52 John Maynard Keynes (1883–1946) 226 Brenda Spotton Visano 53 Joseph Alois Schumpeter (1883–1950) 230 Brenda Spotton Visano 54 Lebanon’s perfect storm 232 Simon Neaime and Isabelle Gaysset 55 Liability dollarization 236 Gabriel Martinez 56 London and the exchange-rate crisis of 1931 240 Christopher Godden 57 London and the financial crisis of 1914 244 Christopher Godden Malaysian crisis 1985 248 Simone Selva 59 Marxian crisis theory 251 Deb Das 60 Monetary policy and financial stability in Africa during COVID-19 253 Phyllis Papadavid and Dirk Willem te Velde 61 Panic of 1857 256 William V. Rapp 62 Panic of 1907 260 William V. Rapp 63 Philippines banking crisis of 1981 264 Simone Selva 64 Portuguese banking crisis of 1876 267 Rita Martins de Sousa 65 Portuguese financial crisis of 1890/91 270 Rita Martins de Sousa 66 Recoveries from financial crises 275 Peter H. Bent 67 Southeast Asian crisis from a currency perspective 280 Martina Metzger 68 Spain’s crises in the interwar period: the Great Depression 284 Concha Betrán and María A. Pons 69 Spain’s crises in the second half of the nineteenth century (gold standard system) 289 Concha Betrán and María A. Pons 70 Systemic risk and credit risk 294 Victor A. Beker 71 Thailand 1997: the spark that started the fire 296 Gabriel Martinez 72 The 1893 bank crisis 303 Brandon Dupont 73 The 1931 banking crisis in Italy 307 Roberto Di Quirico 74 The 1935 Italian currency crisis 311 Roberto Di Quirico 75 The 1967 Indonesian banking crisis 314 Agusman Agusman 76 The 1997–1998 Korean financial crisis 317 Seung Jung Lee 77 The 1997–1998 financial crisis in Japan 320 Hiromichi Iwaki 78 The 1997/1998 Indonesian banking crisis 326 Agusman Agusman 79 The 1998 Russian debt crisis 330 Peter C. Earle 80 The 2001 Argentina financial crisis 332 Hernán Eduardo Neyra and Andrés Ernesto Ferrari Haines 81 The 2007 financial crisis in the United Kingdom 340 Seung Jung Lee 82 The 2008–2009 international financial crisis: influenza or minor cold in Mexico? 343 Juan Carlos Moreno-Brid and Joaquín Sánchez Gómez 83 The 2008/2009 financial crisis in Brazil 346 Rafael F. Schiozer and Paulo R. S. Terra 84 The Argentinean financial and debt crisis of 2019 351 Juan Santarcángelo 85 The banking crisis in Norway 1987–1993 354 Ola Honningdal Grytten 86 The Brazilian banking crisis of 1994/95 360 Rafael F. Schiozer and Paulo R. S. Terra 87 The Brazilian currency crisis of 1999 363 Rafael F. Schiozer and Paulo R. S. Terra 88 The Covid-19 crisis in Mexico (2020 …) 368 Juan Carlo Moreno-Brid and Joaquín Sánchez Gómez 89 The Credit-Anstalt crisis of 1931 372 Aurel Schubert 90 The debt crisis in Latin America in the 1980s 376 Juan Santarcángelo 91 The developing country debt crisis of the 1980s 379 Harald Sander 92 The Euro Crisis 383 Harald Sander 93 The financial crisis in Japan in the 1920s 389 Hiromichi Iwaki 94 The Finnish banking crisis of the 1930s 394 Karlo Kauko 95 The Finnish banking crisis of the 1990s 397 Karlo Kauko 96 The Great Depression in Norway 402 Ola Honningdal Grytten 97 The Great Depression in the United States 406 Charles Bartlett 98 The Icelandic banking crisis of 2008 413 Karlo Kauko 99 The impacts of financial crises on firms’ exports 417 Tiia Vissak 100 The Irish financial crisis of 2007–2010 420 Aurel Schubert 101 The lost decade and the 1982 debt crisis in Mexico 424 Juan Carlos Moreno-Brid and Joaquín Sánchez Gómez 102 The Norwegian monetary crisis in the mid-1920s 426 Ola Honningdal Grytten 103 The “odious” route to a sovereign debt crisis in the Democratic Republic of Congo 431 Mohit Arora 104 The period of the 1930s in the Portuguese economy 436 Rita Martins de Sousa 105 The post-war depression in Norway in the early 1920s 440 Ola Honningdal Grytten 106 The special period in Cuba 444 Peter C. Earle 107 The US savings and loan crisis 446 James R. Barth, Yanfei Sun and Min Gu 108 Tobin Tax and capital controls 452 John Lodewijks 109 Too big to fail 455 Victor A. Beker 110 Tulip mania 1637 and other crises in the Netherlands 458 Simone Selva 111 US financial crises and growing federal oversight of banking 463 James R. Barth and Stephen Matteo Miller Index 473