Handbook of Safeguarding Global Financial Stability

Chapter 31

Varieties of European Crises

T.D. Willett* and C. Wihlborg^†

^*Claremont Graduate University and Claremont McKenna College, Claremont, CA, USA

^†Chapman University, Orange, CA, USA

Outline

Introduction

A Brief Overview of the Varieties of Financial Crises with Illustrations from Europe

Currency Crises

Banking Crises

Sovereign Debt Crises

Different Models of Currency Crises

The Crises of the European Monetary System 1992–93 and Nordic Banking Crises

Nordic Banking and Currency Crisis

Europe in the Global Financial Crisis 2007–09

Financial Crisis 2007–09

Effects on Central and Eastern Europe

Sovereign Debt Crisis 2010

The Inadequacy of the Official Responses to the Crisis

Concluding Remarks; Lessons from European Crises

References

In the ...