2008 Articles

Banking Crises

Calomiris, Charles W.

The current global financial crisis grew out of banking losses in the United States related to subprime lending. How well do economists understand the origins of such crises and how they spread? Was this crisis something new or a replay of familiar historical phenomena? Will policy interventions be able to mitigate its costs? The history of banking crises provides informative perspectives on these and other important questions.