Ishihara, Yoichiro2012-06-252012-06-252005-05https://hdl.handle.net/10986/8947Studies use different conceptual and operational definitions of crises. The different crisis identifications can lead to inconsistent conclusions and policy formulation even if the same analytical framework is applied. Also, most studies focus on only a few types of crises. This narrow focus on crises may not capture the multidimensionality of crises. Seven crisis types are analyzed, namely (1) liquidity type banking crises, (2) solvency type banking crises, (3) balance of payments crises, (4) currency crises, (5) debt crises, (6) growth rate crises, and (7) financial crises. Crisis data were collected from 15 emerging economies in 1980-2002 on a quarterly basis. The crisis identification exercise finds that multidimensionality in which different crisis types occur in short periods is one of the most important characteristics of recent crises. Further, the Granger causality tests in five Asian economies (Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand) find that currency crises tend to trigger other types of crises, and therefore exchange rate management is essential.CC BY 3.0 IGOADVERSE EFFECTSBALANCE SHEETBALANCE SHEETSBANK RECAPITALIZATIONBANK RUNBANK RUNSBANKING CRISESBANKING CRISISBANKING SECTORBANKING SYSTEMBANKRUPTCYCAPITAL ACCOUNTCAPITAL FLIGHTCAPITAL INFLOWSCAPITAL OUTFLOWSCOMMERCIAL CREDITORSCOMMERCIAL DEBTCRISIS EPISODESCURRENCY CRISESCURRENCY DEPRECIATIONCURRENT ACCOUNTCURRENT ACCOUNT DEFICITDATA AVAILABILITYDEBT RESTRUCTURINGDEBT SERVICINGDEMAND DEPOSITSDEPOSITORSDEPOSITSDEVALUATIONDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPMENT ECONOMICSEARLY WARNING SYSTEMECONOMIC GROWTHECONOMIC RESEARCHEMERGING ECONOMIESEXCHANGE RATEEXCHANGE RATE REGIMEEXCHANGE RATE REGIMESEXCHANGE RATE STABILITYEXCHANGE RATESEXPORTSEXTERNAL DEBTFINANCIAL CRISESFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL SYSTEMFOREIGN ASSETSFOREIGN CURRENCYFOREIGN INVESTORSGDPGNPGROWTH CRISESGROWTH RATEGROWTH RATESINFLATIONINSOLVENCYINSOLVENT BANKSINTEREST RATESINTERNATIONAL DEVELOPMENTINTERNATIONAL RESERVESLATIN AMERICANLIQUIDITYLOCAL CURRENCYMACROECONOMIC CONDITIONSNATIONALIZATIONNATIONALIZATION OF BANKSNET VALUEOPEN ECONOMIESPOLICY RESEARCHPUBLIC DEBTQUANTITATIVE ANALYSISREAL EXCHANGEREAL EXCHANGE RATEREAL EXCHANGE RATESRECAPITALIZATIONRECESSIONRELATIVE FREQUENCYRESERVE ADEQUACYSOLVENCYSOUTH ASIANSTABILIZATIONSTABILIZATION PROGRAMSTANDARD DEVIATIONTIME DEPOSITSTOTAL SAMPLETRANSMISSION MECHANISMWorld Bank10.1596/1813-9450-3598