Reinhart, Carmen M.2014-03-042014-03-042002-05World Bank Economic Reviewhttps://hdl.handle.net/10986/17200Financial crises of every variety rocked emerging markets in the second half of the 1990s. Nearly every region experienced currency crashes, banking crises were both numerous and severe, and a few countries, facing extreme duress, defaulted on their sovereign debt. Not surprisingly, then, there is considerable interest in policy and academic circles and within the investment community in gaining a better understanding of financial and economic distress.en-USCC BY-NC-ND 3.0 IGOBANK FAILUREBANK FAILURESBANKING CRISESBONDBOOM-BUST CYCLECAPITAL REQUIREMENTSCENTRAL BANKSCREDIT RATINGCREDIT RATING AGENCIESCREDIT RATINGSCREDIT RISKSCURRENCYCURRENCY CRISESDEFAULTSECONOMICSEMERGING MARKETSEQUITY MARKETFINANCIAL CRISESFINANCIAL MARKETSFINANCIAL SYSTEMSINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSLOSSES OF BANKSMONETARY FUNDPORTFOLIORISK OF DEFAULTSOVEREIGN DEBTSOVEREIGN DEFAULTSVULNERABILITYJournal ArticleWorld Bank10.1596/17200