The authors show that, although details may vary, banking crises follow the same broad script.
The Baltic states, Hungary and Poland went through costly banking crises in the early 1990s.
Meanwhile, the frequency and severity of economic downturns have increased, as have the number of banking crises.
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Modern Latin American economic history is littered with the detritus of defaults, banking crises and currency controls.
Experience with banking crises in general suggests that early estimates of losses will prove to be too low.
But the second half of 2008 brought the subprime mortgage and banking crises that sent the markets reeling.
Between 1930 and 1933, not just the U.S. but also Europe and Latin America experienced rolling banking crises.
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These prescriptions are not guaranteed to end banking crises, but they should allow banks to fail more gracefully.
The lesson of history is that early, decisive government action can stem the pain and cost of banking crises.
Banking crises, usually associated with asset-price bubbles (because that is where the risky lending goes), nearly always follow this pattern.
If Asian governments want to avoid full-blown banking crises they must implement tougher reforms now not wait for others to prompt them.
Only six months ago, bookshelves were groaning with pessimistic titles, predicting bond-market crashes, more recession, banking crises and assorted other disasters.
The banks today are supervised too little, with the risk that banking crises might arise with little warning (South Korea again see article).
The lesson from Cyprus is the same we should draw from the long history of banking crises and the terrible economic fallout they engender.
Emerging market economies do have deeper output falls after their banking crises, but the parallels in other areas such as housing prices are quite strong.
The rapid rise in such ownership of Central European banks took place as many banks were privatised, often after banking crises in the early 1990s.
Which from a long-term perspective would be seen as a very good thing - if we want to minimise costs for taxpayers from future banking crises.
In other banking crises, including the collapse of America's savings and loan associations (thrifts) in the 1980s, a simple but effective model has usually been adopted.
The average downturn after recent banking crises in rich countries lasted four years as banks retrenched and debt-laden households and firms were forced to save more.
History also suggests that countries which address their banking crises quickly and creatively (as Sweden did in the early 1990s) do better than those that dither.
The IMF said the money raised should be channelled into a special fund that could be used to pay for the cost of cleaning up future banking crises.
Historically, banks have not been very good at managing either of these risks, which is why there have been so many banking crises in America, and elsewhere, over the years.
But precisely the same arguments - for what is known as a "bail-in" by private-sector creditors - were put by liberal-market purists at the peak of the banking crises in Ireland and Spain.
If, on the other hand, they are too rigid, they will be impossible to apply to the varied environments of the third world, where countries from Argentina to Zaire have suffered banking crises.
The additional capital requirements in combination with enhanced risk management standards, in theory should lead to reduced risk of bank failures, and should decrease the interdependence between financial institutions, effectively reducing the risk of future banking crises.
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Since 2009, its history has been of fiscal and banking crises that force eurozone leaders to make modest reforms, which provide calm for just a few weeks and months, till there is another crisis and more modest reforms.
But history teaches an important lesson: that big banking crises are ultimately solved by throwing in large dollops of public money, and that early and decisive government action, whether to recapitalise banks or take on troubled debts, can minimise the cost to the taxpayer and the damage to the economy.
The comments come as eurozone countries attempt to integrate their banking systems to prevent further crises.
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After their crises, the banking sector went through some serious growing pains, and now both Mexico and Asia South Pacific are doing quite well economically, with no major problems.
But after the banking and euro-zone crises, Scotland would be far more vulnerable to shocks as a nation of 5m people than as part of a diversified economy of 62m.
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