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Financial Crisis: Theoretical And Historical Perspective An Article By Güven Delice

1943 words - 8 pages

LITERATURE REVIEW

There are too many studies about crisis because crisis are experiencing anywhere and anytime in the world. I have scanned many articles about types of crisis and examples of them. There are too many article but I can’t found any containing two of them together. There are too many research resources but they are very scattered. Almost all of them are post graduate level. They are hard to understand as a sudent at the graduate level.
There is a sample article by Güven Delice. Title of article is Financial Crisis: Theoretical and historical perspective. In this article Delice mentioned definition of the financial crisis, types of financial crisis, financial crisis models and historical process but all of them are theoretical. There is no experienced example about types of crisis.
If we look at another article by Ahmet Turgut we can see almost same things. Again there is no experienced example about types of crisis. He mentioned types of financial crisis, indicators of financial crisis. All of these are theoretical.
I am planning to do a project which include both theory and experienced examples.
TYPES OF CRISIS
There are many factors in Economy. Therefore, inherently there are many reasons for occurrence of crises. After Second World War, national and international financial markets integration process bring with case of financial crisis. Especially since 1990 this case was rise rapidly. In this project I am going to try to explain this reasons so types of crises. I am going to mention 4 types of them;
• Currency Crisis,
• Banking Crisis,
• External Debt Crisis,
• Systematic Financial Crisis.
Before starting to explain types of financial crisis I want to mention four important factor that cause financial crisis according to Frederic Mishkin.
1. Deterioration in financial sector balance sheets.
2. Increases in interest rates.
3. Increases in uncertainties.
4. Due to changes in asset prices, balance sheet deterioration of non-financial balance sheet.

CURRENCY CRISIS
Currency crisis is a type of financial crisis. It occurs by reason of large scale of change in a country’s currency during a short period of time. Change is in the meaning of devaluation in here. Usually the reasons of these devaluations are speculative attacks. The attacks causes’ bank panics. During a bank panic people are beginning to withdraw their money of their bank account. This situation put banks in a difficult position (Kaminsky and Reinhard, 1999). If there is a successful speculative attack the currency decrease in value. If the speculative attack is not successful the exchange rate can leave unchanged. The cost of providing this is spent foreign exchange reserves or a higher domestic interest rate. Banking crises could also lead to currency crises. Currency crises exclusively can be disruptive to small open economies. Currency crises have a large cost on an economy and the costs are measurable (Kaufman, 2000). There are three theories to currency crises....

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