Fiscal and financial crises by Michael D. Bordo and Christopher M. Meissner published by NBER (3/2016). “Interconnections between banking crises and fiscal crises have a long history. We document the long-run evolution from classic banking panics towards modern banking crises where financial guarantees are associated with crisis resolution. Recent crises feature a feedback loop between bank guarantees and bank holdings of local sovereigh debt thereby linking financial to fiscal crises…”
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