ECB working paper examines causality in crises

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A working paper published by the European Central Bank (ECB), published on October 19, finds between 1970 and 2010 banking crises typically resulted in currency and debt crises in developing countries, while the same cannot be said in reverse.

The authors, Jan Babecký, Tomáš Havránek, Jakub Matějů, Marek Rusnák, Kateřina Šmídková and Bořek Vašíček, attribute this link to a variety of factors, including costly bank bail-outs shifting credit risk from bank balance sheets to national fiscal

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