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What is Theoretical Models of Financial Outages and Banking Crises (Third Generation)

Handbook of Research on Financial and Banking Crisis Prediction through Early Warning Systems
Are typically characterized by situations wherein the importance of and impacts that the mechanisms of noise or of an asymmetry of information have on the engendering of the balance-sheet effects associated with dramatic or unplanned currency devaluations, particularly those resulting from changes in fiscal policy that cause speculative bank runs and systemic banking crises within a given financial sector, are highlighted and are more clearly defined.
Published in Chapter:
Predicting Global Financial Meltdown and Systemic Banking Failure: An Assessment of Early Warning Systems (EWSs) and Their Current Relevance
Shefali Virkar (University of Oxford, UK)
DOI: 10.4018/978-1-4666-9484-2.ch003
Abstract
The last two decades of international financial history have witnessed an unprecedented increase in the number of episodes of financial distress; wherein the incidence of these episodes has not been restricted to national boundaries as localised systemic incidents but have instead been spread to other countries and across regions in the form of financial contagion. This book chapter proposes a detailed discussion and analysis of the scholarly and practitioner literature used to conceptualise and to encapsulate the theoretical construct of an Early Warning System (EWS) developed to predict and mitigate the onset and persistence of systemic banking failures and financial crises. The models that constitute the focus of this overview are pivotal to the prediction of systemic banking meltdowns, either on their own or as constituent elements of other methodological approaches that contribute significantly towards the design and development of an Early Warning System.
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