banking crises, logit, current account, banking regulation

We assess whether the subprime crisis was in some way unique or unprecedented by testing for an impact of a set of determinants on the probability of banking crises in OECD countries since 1980. The hypothesis of an exogenous probability of a crisis is not considered in the literature, and we also address it, along with testing for the effect of variables that explain crises in emerging markets. We find that a parsimonious logit model can be estimated for OECD<br />

crises, including the subprime period, featuring bank capital adequacy, liquidity, the current<br />