The IMF Working Papers series is designed to make IMF staff research available to a wide audience. With nearly 300 released each year, working papers cover a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
This paper updates the database on systemic banking crises presented in Laeven and
Valencia (2008, 2013). Drawing on 151 systemic banking crises episodes around the
globe during 1970-2017, the database includes information on crisis dates, policy
responses to resolve banking crises, and the fiscal and output costs of crises. We provide
new evidence that crises in high-income countries tend to last longer and be associated
with higher output losses, lower fiscal costs, and more extensive use of bank guarantees
and expansionary macro policies than crises in low- and middle-income countries. We
complement the banking crises dates with sovereign debt and currency crises dates to find
that sovereign debt and currency crises tend to coincide or follow banking crises.