The severity of the crises.
|Cost of Bailout||13.3||5.1 *||N.A.||N.A.|
|(percent of GDP)|
|Loss of Reserves||N.A.||N.A.||25.4||8.3 *|
Source: Kaminsky and Reinhart (1996
).Notes: Loss of reserves is the percentage change in the level of reserves in the six months preceding the crises. Real depreciation is the percentage change in the real exchange rate (with respect to the dollar for the countries that peg to the dol–lar and with respect to the mark for the countries that peg to mark) in the six months following the crises. The composite index is the weighted average of the loss of reserves and real depreciation. Episodes in which the beginning of a banking crisis is followed by a balance-of-payments crisis within 48 months are classified as twin crises.*
Denotes that the measure of severity of single crisis episodes is statistically different from the twin crises severity at the 5% level. An N.A. denotes not applicable.