Determinants of Financial Crises, and Leading Indicators

This study is a theoretical overview on the origin and formation mechanisms of the financial crisis. We first presented a typology of these crises on the basis of specific symptoms and we proposed statistical indicators of instabilities correspondent to each type of crisis. We also evaluated the determinants of financial crises based on their share in producing effects and the intensity of effects on economic performance. Finally, we defined a set of key determinants, together with dependencies between them.