Incidence des crises financières : une analyse empirique à partir des pays émergents.

The aim of this paper is to evaluate the incidence and the severity of monetary, banking and twins’ crisis on the growth and on the investment in emergent countries on the period of 1974-2000. Using dynamic panel approach, we find that crises, whatever their type, are generally followed by a substantial contraction of the economical activity. More specifically, monetary crises, in contrast to the banking ones, appear to have a more important impact on the economic growth than on the investment. On the other hand, twin crisis seems to have a greater impact than the two first ones. The sensibility analysis shows the robustness of our results.