Models for evaluating financial crisis – what went wrong for developed and emerging economies?

Financial crisis have become a main topic of researchers, especially after the recent global crisis started in 2007. Although the topic is highly relevant for current research, crisis models widely used were not able to predict the big crash. In the present paper we focus on surveying the empirical literature on the subject and try to find out what went wrong with the existing models. In the case study we perform a cluster analysis in order to observe the differences between advanced and emerging economies in what concerns the effects of the financial crisis.