Reinhart, Carmen; Rogoff, Kenneth S - National Bureau of Economic Research (NBER) - 2008
The historical frequency of banking crises is quite similar in high- and middle-to-low-income countries, with … subprime mortgage defaults in the United States. Banking crises dramatically weaken fiscal positions in both groups, with … central government debt increases, on average, by about 86 percent. Thus the fiscal burden of banking crisis extends far …