of correctly; the probit approach was able to predict the crisis but just with models, that were based on raw data …

of correctly; the probit approach was able to predict the crisis but just with models, that were based on raw data … approach was not able to forecast the out- of-sample crisis of correctly; the probit approach was able to predict the crisis … approach, Probit approach, Markov regime switching approach, South Arica JEL: C14, C22, C53, E47, F31, F37 IWH …