--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals … and banking crises also appear related to each other: reversals become more likely in the aftermath of banking crises … very costly, at about two-thirds of the costs of banking crises after taking into account their relative frequencies …

Can the upturns and downturns in financial variables serve as early warning indicators of banking crises? Using data …

sentiment approximated by several measures of corporate securities issuance are highly predictive of banking crises and …-warning indicator historically. The fact that equity issuance reversals predict banking crises without elevated private credit levels …