Financial development in the aftermath of banking crises
This paper examines the dynamic impact of systemic banking crises on financial development. Causal effects are identified using a propensity-score-based method for time series and panel data. Specifically, to address the non-random nature of banking crisis onsets, we apply inverse propensity score w...
Saved in:
| Published in | Journal of international money and finance Vol. 157; p. 103395 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier Ltd
01.08.2025
|
| Subjects | |
| Online Access | Get full text |
| ISSN | 0261-5606 |
| DOI | 10.1016/j.jimonfin.2025.103395 |
Cover
Loading…
| Abstract | This paper examines the dynamic impact of systemic banking crises on financial development. Causal effects are identified using a propensity-score-based method for time series and panel data. Specifically, to address the non-random nature of banking crisis onsets, we apply inverse propensity score weighting to create a quasi-random distribution of crisis and non-crisis episodes. The appropriate weights are derived from a banking crisis prediction model that accounts for financial development in the run-up to crises. Using data on banking crises and a comprehensive set of financial development indicators for 174 countries from 1980 to 2019, we present novel evidence demonstrating that banking crisis shocks have a persistent negative effect on financial development. This finding holds across multiple dimensions of financial development.
•Using data for 174 countries over the period 1980–2019, we present novel evidence that demonstrates banking crisis shocks have a negative persistent effect on financial development.•This finding holds across multiple dimensions of financial development.•Causal effects are identified using inverse propensity score weighting (IPW), with the weights estimated from a banking crisis prediction model. |
|---|---|
| AbstractList | This paper examines the dynamic impact of systemic banking crises on financial development. Causal effects are identified using a propensity-score-based method for time series and panel data. Specifically, to address the non-random nature of banking crisis onsets, we apply inverse propensity score weighting to create a quasi-random distribution of crisis and non-crisis episodes. The appropriate weights are derived from a banking crisis prediction model that accounts for financial development in the run-up to crises. Using data on banking crises and a comprehensive set of financial development indicators for 174 countries from 1980 to 2019, we present novel evidence demonstrating that banking crisis shocks have a persistent negative effect on financial development. This finding holds across multiple dimensions of financial development.
•Using data for 174 countries over the period 1980–2019, we present novel evidence that demonstrates banking crisis shocks have a negative persistent effect on financial development.•This finding holds across multiple dimensions of financial development.•Causal effects are identified using inverse propensity score weighting (IPW), with the weights estimated from a banking crisis prediction model. |
| ArticleNumber | 103395 |
| Author | Everaert, Gerdie Pozzi, Lorenzo |
| Author_xml | – sequence: 1 givenname: Gerdie surname: Everaert fullname: Everaert, Gerdie email: gerdie.everaert@ugent.be organization: Department of Economics, Ghent University, Sint-Pietersplein 6, 9000 Gent, Belgium – sequence: 2 givenname: Lorenzo orcidid: 0000-0001-6219-5315 surname: Pozzi fullname: Pozzi, Lorenzo email: pozzi@ese.eur.nl organization: Department of Economics, Erasmus University Rotterdam & Tinbergen Institute, P.O. Box 1738, 3000 DR Rotterdam, the Netherlands |
| BookMark | eNqFj9FKwzAYhXMxwW36CpIXaE3S9m96pwynwsCb3Yc0-eNS23QkZeDb21G99urAgfNxvg1ZhTEgIQ-c5ZxxeOzyzg9jcD7kgolqLouiqVZkzQTwrAIGt2STUscYAyjkmsi9DzoYr3tq8YL9eB4wTNQHOp2QajdhHPR0oqOjrQ5fPnxSE33CdEdunO4T3v_mlhz3L8fdW3b4eH3fPR8yI0RZZcKhtNAWbV0C1DWvuWmFblvHa6ulaWppSl5a2xTgQEuQZj7GK2dsBdbJYktgwZo4phTRqXP0g47fijN1VVad-lNWV2W1KM_Dp2WI87mLx6iS8RgMWh_RTMqO_j_ED72-Zwg |
| Cites_doi | 10.1016/j.jbankfin.2018.09.005 10.1016/j.econmod.2022.105770 10.1016/j.jdeveco.2005.05.010 10.1111/j.1368-423X.2008.00243.x 10.1086/700936 10.1111/jofi.13105 10.1162/003465304323023651 10.1126/science.3287615 10.1093/wber/lhv011 10.1257/aer.98.1.439 10.1057/imfer.2013.12 10.1093/biomet/70.1.41 10.1002/jae.2890 10.1257/aer.20130954 10.1057/s41308-020-00107-3 10.1162/REST_a_00109 10.1080/07350015.2016.1204919 10.1111/j.1540-6261.2005.00741.x 10.1002/jae.2333 10.1111/0022-1082.00052 10.1257/aeri.20200310 10.1086/261155 10.1016/bs.hesint.2022.02.012 10.1257/aer.20130665 10.1111/j.1467-6419.2007.00542.x 10.1257/aer.20150320 10.1093/rof/rfaa036 10.1111/j.1468-0327.2012.00288.x 10.1257/aer.102.2.1029 10.1257/0002828053828699 10.1086/685475 |
| ContentType | Journal Article |
| Copyright | 2025 The Author(s) |
| Copyright_xml | – notice: 2025 The Author(s) |
| DBID | 6I. AAFTH AAYXX CITATION |
| DOI | 10.1016/j.jimonfin.2025.103395 |
| DatabaseName | ScienceDirect Open Access Titles Elsevier:ScienceDirect:Open Access CrossRef |
| DatabaseTitle | CrossRef |
| DatabaseTitleList | |
| DeliveryMethod | fulltext_linktorsrc |
| Discipline | Business |
| ExternalDocumentID | 10_1016_j_jimonfin_2025_103395 S0261560625001305 |
| GroupedDBID | --K --M -~X .L6 .~1 0R~ 186 1B1 1OL 1RT 1~. 1~5 29K 3R3 4.4 41~ 457 4G. 5GY 5VS 6I. 7-5 71M 8P~ 96U 9JO AABNK AAEDT AAEDW AAFFL AAFTH AAIKC AAIKJ AAKOC AALRI AAMNW AAOAW AAPFB AAQFI AAQXK AATTM AAXKI AAXUO AAYWO ABJNI ABLJU ABMAC ABPPZ ABWVN ABXDB ACBMB ACDAQ ACGFS ACHQT ACNCT ACRLP ACROA ACRPL ACVFH ADBBV ADCNI ADEZE ADFHU ADMHG ADMUD ADNMO ADXHL AEBSH AEIPS AEKER AEUPX AEYQN AFAZI AFFNX AFJKZ AFODL AFPUW AFTJW AGCQF AGHFR AGQPQ AGTHC AGUBO AGYEJ AHHHB AIEXJ AIGII AIIAU AIIUN AIKHN AITUG AJWLA AKBMS AKRWK AKYEP ALMA_UNASSIGNED_HOLDINGS AMRAJ ANKPU APXCP ASPBG AVWKF AXJTR AXLSJ AZFZN BEHZQ BEZPJ BGSCR BKOJK BKOMP BLXMC BNTGB BPUDD BULVW BZJEE CS3 D-I DU5 EBS EFJIC EFKBS EFLBG EJD EO8 EO9 EP2 EP3 F8P FDB FEDTE FGOYB FIRID FNPLU FYGXN G-2 G-Q GBLVA HLX HMB HVGLF HZ~ H~9 IHE J1W KOM LG8 LPU LXL LXN LXZ LY5 M41 MO0 MS~ MVM N9A O-L O9- OAUVE OZT P-8 P-9 PC. PQQKQ Q38 R2- ROL RPZ RXW SBM SDF SDG SDP SEB SEE SES SEW SPCBC SSB SSF SSZ T5K TAE TN5 TQQ U5U UQL WH7 WUQ XSW XYO YK3 YQT ZKB ZRQ ~G- AAYXX CITATION |
| ID | FETCH-LOGICAL-c2245-2fe8d6b3b746677171cb2abbf17da8c978c414dd936f6a868c06615fcd56df83 |
| IEDL.DBID | .~1 |
| ISSN | 0261-5606 |
| IngestDate | Wed Aug 27 16:40:57 EDT 2025 Sat Sep 06 17:16:10 EDT 2025 |
| IsDoiOpenAccess | true |
| IsOpenAccess | true |
| IsPeerReviewed | true |
| IsScholarly | true |
| Keywords | F30 F40 Panel data G20 C23 Financial development Inverse probability weighting Banking crises Local projections |
| Language | English |
| License | This is an open access article under the CC BY license. |
| LinkModel | DirectLink |
| MergedId | FETCHMERGED-LOGICAL-c2245-2fe8d6b3b746677171cb2abbf17da8c978c414dd936f6a868c06615fcd56df83 |
| ORCID | 0000-0001-6219-5315 |
| OpenAccessLink | https://www.sciencedirect.com/science/article/pii/S0261560625001305 |
| ParticipantIDs | crossref_primary_10_1016_j_jimonfin_2025_103395 elsevier_sciencedirect_doi_10_1016_j_jimonfin_2025_103395 |
| PublicationCentury | 2000 |
| PublicationDate | August 2025 2025-08-00 |
| PublicationDateYYYYMMDD | 2025-08-01 |
| PublicationDate_xml | – month: 08 year: 2025 text: August 2025 |
| PublicationDecade | 2020 |
| PublicationTitle | Journal of international money and finance |
| PublicationYear | 2025 |
| Publisher | Elsevier Ltd |
| Publisher_xml | – name: Elsevier Ltd |
| References | Imbens (bib0115) 2004; 86 Acemoglu, Naidu, Restrepo, Robinson (bib0010) 2019; 127 Borio, Lowe (bib0050) 2002 Jordà, Taylor (bib0120) 2015; 126 Sahay, Cihák, N’Diaye, Barajas, Bi, Ayala, Gao, Kyobe, Nguyen, Saborowski, Svirydzenka, Yousefi (bib0190) 2015 Demirgüç-Kunt, Detragiache (bib0080) 1997 Diamond, Rajan (bib0090) 2005; 60 Nguyen, Castro, Wood (bib0165) 2022; 108 Feenstra, Inklaar, Timmer (bib0100) 2015; 105 Teulings, Zubanov (bib0220) 2014; 29 Kapetanios (bib0125) 2008; 11 Laeven, Valencia (bib0135) 2020; 68 Angrist, Jordà, Kuersteiner (bib0025) 2018; 36 McFadden (bib0155) 1973 Diamond, Dybvig (bib0085) 1983; 91 Romer, Romer (bib0180) 2017; 107 Allen, Gale (bib0015) 1998; 53 Bernanke (bib0035) 1983; 73 Verbeek (bib0225) 2017 Ang (bib0020) 2008; 22 Swets (bib0215) 1988; 240 Cerra, Saxena (bib0060) 2008; 98 Reinhart, Reinhart (bib0175) 2015; 29 Gertler, Kiyotaki (bib0105) 2015; 105 Chen, Svirydzenka (bib0065) 2021 Dieppe, Çelik, Okou (bib0095) 2021 Schularick, Taylor (bib0195) 2012; 102 Angrist, Kuersteiner (bib0030) 2011; 93 Sufi, Taylor (bib0205) 2022; 6 Mathonnat, Minea (bib0145) 2018; 96 Abiad, Mody (bib0005) 2005; 95 Boissay, Collard, Smets (bib0040) 2016; 124 Greenwood, Hanson, Shleifer, Sørensen (bib0110) 2022; 77 Schularick, Ter Steege, Ward (bib0200) 2021; 3 Levine (bib0140) 1997; 35 Bonfim, Nogueira, Ongena (bib0045) 2021; 25 Svirydzenka (bib0210) 2016 Rosenbaum, Rubin (bib0185) 1983; 70 Chinn, Ito (bib0070) 2006; 81 Popov (bib0170) 2018 Laeven, Valencia (bib0130) 2013; 61 Campos, Coricelli (bib0055) 2012; 27 de Haan, Wiese (bib0075) 2022; 37 McCann, McGeever, Peia (bib0150) 2023 Mishkin (bib0160) 1996 Greenwood (10.1016/j.jimonfin.2025.103395_bib0110) 2022; 77 Allen (10.1016/j.jimonfin.2025.103395_bib0015) 1998; 53 Dieppe (10.1016/j.jimonfin.2025.103395_bib0095) 2021 Chen (10.1016/j.jimonfin.2025.103395_bib0065) 2021 Chinn (10.1016/j.jimonfin.2025.103395_bib0070) 2006; 81 Angrist (10.1016/j.jimonfin.2025.103395_bib0030) 2011; 93 McFadden (10.1016/j.jimonfin.2025.103395_bib0155) 1973 Teulings (10.1016/j.jimonfin.2025.103395_bib0220) 2014; 29 Laeven (10.1016/j.jimonfin.2025.103395_bib0130) 2013; 61 Bonfim (10.1016/j.jimonfin.2025.103395_bib0045) 2021; 25 Diamond (10.1016/j.jimonfin.2025.103395_bib0085) 1983; 91 Sahay (10.1016/j.jimonfin.2025.103395_bib0190) 2015 de Haan (10.1016/j.jimonfin.2025.103395_bib0075) 2022; 37 McCann (10.1016/j.jimonfin.2025.103395_bib0150) 2023 Nguyen (10.1016/j.jimonfin.2025.103395_bib0165) 2022; 108 Kapetanios (10.1016/j.jimonfin.2025.103395_bib0125) 2008; 11 Boissay (10.1016/j.jimonfin.2025.103395_bib0040) 2016; 124 Angrist (10.1016/j.jimonfin.2025.103395_bib0025) 2018; 36 Rosenbaum (10.1016/j.jimonfin.2025.103395_bib0185) 1983; 70 Romer (10.1016/j.jimonfin.2025.103395_bib0180) 2017; 107 Svirydzenka (10.1016/j.jimonfin.2025.103395_bib0210) 2016 Gertler (10.1016/j.jimonfin.2025.103395_bib0105) 2015; 105 Borio (10.1016/j.jimonfin.2025.103395_bib0050) 2002 Abiad (10.1016/j.jimonfin.2025.103395_bib0005) 2005; 95 Diamond (10.1016/j.jimonfin.2025.103395_bib0090) 2005; 60 Reinhart (10.1016/j.jimonfin.2025.103395_bib0175) 2015; 29 Demirgüç-Kunt (10.1016/j.jimonfin.2025.103395_bib0080) 1997 Popov (10.1016/j.jimonfin.2025.103395_bib0170) 2018 Laeven (10.1016/j.jimonfin.2025.103395_bib0135) 2020; 68 Schularick (10.1016/j.jimonfin.2025.103395_bib0195) 2012; 102 Bernanke (10.1016/j.jimonfin.2025.103395_bib0035) 1983; 73 Imbens (10.1016/j.jimonfin.2025.103395_bib0115) 2004; 86 Acemoglu (10.1016/j.jimonfin.2025.103395_bib0010) 2019; 127 Schularick (10.1016/j.jimonfin.2025.103395_bib0200) 2021; 3 Feenstra (10.1016/j.jimonfin.2025.103395_bib0100) 2015; 105 Ang (10.1016/j.jimonfin.2025.103395_bib0020) 2008; 22 Levine (10.1016/j.jimonfin.2025.103395_bib0140) 1997; 35 Mathonnat (10.1016/j.jimonfin.2025.103395_bib0145) 2018; 96 Mishkin (10.1016/j.jimonfin.2025.103395_bib0160) 1996 Verbeek (10.1016/j.jimonfin.2025.103395_bib0225) 2017 Campos (10.1016/j.jimonfin.2025.103395_bib0055) 2012; 27 Swets (10.1016/j.jimonfin.2025.103395_bib0215) 1988; 240 Jordà (10.1016/j.jimonfin.2025.103395_bib0120) 2015; 126 Cerra (10.1016/j.jimonfin.2025.103395_bib0060) 2008; 98 Sufi (10.1016/j.jimonfin.2025.103395_bib0205) 2022; 6 |
| References_xml | – year: 2021 ident: bib0065 publication-title: Financial cycles: early warning indicators of banking crises? – volume: 29 start-page: S53 year: 2015 end-page: S76 ident: bib0175 article-title: Financial crises, development, and growth: a long-term perspective publication-title: World Bank Econ. Rev. – volume: 96 start-page: 344 year: 2018 end-page: 354 ident: bib0145 article-title: Financial development and the occurrence of banking crises publication-title: J. Bank. Finance – volume: 98 start-page: 439 year: 2008 end-page: 457 ident: bib0060 article-title: Growth dynamics: the myth of economic recovery publication-title: The Am. Econ. Rev. – volume: 107 start-page: 3072 year: 2017 end-page: 3118 ident: bib0180 article-title: New evidence on the aftermath of financial crises in advanced countries publication-title: The Am. Econ. Rev. – volume: 37 start-page: 746 year: 2022 end-page: 770 ident: bib0075 article-title: The impact of product and labour market reform on growth: evidence for OECD countries based on local projections publication-title: J. Appl. Econ. (Chichester. Engl). – volume: 22 start-page: 536 year: 2008 end-page: 576 ident: bib0020 article-title: A survey of recent developments in the literature of finance and growth publication-title: J. Econ. Surv. – year: 2016 ident: bib0210 publication-title: Introducing a new broad-based index of financial development – year: 2023 ident: bib0150 publication-title: Do non-bank lenders mitigate credit supply shocks? Evidence from a major bank exit – volume: 73 start-page: 257 year: 1983 end-page: 276 ident: bib0035 article-title: Nonmonetary effects of the financial crisis in the propagation of the great depression publication-title: The Am. Econ. Rev. – year: 2017 ident: bib0225 publication-title: A Guide to Modern Econometrics. – volume: 126 start-page: 219 year: 2015 end-page: 255 ident: bib0120 article-title: The time for austerity: estimating the average treatment effect of fiscal policy publication-title: Econ. J. – volume: 36 start-page: 371 year: 2018 end-page: 387 ident: bib0025 article-title: Semiparametric estimates of monetary policy effects: string theory revisited publication-title: J. Bus. Econ. Stat. – volume: 25 start-page: 1211 year: 2021 end-page: 1259 ident: bib0045 article-title: “Sorry, we’re closed” bank branch closures, loan pricing, and information asymmetries publication-title: Rev. Financ. – volume: 11 start-page: 377 year: 2008 end-page: 395 ident: bib0125 article-title: A bootstrap procedure for panel data sets with many cross-sectional units publication-title: Econom. J. – year: 1996 ident: bib0160 publication-title: Understanding financial crises: a developing country perspective – volume: 240 start-page: 1285 year: 1988 end-page: 1293 ident: bib0215 article-title: Measuring the accuracy of diagnostic systems publication-title: Science – volume: 35 start-page: 688 year: 1997 end-page: 726 ident: bib0140 article-title: Financial development and economic growth: views and agenda publication-title: J. Econ. Lit. – volume: 60 start-page: 615 year: 2005 end-page: 647 ident: bib0090 article-title: Liquidity shortages and banking crises publication-title: J. Finance – volume: 105 start-page: 3150 year: 2015 end-page: 3182 ident: bib0100 article-title: The next generation of the penn world table publication-title: The Am. Econ. Rev. – volume: 6 start-page: 291 year: 2022 end-page: 340 ident: bib0205 article-title: Financial crises: a survey publication-title: Handb. Int. Econ. – volume: 102 start-page: 1029 year: 2012 end-page: 1061 ident: bib0195 article-title: Credit booms gone bust: monetary policy, leverage cycles, and financial crises, 1870–2008 publication-title: The Am. Econ. Rev. – volume: 61 start-page: 225 year: 2013 end-page: 270 ident: bib0130 article-title: Systemic banking crises database publication-title: IMF Econ. Rev. – volume: 127 start-page: 47 year: 2019 end-page: 100 ident: bib0010 article-title: Democracy does cause growth publication-title: J. Polit. Econ. – volume: 77 start-page: 863 year: 2022 end-page: 921 ident: bib0110 article-title: Predictable financial crises publication-title: J. Finance – volume: 105 start-page: 2011 year: 2015 end-page: 2043 ident: bib0105 article-title: Banking, liquidity, and bank runs in an infinite horizon economy publication-title: The Am. Econ. Rev. – volume: 86 start-page: 4 year: 2004 end-page: 29 ident: bib0115 article-title: Nonparametric estimation of average treatment effects under exogeneity: a review publication-title: The Rev. Econ. Stat. – volume: 70 start-page: 41 year: 1983 end-page: 55 ident: bib0185 article-title: The central role of the propensity score in observational studies for causal effects publication-title: Biometrika – volume: 3 start-page: 199 year: 2021 end-page: 214 ident: bib0200 article-title: Leaning against the wind and crisis risk publication-title: Am. Econ. Rev. Insights – volume: 29 start-page: 497 year: 2014 end-page: 514 ident: bib0220 article-title: Is economic recovery a myth? Robust estimation of impulse responses publication-title: J. Appl. Econ. (Chichester. Engl). – volume: 27 start-page: 483 year: 2012 end-page: 513 ident: bib0055 article-title: Financial liberalization and reversals: political and economic determinants publication-title: Econ. Policy – year: 1997 ident: bib0080 publication-title: The determinants of banking crises: evidence from developing and developed countries – volume: 93 start-page: 725 year: 2011 end-page: 747 ident: bib0030 article-title: Causal effects of monetary shocks: semiparametric conditional independence tests with a multinomial propensity score publication-title: The Rev. Econ. Stat. – year: 1973 ident: bib0155 article-title: Conditional logit analysis of qualitative choice behavior publication-title: Frontiers in Econometrics – volume: 108 year: 2022 ident: bib0165 article-title: A new comprehensive database of financial crises: identification, frequency, and duration publication-title: Econ. Model. – volume: 95 start-page: 66 year: 2005 end-page: 88 ident: bib0005 article-title: Financial reform: what shakes it? What shapes it? publication-title: The Am. Econ. Rev. – start-page: 114 year: 2002 ident: bib0050 publication-title: Asset prices, financial and monetary stability: exploring the nexus – year: 2021 ident: bib0095 article-title: What happens to productivity during major adverse events? publication-title: Global productivity: trends, drivers, and policies – year: 2018 ident: bib0170 article-title: Evidence on finance and economic growth publication-title: Handbook of Finance and Development. – volume: 124 start-page: 489 year: 2016 end-page: 538 ident: bib0040 article-title: Booms and banking crises publication-title: J. Polit. Econ. – volume: 68 start-page: 307 year: 2020 end-page: 361 ident: bib0135 article-title: Systemic banking crises database II publication-title: IMF Econ. Rev. – volume: 91 start-page: 401 year: 1983 end-page: 419 ident: bib0085 article-title: Bank runs, deposit insurance, and liquidity publication-title: J. Polit. Econ. – volume: 81 start-page: 163 year: 2006 end-page: 192 ident: bib0070 article-title: What matters for financial development? Capital controls, institutions, and interactions publication-title: J. Dev. Econ. – year: 2015 ident: bib0190 article-title: Rethinking financial deepening: stability and growth in emerging markets – volume: 53 start-page: 1245 year: 1998 end-page: 1284 ident: bib0015 article-title: Optimal financial crises publication-title: J. Finance – volume: 126 start-page: 219 issue: 590 year: 2015 ident: 10.1016/j.jimonfin.2025.103395_bib0120 article-title: The time for austerity: estimating the average treatment effect of fiscal policy publication-title: Econ. J. – volume: 96 start-page: 344 year: 2018 ident: 10.1016/j.jimonfin.2025.103395_bib0145 article-title: Financial development and the occurrence of banking crises publication-title: J. Bank. Finance doi: 10.1016/j.jbankfin.2018.09.005 – year: 2017 ident: 10.1016/j.jimonfin.2025.103395_bib0225 – volume: 108 year: 2022 ident: 10.1016/j.jimonfin.2025.103395_bib0165 article-title: A new comprehensive database of financial crises: identification, frequency, and duration publication-title: Econ. Model. doi: 10.1016/j.econmod.2022.105770 – volume: 81 start-page: 163 issue: 1 year: 2006 ident: 10.1016/j.jimonfin.2025.103395_bib0070 article-title: What matters for financial development? Capital controls, institutions, and interactions publication-title: J. Dev. Econ. doi: 10.1016/j.jdeveco.2005.05.010 – volume: 11 start-page: 377 issue: 2 year: 2008 ident: 10.1016/j.jimonfin.2025.103395_bib0125 article-title: A bootstrap procedure for panel data sets with many cross-sectional units publication-title: Econom. J. doi: 10.1111/j.1368-423X.2008.00243.x – year: 2016 ident: 10.1016/j.jimonfin.2025.103395_bib0210 publication-title: Introducing a new broad-based index of financial development – volume: 73 start-page: 257 issue: 3 year: 1983 ident: 10.1016/j.jimonfin.2025.103395_bib0035 article-title: Nonmonetary effects of the financial crisis in the propagation of the great depression publication-title: The Am. Econ. Rev. – volume: 127 start-page: 47 issue: 1 year: 2019 ident: 10.1016/j.jimonfin.2025.103395_bib0010 article-title: Democracy does cause growth publication-title: J. Polit. Econ. doi: 10.1086/700936 – volume: 77 start-page: 863 issue: 2 year: 2022 ident: 10.1016/j.jimonfin.2025.103395_bib0110 article-title: Predictable financial crises publication-title: J. Finance doi: 10.1111/jofi.13105 – volume: 86 start-page: 4 issue: 1 year: 2004 ident: 10.1016/j.jimonfin.2025.103395_bib0115 article-title: Nonparametric estimation of average treatment effects under exogeneity: a review publication-title: The Rev. Econ. Stat. doi: 10.1162/003465304323023651 – year: 1996 ident: 10.1016/j.jimonfin.2025.103395_bib0160 publication-title: Understanding financial crises: a developing country perspective – volume: 240 start-page: 1285 issue: 4857 year: 1988 ident: 10.1016/j.jimonfin.2025.103395_bib0215 article-title: Measuring the accuracy of diagnostic systems publication-title: Science doi: 10.1126/science.3287615 – volume: 29 start-page: S53 issue: suppl_1 year: 2015 ident: 10.1016/j.jimonfin.2025.103395_bib0175 article-title: Financial crises, development, and growth: a long-term perspective publication-title: World Bank Econ. Rev. doi: 10.1093/wber/lhv011 – volume: 98 start-page: 439 issue: 1 year: 2008 ident: 10.1016/j.jimonfin.2025.103395_bib0060 article-title: Growth dynamics: the myth of economic recovery publication-title: The Am. Econ. Rev. doi: 10.1257/aer.98.1.439 – volume: 61 start-page: 225 issue: 2 year: 2013 ident: 10.1016/j.jimonfin.2025.103395_bib0130 article-title: Systemic banking crises database publication-title: IMF Econ. Rev. doi: 10.1057/imfer.2013.12 – volume: 70 start-page: 41 issue: 1 year: 1983 ident: 10.1016/j.jimonfin.2025.103395_bib0185 article-title: The central role of the propensity score in observational studies for causal effects publication-title: Biometrika doi: 10.1093/biomet/70.1.41 – volume: 35 start-page: 688 issue: 2 year: 1997 ident: 10.1016/j.jimonfin.2025.103395_bib0140 article-title: Financial development and economic growth: views and agenda publication-title: J. Econ. Lit. – year: 2021 ident: 10.1016/j.jimonfin.2025.103395_bib0095 article-title: What happens to productivity during major adverse events? – year: 2023 ident: 10.1016/j.jimonfin.2025.103395_bib0150 publication-title: Do non-bank lenders mitigate credit supply shocks? Evidence from a major bank exit – volume: 37 start-page: 746 issue: 4 year: 2022 ident: 10.1016/j.jimonfin.2025.103395_bib0075 article-title: The impact of product and labour market reform on growth: evidence for OECD countries based on local projections publication-title: J. Appl. Econ. (Chichester. Engl). doi: 10.1002/jae.2890 – volume: 105 start-page: 3150 issue: 10 year: 2015 ident: 10.1016/j.jimonfin.2025.103395_bib0100 article-title: The next generation of the penn world table publication-title: The Am. Econ. Rev. doi: 10.1257/aer.20130954 – volume: 68 start-page: 307 issue: 2 year: 2020 ident: 10.1016/j.jimonfin.2025.103395_bib0135 article-title: Systemic banking crises database II publication-title: IMF Econ. Rev. doi: 10.1057/s41308-020-00107-3 – volume: 93 start-page: 725 issue: 3 year: 2011 ident: 10.1016/j.jimonfin.2025.103395_bib0030 article-title: Causal effects of monetary shocks: semiparametric conditional independence tests with a multinomial propensity score publication-title: The Rev. Econ. Stat. doi: 10.1162/REST_a_00109 – year: 1973 ident: 10.1016/j.jimonfin.2025.103395_bib0155 article-title: Conditional logit analysis of qualitative choice behavior – year: 1997 ident: 10.1016/j.jimonfin.2025.103395_bib0080 publication-title: The determinants of banking crises: evidence from developing and developed countries – volume: 36 start-page: 371 issue: 3 year: 2018 ident: 10.1016/j.jimonfin.2025.103395_bib0025 article-title: Semiparametric estimates of monetary policy effects: string theory revisited publication-title: J. Bus. Econ. Stat. doi: 10.1080/07350015.2016.1204919 – volume: 60 start-page: 615 issue: 2 year: 2005 ident: 10.1016/j.jimonfin.2025.103395_bib0090 article-title: Liquidity shortages and banking crises publication-title: J. Finance doi: 10.1111/j.1540-6261.2005.00741.x – volume: 29 start-page: 497 issue: 3 year: 2014 ident: 10.1016/j.jimonfin.2025.103395_bib0220 article-title: Is economic recovery a myth? Robust estimation of impulse responses publication-title: J. Appl. Econ. (Chichester. Engl). doi: 10.1002/jae.2333 – volume: 53 start-page: 1245 issue: 4 year: 1998 ident: 10.1016/j.jimonfin.2025.103395_bib0015 article-title: Optimal financial crises publication-title: J. Finance doi: 10.1111/0022-1082.00052 – year: 2015 ident: 10.1016/j.jimonfin.2025.103395_bib0190 – volume: 3 start-page: 199 issue: 2 year: 2021 ident: 10.1016/j.jimonfin.2025.103395_bib0200 article-title: Leaning against the wind and crisis risk publication-title: Am. Econ. Rev. Insights doi: 10.1257/aeri.20200310 – start-page: 114 year: 2002 ident: 10.1016/j.jimonfin.2025.103395_bib0050 publication-title: Asset prices, financial and monetary stability: exploring the nexus – volume: 91 start-page: 401 issue: 3 year: 1983 ident: 10.1016/j.jimonfin.2025.103395_bib0085 article-title: Bank runs, deposit insurance, and liquidity publication-title: J. Polit. Econ. doi: 10.1086/261155 – volume: 6 start-page: 291 year: 2022 ident: 10.1016/j.jimonfin.2025.103395_bib0205 article-title: Financial crises: a survey publication-title: Handb. Int. Econ. doi: 10.1016/bs.hesint.2022.02.012 – year: 2021 ident: 10.1016/j.jimonfin.2025.103395_bib0065 publication-title: Financial cycles: early warning indicators of banking crises? – volume: 105 start-page: 2011 issue: 7 year: 2015 ident: 10.1016/j.jimonfin.2025.103395_bib0105 article-title: Banking, liquidity, and bank runs in an infinite horizon economy publication-title: The Am. Econ. Rev. doi: 10.1257/aer.20130665 – volume: 22 start-page: 536 issue: 3 year: 2008 ident: 10.1016/j.jimonfin.2025.103395_bib0020 article-title: A survey of recent developments in the literature of finance and growth publication-title: J. Econ. Surv. doi: 10.1111/j.1467-6419.2007.00542.x – volume: 107 start-page: 3072 issue: 10 year: 2017 ident: 10.1016/j.jimonfin.2025.103395_bib0180 article-title: New evidence on the aftermath of financial crises in advanced countries publication-title: The Am. Econ. Rev. doi: 10.1257/aer.20150320 – volume: 25 start-page: 1211 issue: 4 year: 2021 ident: 10.1016/j.jimonfin.2025.103395_bib0045 article-title: “Sorry, we’re closed” bank branch closures, loan pricing, and information asymmetries publication-title: Rev. Financ. doi: 10.1093/rof/rfaa036 – volume: 27 start-page: 483 issue: 71 year: 2012 ident: 10.1016/j.jimonfin.2025.103395_bib0055 article-title: Financial liberalization and reversals: political and economic determinants publication-title: Econ. Policy doi: 10.1111/j.1468-0327.2012.00288.x – volume: 102 start-page: 1029 issue: 2 year: 2012 ident: 10.1016/j.jimonfin.2025.103395_bib0195 article-title: Credit booms gone bust: monetary policy, leverage cycles, and financial crises, 1870–2008 publication-title: The Am. Econ. Rev. doi: 10.1257/aer.102.2.1029 – year: 2018 ident: 10.1016/j.jimonfin.2025.103395_bib0170 article-title: Evidence on finance and economic growth – volume: 95 start-page: 66 issue: 1 year: 2005 ident: 10.1016/j.jimonfin.2025.103395_bib0005 article-title: Financial reform: what shakes it? What shapes it? publication-title: The Am. Econ. Rev. doi: 10.1257/0002828053828699 – volume: 124 start-page: 489 issue: 2 year: 2016 ident: 10.1016/j.jimonfin.2025.103395_bib0040 article-title: Booms and banking crises publication-title: J. Polit. Econ. doi: 10.1086/685475 |
| SSID | ssj0006638 |
| Score | 2.4266663 |
| Snippet | This paper examines the dynamic impact of systemic banking crises on financial development. Causal effects are identified using a propensity-score-based method... |
| SourceID | crossref elsevier |
| SourceType | Index Database Publisher |
| StartPage | 103395 |
| SubjectTerms | Banking crises Financial development Inverse probability weighting Local projections Panel data |
| Title | Financial development in the aftermath of banking crises |
| URI | https://dx.doi.org/10.1016/j.jimonfin.2025.103395 |
| Volume | 157 |
| hasFullText | 1 |
| inHoldings | 1 |
| isFullTextHit | |
| isPrint | |
| link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwpV1NS8NAEB1KBfEifmL9KHvwmoYkm83mWIqhKvZihd7CfmJ6SIutV3-7s0mWVhA8eEzIQvI2vHmTvJkBuGeSZrHhMmDaYoKijQjy2MQBalOkTKp41sxPeZmx6Rt9WqSLHkx8LYyzVXbc33J6w9bdmbBDM1xXVfjqsgeM1yjgm99vrtCc0sz1zx997WweGFG5_87irt6rEl6OlohHbSvXBzVOXf154uZM_Bag9oJOcQLHnVok4_aGTqFn6jM49Gb1c-CFb5hB9M79Q6qaoK4jzfxvVKTvZGWJFM2QBIIssTGbC5gXD_PJNOhmIQQKg2waxNZwzWQiM8pYhjlYpGQspLRRpgVXmAsqGlGt84RZJjjjCp88Sq3SKe4CTy6hX69qcwXEJJTmJkUdJKXLn4SgmWCu1VkkGZV6AKF__nLddrwovRVsWXrESodY2SI2gNzDVP7YuxJp-Y-11_9YewNH7qi1491Cf_vxae5QImzlsHkHhnAwfnyezr4BPxG6cg |
| linkProvider | Elsevier |
| linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwpV09T8MwED2VIgEL4lOUTw-saZTEdpwRVVQF2i4UqZtlx45oh7SiZeW3c05itUhIDKxJLMXP1rt3yfMdwD3XNI2t0AE3BSYoxqogi20coDZFyqS5SKv-KaMxH7zR5ymbtqDnz8I4W2XD_TWnV2zdXAkbNMPlbBa-uuwB4zUK-Or3G9uBXcqS1G3t7tfG54EhVfgPLe7xrWPC8-4cASmLmSuEGjN3AD1xjSZ-i1BbUad_BIeNXCQP9RsdQ8uWJ7Dn3eqnIPq-YgYxG_sPmZUEhR2pGoCjJH0ni4JoVXVJIEgTK7s6g0n_cdIbBE0zhCDHKMuCuLDCcJ3olHKeYhIW5TpWWhdRapTIMRnMaUSNyRJecCW4yHHmEStyw3AZRHIO7XJR2gsgNqE0swyFkNYugVKKpoq7WmeR5lSbDoR-_nJZl7yQ3gs2lx4x6RCTNWIdyDxM8sfiSeTlP8Ze_mPsHewPJqOhHD6NX67gwN2pvXnX0F5_fNob1AtrfVvth2_bHLwI |
| openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Financial+development+in+the+aftermath+of+banking+crises&rft.jtitle=Journal+of+international+money+and+finance&rft.au=Everaert%2C+Gerdie&rft.au=Pozzi%2C+Lorenzo&rft.date=2025-08-01&rft.pub=Elsevier+Ltd&rft.issn=0261-5606&rft.volume=157&rft_id=info:doi/10.1016%2Fj.jimonfin.2025.103395&rft.externalDocID=S0261560625001305 |
| thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0261-5606&client=summon |
| thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0261-5606&client=summon |
| thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0261-5606&client=summon |