How Economies Crashed: A Crash Course on Economic and Financial Crises

Economic crises constitute a phenomenal that have existed since the gold standard era (Saxena, 2004). Economic crises are multifaceted and complex, comprising of overlapping factors that can be illustrated by various models (Kindleberger and Aliber, 2005). The write-up presented in this book attempts to draw out the main themes centering the knowledge debate on crisis creation.

A thorough review of the literature within the domain of economic and financial crises revealed seven main themes of economic crises models proposed by notable scholars in recent decades. These seven themes include First Generation Economic Crisis Models, Second Generation Economic Crisis Models, Twin Crises, Herding and Self-Fulfilling Crisis Models, Contagion and Linkages, Moral Hazard, and on Asset Bubble Theories. These seven themes will be expounded upon thoroughly in the proceeding sub-sections, with the aim of bringing out a discourse on the key factors proposed by notable scholars in each theme.

Additionally, Krugman’s and Kindleberger’s comments, arguments and propositions in response to the analyses proposed by these scholars will be distilled and classified within the boundaries of each theme so as to set forth a deeper discourse on the agreements and disagreements between each scholar. Both Krugman and Kindleberger are thought leaders and authorities in the fields of economic crises, thus their comments will feature prominently.

Finally, the key propositions set forth by each scholar will be organized into a table, followed by a conclusion on the key themes discussed.

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