Financial crises surprisingly common, but few countries close their banks

timeline of banking crises

For Americans, the sight of Greeks lined up outside shuttered banks evokes images from the Great Depression – the last time all banks in the U.S. were closed on government orders. In fact, while banking crises are depressingly common around the world, governments typically only impose such “bank holidays” as a last resort, to keep funds from fleeing the banking system and sending it crashing down.

We examined a comprehensive database of financial crises from 1970 through 2012 compiled and maintained by two economists for the International Monetary Fund to see just how unusual the current situation in …read more

Source: Pew Research

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