Figure 3: Growth Rate of Money, All Crises, Twin Crises, Banking Crises and Currency Crises, Emerging Countries, 1880-1914 * U RZ W K 5DW HRI 0RQ H\ DOO & U LVHV(PHU JLQ J& RX Q W U LHV * U RZ W K 5DW HRI 0RQ H\ 7Z LQ & U LVHV(PHU JLQ J& RX Q W U LHV K W Z R U * \ H Q R K W Z R U * \ H Q R 0 0 FUL VLV FUL VLV * U RZ W K 5DW HRI 0RQ H\ %DQ NLQ J& U LVHV(PHU JLQ J * U RZ W K 5DW HRI 0RQ H\ & XU U HQF\ & U LVHV(PHU JLQJ & RX Q W U LHV & RXQ W U LHV K W Z R U * \ H Q R K W Z R U * \ H Q R 0 0 FUL VLV FUL VLV Figure 8: Growth Rate of Money, All Crises, Twin Crises, Banking Crises and Currency Crises, Emerging Countries, 1919-1939 * U RZ W K 5DW HRI 0RQ H\ DOO & U LVHV(PHU JLQ J& RX Q W U LHV * U RZ W K 5DW HRI 0RQ H\ 7Z LQ & U LVHV(PHU JLQ J& RX Q W U LHV K W Z R U * \ H Q R K W Z R U * \ H Q R 0 0 FU LVL V FU LVL V * U RZ W K 5DW HRI 0RQ H\ %DQ NLQ J& U LVHV(PHU JLQ J * U RZ W K 5DW HRI 0RQ H\ & XU U HQF\ & U LVHV(PHU JLQJ & RX Q W U LHV & RXQ W U LHV K W Z R U * \ H Q R K W Z R U * \ H Q R 0 0 FU LVL V FU LVL V Figure 4: Growth Rate of Money, All Crises, Twin Crises, and Currency Crises, Ten Emerging Countries, 1973-1978 * UR Z WK5 DWH R I0 R QH \D OO& ULVHV 7 H Q( P H UJLQ J& RX Q WULH V * U RZ W K 5DW HRI 0RQ H\ 7Z LQ & U LVHV7HQ (PHU JLQJ & R XQ WULHV & RXQ W U LHV & RXQ W U LHV K W Z R U * \ H Q R K W Z R U * \ H Q R 0 0 FULVHV * U RZ W K 5DW HRI 0RQ H\ & XU U HQF\ & U LVHV7HQ (PHU JLQJ & RX QW U LHV& RX QW U LHV K W Z R U * \ H Q R 0 FUL VHV FUL VHV Figure 11. Growth Rate of Real GDP, All Crises, All Countries and Emerging Countries, by Regimes * U RZ W K 5 DW H RI5 HDO* '3 DOO& U LVHV(PHU JLQJ& RX Q W U LHV * U RZ W K 5 DW HRI5 HDO * '3 DOO& U LVHVDOO& RXQ W U LHV K W Z R U * K W Z R U * 3 ' * O D H 5 3 ' * O D H 5 FUL VLV FUL VLV * U RZ W K 5 DW HRI5 HDO * '3 DOO& U LVHVDOO& RXQ W U LHV * U RZ W K5 DW HRI 5HDO * '3DOO& U LVHV7HQ (PHU JLQJ & RXQ W U LHV& RXQ W U LHV K W Z R U * H W D 5 K W Z R U * 3 ' * O D H 5 3 ' * O D H 5 FUL VLV FUL VHV Figure 5: Real Interest Rate, All Crises, Twin Crises, Banking Crises and Currency Crises, Emerging Countries, 1880-1914 5 HDO,Q W HU HVW 5 DW H DOO& U LVHV(PHU JLQJ& RX Q W U LHV 5 HDO ,QW HU HVW 5 DW H7Z LQ & U LVHV(PHU JLQJ& RXQ W U LHV H W D 5 W V H U H W Q , O D H 5 FU LVL V H W D 5 W V H U H W Q , O D H 5 FU LVL V 5 HDO,Q W HU HVW 5DW H%DQ NLQ J & U LVHV(PHU JLQ J& RX QW U LHV 5 HDO,Q W HU HVW 5DW H& X U U HQ F\ & U LVHV(PHU JLQJ& RX Q W U LHV H W D 5 W V H U H W Q , O D H 5 H W D 5 W V FU LVL V H U H W Q , O D H 5 FU LVL V Figure 9: Real Interest Rate, All Crises, Twin Crises and Currency Crises, Emerging Countries, 1919-1939 5HDO ,QW HU HVW 5 DW HDOO& U LVHV(PHU JLQJ & RXQ W U LHV 5 HDO ,QW HU HVW 5 DW H7Z LQ & U LVHV(PHU JLQJ& RXQ W U LHV H W D 5 W V H W D H U H W Q , O D H 5 5 W V FUL VLV H U H W Q , O D H 5 5 HDO,Q W HU HVW 5DW H& X U U HQ F\ & U LVHV(PHU JLQJ& RX Q W U LHV H W D 5 W V H U H W Q , O D H 5 FUL VLV FUL VLV Figure 6: Real Interest Rate, All Crises, Twin Crises, and Currency Crises, Ten Emerging Countries, 1973-1978 5HDO ,QW HU HVW 5 DW HDOO& U LVHV7HQ (PHU JLQ J & RXQ W U LHV 5HDO,QW HU HVW 5 DW H7Z LQ & U LVHV7HQ(PHU JLQ J & RX QW U LHV & RX QW U LHV & RX QW U LHV H W D 5 W V H U H W Q , O D H 5 H W D 5 W V FU LVHV H U H W Q , O D H 5 5 HDO,Q W HU HVW 5DW H& XU U HQF\ & U LVHV7HQ (PHU JLQJ & RX QW U LHV& RX QW U LHV H W D 5 W V H U H W Q , O D H 5 FU LVHV FU LVHV Figure 10: Growth Rate of Real GDP, Growth Rate of Money, Ratio of Net Exports to GDP, and Real Interest Rate, Currency Crises, Emerging Countries, 1945-1971 * U RZ W K 5 DW HRI 5HDO * '3 & X U U HQ F\ & U LVHV(PHU JLQ J * U RZ W K 5DW HRI 0RQ H\ & XU U HQF\ & U LVHV(PHU JLQJ & RX QW U LHV & RX QW U LHV K W Z R U * 3 ' * O D H 5 K W Z R U * \ H Q R 0 FU LVLV FUL VLV 5 HDO,Q W HU HVW 5DW H& X U U HQ F\ & U LVHV(PHU JLQJ& RX Q W U LHV & RXQ W U LHV 3 ' * V W U R S [ ( W H 5DW LRRI 1HW ([SRU W VW R * '3& X U U HQ F\ & U LVHV (PHU JLQ J R L W D 5 FUL VLV H W D 5 W V H U H W Q , O D H 5 1 FU LVL V Figure 2: Ratio of Net Exports to GDP, All Crises, Twin Crises, and Currency Crises, Ten Emerging Countries, 1973-1978 5DW LRRI 1HW ([SRU W VW R * '3DOO& U LVHV7HQ (PHU JLQJ 5 DW LRRI 1HW ([SRU W V W R* ' 37Z LQ & U LVHV7HQ (PHU JLQ J & RXQ W U LHV& RXQ W U LHV & RXQ W U LHV & RXQ W U LHV R L W D 5 R L W D 5 3 ' * V W U R S [ ( W H FUL VHV 3 ' * V W U R S [ ( W H 1 1 5 DW LR RI 1HW ([SRU W VW R* ' 3& XU U HQF\ & U LVHV7HQ (PHU JLQJ & RXQ W U LHV & RXQ W U LHV R L W D 5 3 ' * V W U R S [ ( W H 1 FUL VHV FUL VHV Figure 1: Ratio of Net Exports to GDP, All Crises, Twin Crises, Banking Crises and Currency Crises, Emerging Countries, 1880-1914 5 DW LRRI 1HW ([SRU W VW R* ' 3DOO& U LVHV(PHU JLQ J 5DW LRRI 1HW ([SRU W VW R * '37Z LQ & U LVHV(PHU JLQJ & RX QW U LHV & RX Q W U LHV R L W D 5 R L W D 5 3 ' * V W U R S [ ( W H FUL VLV 3 ' * V W U R S [ ( W H 1 1 FUL VLV 5DW LRRI 1HW ([SRU W VW R * '3%DQ NLQ J& U LVHV(PHU JLQJ 5DW LRRI 1HW ([SRU W VW R * '3& X U U HQ F\ & U LVHV (PHU JLQ J & RX Q W U LHV & RXQ W U LHV R L W D 5 R L W D 5 3 ' * V W U R S [ ( W H FUL VLV 3 ' * V W U R S [ ( W H 1 1 FUL VLV Figure 7: Ratio of Net Exports to GDP, All Crises, Twin Crises, Banking Crises and Currency Crises, Emerging Countries, 1919-1939 5 DW LRRI1HW ([SRU W VW R* ' 3DOO & U LVHV(PHU JLQ J 5 DW LR RI1HW ([SRU W VW R* ' 37Z LQ& U LVHV (PHU JLQ J & RX QW U LHV & RX Q W U LHV R L W D 5 FU LVL V 3 ' * V W U R S [ ( W H R L W D 5 FU LVL V 5 DW LR RI 1HW ([SRU W VW R* ' 3%DQ NLQJ & U LVHV (PHU JLQ J 5 DW LR RI 1HW ([SRU W VW R* ' 3& X U U HQ F\ & U LVHV(PHU JLQ J & RX Q W U LHV & RXQ W U LHV 1 3 ' * V W U R S [ ( W H 3 ' * V W U R S [ ( W H 1 1 R L W D 5 FU LVL V R L W D 5 3 ' * V W U R S [ ( W H 1 FU LVL V
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