List of Tables

1.1 Defining crises: A Summary of quantitative thresholds	7
1.2 Defining crises by events: A summary	11
2.1 External debt at the time of default: Middle-income countries, 1970-2008	23
2.2 External debt at the time of default: Frequency distribution, 1970-2008	24
2.3 Risk and debt: Panel pairwise correlations, 1979-2007	27
3.1 Countries' share of world GDP, 1913 and 1990	44
6.1 The early external defaults: Europe, 1300-1799	87
6.2 External default and rescheduling: Africa, Europe, and Latin America, nineteenth century	91
6.3 Default and rescheduling: Africa and Asia, twentieth century to 2008	95
6.4 Default and rescheduling: Europe and Latin America, twentieth century to 2008	96
6.5 The cumulative tally of default and rescheduling: Africa and Asia, year of independence to 2008	97
6.6 The cumulative tally of default and rescheduling: Europe, Latin America, North America, and Oceania, year of independence to 2008	99
7.1 Interest rates on domestic and external debt, 1928-1946	107
7.2 Episodes of domestic debt default or restructuring , 1750-1920	112
7.3 Selected episodes of domestic debt default or restructuring, late 1920s-1950s	113
7.4 Selected episodes of domestic debt default or restructuring, 1970-2008	115

8.1 Debt ratios at the time of default: Selected episodes	120
8.2 Inflation and domestic debt: Selected episodes, 1917-1994	126
9.1 Output and inflation around and during debt crises	132
9.2 Who gets expropriated, residents or foreigners? Preliminary tests for the equality of two proportions (Binomial distribution), 1800-2006	135
10.1 Debt and banking crises: Africa and Asia, year of independence to 2008	148
10.2 Debt and banking crises: Europe, Latin America, North America, and Oceania, year of independence to 2008	149
10.3 Frequency of banking crises: Africa and Asia, through 2008	151
10.4 Frequency of banking crises: Europe, Latin America, North America, and Oceania, through 2008	152
10.5 Summary of the incidence and frequency of banking crises, 1800 (or year of independence) to 2008	154
10.6 Summary of the incidence and frequency of banking crises, 1945 (or year of independence) to 2008	154
10.7 The effect of a capital flow bonanza on the probability of a banking crisis in a sixty-six country sample, 1960-2007	158
10.8 Cycles of real housing prices and banking crises	160
10.9 Creative accounting? Bailout costs of banking crises	164

11.1 Expropriation through currency debasement: Europe, 1258-1799	176
11.2 Expropriation through currency debasement: Europe, nineteenth century	177
12.1 "Default" through inflation: Asia, Europe, and the "New World," 1500-1799	183
12.2 "Default" through inflation: Africa and Asia, 1800-2008	184
12.3 "Default" through inflation: Europe, Latin America, North America, and Oceania, 1800-2008	186
13.1 Post-World War II bank-centered financial crises in advanced economies	216
14.1 Fiscal deficits as a percentage of GDP	231
15.1 Global banking crises, 1890-2008: Contagion or common fundamentals?	243
16.1 Indexes of total building activity in selected countries	268
16.2 Unemployment rates for selected countries, 1929-1932	269
17.1 Early warning indicators of banking and currency crises: A summary	280
17.2 Institutional Investor ratings of sixty-six countries: Upgrade or demotion, 1979-2008	285

A.1.1 Prices: Consumer or cost-of-living indexes	296
A.1.2 Modern nominal exchange rates	301
A.1.3 Early silver-based exchange rates	305
A.1.4 The silver content of currencies	306
A.1.5 Index of nominal and real gross national product and output	307
A.1.6 Gross national product	311
A.1.7 Central government expenditures and revenues	314
A.1.8 Total exports and imports	320
A.1.9 Global Indicators and financial centers	323
A.1.10 Real house prices	324
A.1.11 Stock market indexes (equity prices)	326
A.2.1 Public debentures: External government bond issues	328
A.2.2 Total (domestic plus external) public debt	330
A.2.3 External public debt	335
A.2.4 Domestic public debt	340
A.3.1 Banking crisis dates and capital mobility, 1800-2008	344
A.4.1 Banking crises: Historical summaries, 1800-2008	348