Icelandic paper looks for early-warning signals across past crises
Paper identifies six clusters of financial crises in the country since 1875
Economists at the Central Bank of Iceland identify six "serious multiple financial crisis episodes" in the country since 1875, but are unable to find any financial variables that consistently provide an early-warning signal.
In The long history of financial boom-bust cycles in Iceland, part I: financial crises, Bjarni Einarsson, Kristófer Gunnlaugsson, Thorvardur Tjörvi Ólafsson and Thórarinn Pétursson note these episodes typically follow a pattern of a collapse in domestic demand, followed by a
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