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date: 05 March 2021

Abstract and Keywords

This chapter presents a narrative of currency crises for the past two centuries. It uses the Swan Diagram as a theoretical framework for this narrative and concludes that many so-called banking crises are in fact currency crises. These crises are caused by capital flows in war and peace and typically result in recessions. The Swan Diagram helps us to consider external and internal imbalances together and understand their interactions. It also reminds us that national histories often ignore the international aspect of economic crises. This chapter draws on and extends work reported in Peter Temin and David Vines, The Leaderless Economy, Why the World Economic System Fell Apart and How to Fix It.

Keywords: currency crises, Swan Diagram, international trade, capital flows, recessions

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