The process of financial globalization entails both
benefits and risks. The risks are mostly associated with
the occurrence of financial crises. After each wave of
financial crises, the interest in how to avoid crises is
renewed. Much of the crisis literature was developed
in the aftermath of the emerging market crises of the
1990s. As before, the recent global financial crisis once
again triggered an interest in financial crises, from their
prediction and causes to policy responses and crisis resolution. The following chapters present some insights
into this literature.