A third issue is that existing crisis chronologies almost all use a 0-1 classification: either a country experienced a crisis or it did not. A few studies differentiate between systemic and non-systemic crisis, but do not go further than that. this binary classification surely obscures some important information about the variation in the severity of crisis.It also means that errors in classification are likely very consequential.As a result, estimates of the real impact of crisis derived from such series are likely to be imprecise and potentially inaccurate.