The Cost of Banking Crises: New Evidence from Life Satisfaction Data
研究发现银行危机不仅造成经济成本，还导致广泛且持久的心理损失，这种损失超出GDP下降等宏观金融影响，且2007-8年危机中信贷繁荣过的国家损失更大。
Summary It is known that banking crises produce large economic costs. Yet might their consequences be even more far‐reaching? We investigate an issue as yet largely unexplored and provide some of the first evidence that banking crises also lead to major, widespread, and lasting psychological losses. We estimate the costs of banking crises with individual life satisfaction; we show that these extend beyond GDP declines and other macroeconomic and financial leakages. For the 2007‐8 financial crisis, we find some evidence that the losses are larger for those countries that had previously experienced a credit boom.