Over at the Economist, Greg Ip points us to a new IMF working paper that surveys all the systemic banking crises–147 in all–since 1970. As Greg notes, one of Luc Laeven and Fabian Valencia’s most striking findings is that banking crises disproportionately begin in the second half of the year, with a particular spike in September:
So let’s enjoy what few days of June remain.
P.S. Theories to explain this pattern are appreciated. Or maybe it’s a spurious correlation, at Tyler Cowen hints.
Update: Joshua Hedlund at PostLibertarian crunches the underlying data and finds that (a) the authors provided a date for only 63 of the crises and (b) that 22 of the 25 in September happened in 2008. ht: Tyler Cowen