a. Select a financial crisis in a country or region of your choice. Briefly describe the crisis.
b. In the module we discussed three stylized models of recent financial crises. These
related to fiscal sustainability, systemic bank-type runs on financial institutions and adverse
selection. Select one of these models that best relate to the crisis that you have chosen. Use the
model to explain key features of the crisis including the buildup, timing, the evolution and the
ending. Are there any features of the crisis that your chosen model cannot explain?
c. What policy lessons should regulators and policymakers take from the crisis that you
have focused on?
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