Web Appendix 1 List of Countries and Crises 1.1 Currency Crises.

• Main Authors: Pierre-olivier Gourinchas, Maurice Obstfeld, See Table, To Eme Frankel
• Other Authors: The Pennsylvania State University CiteSeerX Archives
• Format: Text
• Language: English
• Published: 2011
• Subjects: Iceland
• Online Access: http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.404.5430; http://www.aeaweb.org/aej/mac/app/2011-0020_app.pdf

a 25 percent or greater nominal currency depreciation agains the US dollar over a year that is also a 10 percentage point increase in the annual rate of depreciation. For advanced economies we use the chronology of Bordo et al. (2001), which extends through 1997. After 1997 there were no true currency crises in advanced countries until 2008, notwithstanding the ersatz crises some authors have identified using mechanical criteria. We also include Iceland in 2008. 1 The 2003-2010 crisis are marked with a ‘* ’ in Table 1. 1.2 Systemic Banking Crises. See Table 2. We draw our dating of systemic banking crises from Laeven and Valencia (2010). 2003-2010 crisis episodes are marked with a ‘* ’ in Table 2. This set of additional banking crisis episodes includes ‘borderline ’ systemic crisis under the Laeven and Valencia (2010) classification, since some of the recent banking crisis may yet have to play out fully. 1.3 Default Crisis. We draw our dating of domestic and external default episodes from Reinhart and Rogoff