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YPFS Working Paper Series

About the YPFS Working Paper Series

The mission of the Yale Program on Financial Stability (YPFS) is to create, disseminate, and preserve knowledge about financial crises. We focus on work related to improving the prevention, understanding, and management of systemic risks and systemic disruptions in financial and economic systems.

In our Working Paper Series, we publish case studies, surveys and related papers about the causes, impacts, and interventions into crises. Our YPFS case studies utilize primary sources (many which can be found in our Resource Library) to examine in detail the causes leading to crises, the effects of crises, and the actions taken by governments to respond. Many of our cases focus on the critical design decisions made in establishing the interventions undertaken and curate a record of those decisions, their implementation, and impact. These case studies and our surveys form the core of our forthcoming New Bagehot Project, which aims to expand the “crisis-fighting playbook” that future policymakers can consult to help guide them during future crises.

Our work is international in scope and addresses recent or past financial crises that occur anywhere in the world, in developed and emerging markets. Our audience is primarily central banks, financial regulators, other policymakers, and scholars. 

Our working papers Are hosted by SSRN And may be accessed and downloaded by clicking here:

YPFS Working Paper Series

Updates to our working papers are generally published in the Journal of Financial Crises.

If you have any questions about the YPFS Working Paper Series, please contact us at