Before revision:  Crises' frequency, severity, and the associated global output losses over periods of five years are identified on the basis of Laeven et al. (2008). Applying the Loss Distribution Approach used in insurance and operational risk theory and practice, we estimate a multi-country aggregate GDP loss distribution and thus approximate the conditional losses in the event of financial crises.
After revision:  We perform the Loss Distribution Approach used in insurance and operational risk theory and practice, we estimate a multi-country aggregate GDP loss distribution and thus approximate the conditional losses in the event of financial crises.