# **2.5.1 Country**

Each country has contrasting features (Table 3). In terms of crisis episodes, total number of crisis episodes is 59 or 3.9 on average. While Turkey has seven crisis episodes, Korea and the Philippines have only two episodes. The total length of crisis episode in Colombia and Turkey is twenty quarters, while it is seven in Malaysia. In Colombia and Turkey, the ratio of crisis episode length to total sample periods is 22 percent or these countries have crisis episodes almost one-fifth of sample periods on average. The total degree of crisis (measured by number of crisis, depth and length) also considerably varies across countries. The total crisis degree of Argentina exceeds one hundred, while that of India is only forty-one. The Philippine’s case is unique, since the country has only two crisis episodes but at the same time total degree of the crisis is the second highest in the sample countries, which makes the average degree of one crisis (-49) considerably high.

In terms of crisis periods, differences in countries are less obvious than crisis episodes in some countries. For example, Brazil (76) has almost identical number of crisis periods to Argentina (74), and total degree is higher in Brazil than Argentina, which is a sharp contrast with crisis episodes. This means Brazil has many crisis periods which are not included in crisis episodes. In Brazil, between 1980 and 1994, most periods are identified as currency crisis periods, however currency crisis periods were not accompanied by other types of crises in most periods.

**Table 3: Crisis Identification on a Country Basis in Q1 1980-Q4 2002**

||C<br>|risis Period<br>|s (Quarters<br>|)<br>||Cri<br>|sis Episodes<br>|<br>||
|---|---|---|---|---|---|---|---|---|---|
||No. of<br>quarters|Ratio in<br>samples|Total<br>degree|Crisis<br>average|Number|Length<br>(quarters)|Ratio in<br>samples|Total<br>degree|Episode<br>average|
|Argentina<br>|74<br>|11.6%|-205<br>|-2.8|6<br>|18|30.4%|-101<br>|-16.8|
|Brazil|76|11.8%|-225|-3.0|5|14|9.8%|-66|-13.2|
|Colombia|59|11.6%|-132|-2.2|4|20|21.7%|-87|-21.8|
|India|46|7.2%|-108|-2.4|4|8|8.7%|-41|-10.3|
|Indonesia|42|7.2%|-120|-2.9|2|8|8.7%|-72|-36.0|
|Kenya|46|8.4%|-109|-2.4|5|15|16.3%|-49|-9.8|
|Korea|40|6.2%|-105|-2.6|2|11|12.0%|-74|-37.0|
|Malaysia|32|5.8%|-84|-2.6|4|7|7.6%|-53|-13.3|
|Mexico|54|8.7%|-143|-2.7|4|13|14.1%|-89|-22.2|
|Philippines|53|8.8%|-137|-2.6|2|19|20.7%|-98|-49.0|
|Sri Lanka|37|5.9%|-95|-2.6|3|8|8.7%|-51|-16.9|
|Thailand|53|8.3%|-135|-2.5|3|12|13.0%|-91|-30.3|
|Turkey|86|14.1%|-203|-2.4|7|20|21.7%|-93|-13.3|
|Uruguay|69|12.6%|-166|-2.4|3|11|12.0%|-75|-25.0|
|Venezuela|60|10.8%|-157|-2.6|6|19|20.7%|-89|-14.8|
|Total|827|9.2%|-2,121|-2.6|59|208|15.1%|-1,130|-19.2|
|Average|55|-|-141|-|3.9|13.9|-|-75|-|

_Note: Total degree of crisis periods and episodes is the sum of standardized scores exceeding the thresholds; Crisis average and episode average are calculated as total degree divided by number of crisis quarters and number of crisis episodes, respectively. Source: Author_ The country basis analysis shows that some countries such as the Philippines may have more severe crisis episodes (longer and/or deeper cris es) than others. Table 4 provides five selected crisis episodes according to the total degree of cris is. The Philippines’ crisis in the early 1980s has the largest degree 12