About This Journal

Journal of Financial Crises (JFC) is an online publication of the Yale Program on Financial Stability (YPFS) that seeks to create, preserve, and disseminate knowledge about financial crises. We primarily serve as a vehicle for distributing the case studies and surveys of crisis interventions produced by YPFS staff. We will also publish other work related to systemic risks and financial crises in a variety of formats and styles including: articles, archive notes, case studies, surveys, and Lessons Learned, as further described below.

We also encourage submissions from outside of Yale. For these submissions, we hope to be an outlet for descriptive and policy-relevant research that might not fit the template of a traditional academic journal. We aim to publish the useful research done in central banks and international agencies that deserves wider distribution. Submissions are reviewed by journal editors and YPFS staff —we will not ordinarily use external referees.

We are international in scope and seek content addressing recent or past financial crises that occurred anywhere in the world, in developed and emerging markets. Our audience is primarily central banks, financial regulators, other policy makers, and scholars of financial crises.

We are actively seeking submissions of articles and archive note materials as described below.

Our executive editor is Andrew Metrick, the Janet L. Yellen Professor of Finance and Management at the Yale School of Management and founder and program director of the YPFS. Our managing editor is Deborah Felstehausen, editorial director and project manager, YPFS. Roz Wiggins, director, the Global Financial Crisis Project, YPFS, is senior contributing editor; Angela Vossmeyer, Rothacker Family Associate Professor of Economics & George R. Roberts Fellow at Claremont McKenna College, and Research Associate at the National Bureau of Economic Research (NBER) is articles editor. Shavonda Brandon, YPFS research support associate, is assistant editor.


We are currently seeking submissions of Articles that address issues relating to financial stability, crises, and systemic risk: the diagnoses of crises, the policy decisions made, the specific interventions used to combat them, and strategies considered and discarded. We are particularly interested in research that may have been originally designed to inform senior policymakers and central bankers about systemic risk and financial crises. Such work may have originally taken the form of staff memos or internal technical reports, but with a small amount of revision and/or removal of confidential data, would be of great benefit for the wider research community.

Archive Notes

A related project of YPFS is building a research library that collects an expanding set of crisis-related resources and is maintained on the YPFS website. We want to see the interesting memoranda, outlines, letters, and notes created while combatting a crisis, as well as the fruits of related FOIA requests. If we consider them relevant to our mission, we will add these documents to the YPFS Research Library and we will highlight the most interesting ones in the Journal as an Archive Note. For information on submitting an Archive Note, see Policies for Authors.

Case Studies

We publish Case Studies that explore in detail (i) actions taken and events occurring before and during the crisis, and (ii) specific policy decisions undertaken to intervene and arrest the crisis (interventions). Our Case Studies are in-depth examinations and critical analyses of a particular intervention using primary sources such as: press releases, implementing contracts, reports, financial statements, internal documents, applicable laws, and other publicly-available documents. We are especially interested in cases that delve into the design of regulations and interventions to detect or arrest crises and the key design decisions made. The Case Studies we publish are almost exclusively papers created as part of the YPFS New Bagehot Project.


Our surveys are papers that organize and analyze the key-design decisions relating to a large group of interventions used to address a crisis. For example, with respect to a survey about guarantees, the following might be key design decisions: fees, opt-in or opt-out coverage, breadth of accounts/investments covered, eligible participants. Surveys seek to explain why the identified design decisions (and not others) are defined as "key", and evaluate the costs and benefits of the different choices made.

A survey may analyze either (i) a broad category of interventions (e.g., bad banks, board-based guarantee programs, or market-liquidity programs) usually across varying entities and or jurisdictions, or (ii) a summary of multiple interventions for a specific crisis or part of a crisis (e.g., Iceland in the Global Financial Crisis, the Mexican Peso Crisis), or (iii) the several interrelated interventions used to stabilize one significant entity or part of the market (e.g., the Rescue of AIG, the conservatorships of Fannie Mae and Freddie Mac, Stabilizing Money Market Mutual Funds.). The surveys we publish are almost exclusively papers created as part of the YPFS New Bagehot Project.

Lessons Learned

Lessons Learned are those few significant insights that we glean from interviews with key participants in crises. They are the unusual or unexpected things that the principal wishes s/he had known before or items that the principal identifies as important to pass on so that the next set of policymakers will be better prepared. Some are related solely to a major project, but many have much wider application. The Lessons Learned we publish are almost exclusively papers created as part of our Lessons Learned Oral History Project.

Other Content

In addition to our scholarly work, we seek (i) to provide practical information and resources to policymakers and other practitioners and (ii) to preserve and disseminate critical knowledge about crises in a wide variety of forms. Therefore, we may publish other types of content if they contribute to our mission to be a premier source for scholarly and practical work relating to systemic disruptions in financial and economic systems. We accept content in a variety of formats and styles as further discussed in Policies for Authors.


The case studies, surveys and Lessons Learned that we publish are almost exclusively papers created as part of the YPFS New Bagehot Project or our Lessons Learned Oral History Project. However, if you have an interest in contributing to the Journal in one of these forms, or in any other format, please see Policies for Authors. for information on how to contact us and for more detail about what types of content we are looking for.


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