And they have had large costs to affected economies and societies.7 Unemployment rates and GDP figures are the more easily quantifiable impacts of banking crises. But what can sometimes get lost in the discussion surrounding bank failures is the deep personal impacts they can have, not only on those directly impacted, but also on those indirectly impacted.
Economic models and statistics can only go so far in telling this story, which is why I want to spend some time on the impacts of banking crises on wellbeing. 6 Otker-Robe I, and Podpiera A M: The social impact of financial crises; Evidence from the Global Financial  Crisis, Policy Research Working paper, No. WPS 6703, World Bank, 2013.