Contents -- I. Introduction -- II. Conceptual Framework and Methodology -- A. Crisis Persistence, Complexity, and Macroeconomic Effects -- B. Determinants of the Duration of Crises -- C. Econometric Methodology -- III. Persistence of Capital Account Crises -- A. Estimation Results and Robustness Tests -- B. Counterfactual Experiments -- IV. Conclusions -- References -- Boxes -- 1. Some Further Diagnostic Results -- Figures -- 1. Average Duration and Crisis Complexity -- 2. Crisis Complexity, Duration, and Macroeconomic Costs -- 3. Post-Crisis Vulnerabilities -- 4. Predicted Probabilities of Staying in Crisis under Different Scenarios -- 5. Increase in Predicted Probability of Exit from Crisis under Various Scenarios -- 6. Reduction in Predicted Crisis Duration under Various Scenarios -- Tables -- 1. Duration and Nature of Crises -- 2. Estimation Results for the Capital Account Crises Duration Model -- 3. Descriptive Statistics for the Model Variables -- Appendices -- 1. Measuring the Duration of Capital Account Crises -- 2. A Model for the Duration of Capital Account Crises.