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The terrorist attacks of 9/11 and the financial crisis of 2008 had a considerable impact on the hospitality industry around the World. Using monthly STR hotel data for Honduras and Costa Rica, this study investigates if differences exist among these two countries and their impacts on the hotel industry. The results indicate that the two crises are not the same, impacting Costa Rica more negatively then Honduras. In addition, the crisis of 2008 had a more negative impact than the 9/11 crisis, highlighting the differences between the crises. The tourists' origin, mode of transportation, hotel segment, the level of tourism development and institutional environment may have some influence on how destinations respond to crises. This study provides numerous managerial and empirical implications.

International banking system is regulated mainly with the help of Basel criteria to ensure robustness, stability and competitiveness. This paper aims to evaluate Basel criteria via a structural framework in terms of whether these criteria achieve this goal. It is observed that possibility of supervision arbitrage, large implementation period and internal models of banks are the negative aspects of these criteria for conventional banking system. On the other hand, unconventional banking system needs high volume and liquid secondary markets to achieve liquidity requirements of these criteria. Moreover, interest rate and default risks are mitigated within unconventional banking system to a large extent however; conventional banking system requires a new regulation set. Therefore, Basel III criteria cannot be evaluated as comprehensive and complete set of directions and these criteria are required to be redesigned by bank regulating authorities.