Growing up to Financial Stability

Michael D. Bordo

Economics - The Open-Access, Open-Assessment E-Journal, 2008, vol. 2, issue 12, pages 1-17

Abstract: This lecture revisits the evidence on the incidence and severity of different varieties of financial crises within the context of globalization then (pre-1914) and now (1980 to the present). I then discuss the determinants of emerging market crises from the perspective of the recent balance sheet approach. This approach puts at center stage the importance of financial development. I then peel the onion back further and consider the ?deep? institutional determinants of financial development and their relationship to financial stability. I conclude by conjecturing about the ways countries learn from their financial crises to improve their institutions and grow up to financial stability. --

Keywords: Financial crises; globalization; financial development; institutions (search for similar items in EconPapers)
JEL-codes: O1 F4 G2 N1 (search for similar items in EconPapers)
Date: 2008
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Persistent link: http://EconPapers.repec.org/RePEc:zbw:ifweej:7261

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