Hegemonic Stability Theory and Economic Analysis: Reflections on Financial Instability and the Need for an International Lender of Last Resort

Barry Julian Eichengreen ()

Center for International and Development Economics Research, Working Paper Series from Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley

Abstract: Eichengreen argues that recent developments in financial theory provide rigorous microeconomic foundations for the fragile, volatile and crisis-prone forms of market behavior identified in Charles Kindleberger’s Manias, Panics and Crashes and invoked in The World in Depression as an explanation for interwar events. It is incorrect to assert, as is often done, that economic theory in the form of the efficient-markets hypothesis provides no basis for such concerns.

Keywords: Kindleberger; efficient markets; international economics (search for similar items in EconPapers)
Date: 1996-12-09
References: Add references at CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www.escholarship.org/uc/item/7g49p8kj.pdf;origin=repeccitec (application/pdf)

Related works:
Working Paper: Hegemonic Stability Theory and Economic Analysis: Reflections on Financial Instability and the Need for an International Lender of Last Resort (1996)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:cdl:ciders:qt7g49p8kj

Access Statistics for this paper

More papers in Center for International and Development Economics Research, Working Paper Series from Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley
Contact information at EDIRC.
Series data maintained by Lisa Schiff ().