Growing Up to Financial Stability

Michael David Bordo ()

No 12993, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: N00 N2 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his
Date: 2007-03
Note: ME IFM DAE
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