Real Versus Pseudo-International Systemic Risk: Some Lessons from History

Michael David Bordo (), Bruce Mizrach () and Anna J. Schwartz

No 5371, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and pseudo-systemic risk. We examine the history of episodes commonly viewed either as financial crises or as evidencing systemic risk to glean lessons for today. We also present some statistical evidence on possible recent systemic risk linkages between the stock markets of emerging countries. The paper concludes with a discussion of the lessons yielded by the record.

JEL-codes: E44 G15 (search for similar items in EconPapers)
Date: Written
Note: ME
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