Marco de análisis, hechos e implicaciones de la inestabilidad financiera mundial

Frederic Mishkin

EKONOMIAZ. Revista vasca de Economía, 2001, vol. 48, issue 03, 12-37

Abstract: In recent years the world economy has been through several periods of serious financial instability which have had a devastating effect on the countries affected by the crises, where there have been fluctuations of more than ten points in GDP growth rates. This article starts by defining the concept of financial instability based on the problems deriving from asymmetries of information which all financial systems have to face: adverse selection and moral risk. The sequence of events of the financial crises in Mexico and South East Asia is described, and the mechanisms through which monetary crises exacerbated the problems of asymmetry of information and thus propitiated financial crises are analysed. The article ends by positing the need for a regulatory and supervisory system solid enough to prevent financial institutions from assuming excessive risks which may result in risks for the system.

JEL-codes: E4 E5 F3 G1 (search for similar items in EconPapers)
Date: 2001
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