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Growing up to Financial Stability

Michael Bordo ()

Economics - The Open-Access, Open-Assessment E-Journal, 2008, vol. 2, No 2008-12, 17 pages

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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Downloads: (external link)
http://dx.doi.org/10.5018/economics-ejournal.ja.2008-12
https://www.econstor.eu/bitstream/10419/18025/1/economics_2008-12.pdf (application/pdf)

Related works:
Working Paper: Growing Up to Financial Stability (2007) Downloads
Working Paper: Growing up to Financial Stability (2007) Downloads
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