Growing up to Financial Stability
Michael Bordo ()
Economics - The Open-Access, Open-Assessment E-Journal, 2008, vol. 2, No 2008-12, 17 pages
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)
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Working Paper: Growing Up to Financial Stability (2007)
Working Paper: Growing up to Financial Stability (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifweej:7261
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