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Growing up to Financial Stability

Michael Bordo ()

No 2007-33, Economics Discussion Papers from Kiel Institute for the World Economy (IfW)

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: N1 G2 F4 O1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fdg and nep-his
Date: 2007
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http://www.economics-ejournal.org/economics/discussionpapers/2007-33
https://www.econstor.eu/bitstream/10419/17956/1/dp2007-33.pdf (application/pdf)

Related works:
Journal Article: Growing up to Financial Stability (2008) Downloads
Working Paper: Growing Up to Financial Stability (2007) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwedp:5738

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