Growing up to Financial Stability
Michael Bordo ()
No 2007-33, Economics Discussion Papers from Kiel Institute for the World Economy (IfW)
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
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Journal Article: Growing up to Financial Stability (2008)
Working Paper: Growing Up to Financial Stability (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwedp:5738
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