Growing Up to Financial Stability

21 Pages Posted: 29 Nov 2010

See all articles by Michael D. Bordo

Michael D. Bordo

Rutgers University, New Brunswick - Department of Economics; National Bureau of Economic Research (NBER)

Multiple version iconThere are 3 versions of this paper

Date Written: 2007

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

JEL Classification: N1, G2, F4, O1

Suggested Citation

Bordo, Michael D., Growing Up to Financial Stability (2007). Economics Discussion Paper No. 2007-33. Available at SSRN: https://ssrn.com/abstract=1716636 or http://dx.doi.org/10.2139/ssrn.1716636

Michael D. Bordo (Contact Author)

Rutgers University, New Brunswick - Department of Economics ( email )

New Brunswick, NJ
United States

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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