Growing Up to Financial Stability

20 Pages Posted: 18 Dec 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: 2008

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: O1, F4, G2, N1

Suggested Citation

Bordo, Michael D., Growing Up to Financial Stability (2008). Economics: The Open-Access, Open-Assessment E-Journal, Vol. 2, 2008-12. Available at SSRN: https://ssrn.com/abstract=1726806 or http://dx.doi.org/10.5018/economics-ejournal.ja.2008-12

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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