| By: |
Bordo, Michael D. |
| 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: |
F4 G2 N1 O1 |
| Date: |
2007 |
| URL: |
http://d.repec.org/n?u=RePEc:zbw:ifwedp:5738&r=fdg |