nep-fdg New Economics Papers
on Financial Development and Growth
Issue of 2007‒08‒14
one paper chosen by
Iulia Igescu
Global Insight, GmbH

  1. Growing up to Financial Stability By Bordo, Michael D.

  1. 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

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