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GROWING UP TO FINANCIAL STABILITY

                                                                   Michael D. Bordo
                                                         Rutgers University and NBER

ABSTRACT

This lecture briefly revisits the evidence on the incidence and severity of different varieties of crises within the context of globalization then (pre 1914) and now (1980 to the present), in my earlier work with Barry Eichengreen and in my recent work with Chris Meissner. I then discuss the determinants of emerging market crises from the perspective of the recent balance sheet approach to financial crises which build on the earlier literatures of banking crises, debt crises, and first and second generation currency crises. This approach puts at centre stage the importance of financial development. I then peel the onion back further and consider the “deep” institutional determinants of financial development and their relation to financial stability. I conclude with some lessons from history.

Keywords: Financial crises; Financial development and stability; Institutions.

JEL classification: E440; G150; N200.

Acknowledgements: This Lecture was prepared for the Inauguration of the Center for Quantitative Economic History, Faculty of Economics, Cambridge University, January 31, 2007 and the 3rd SEEMHN Conference, Bank of Greece, 14 March 2008.

Correspondence:

Professor Michael Bordo
Department of Economics
Rutgers University
75 Hamilton Street
New Brunswick, NJ 08901-1248
e-mail: bordo@econ.rutgers.edu


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