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NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Bruce Mizrach

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Working Papers

December 1995Real Versus Pseudo-International Systemic Risk: Some Lessons from History
with Michael D. Bordo, Anna J. Schwartz: w5371
This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and pseudo-systemic risk. We examine the history of episodes commonly viewed either as financial crises or as evidencing systemic risk to glean lessons for today. We also present some statistical evidence on possible recent systemic risk linkages between the stock markets of emerging countries. The paper concludes with a discussion of the lessons yielded by the record.

Published: Review of Pacific Basin Financial Markets and Policies, December 1996

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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