NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Growing Up to Financial Stability

Michael D. Bordo

NBER Working Paper No. 12993
Issued in March 2007
NBER Program(s):   ME   IFM   DAE

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.

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Document Object Identifier (DOI): 10.3386/w12993

Published: Bordo, Michael D., 2008. "Growing up to Financial Stability," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(12), pages 1-17. citation courtesy of

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