NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable

Joseph E. Stiglitz

NBER Working Paper No. 15718
Issued in February 2010

---- Acknowledgements -----

The author is indebted to Bruce Greenwald, Mauro Gallegati, Matteo Richiardi, Domenico Delli Gatti, Steffano Battiston, Anton Korinek and Marcus Miller. This paper reports on joint research in the papers in the bibliography, in which these questions are addressed using a variety of different mathematical formulations. I am also indebted to Izzet Yildiz and Jonathan Dingel for invaluable research assistance and to the Ford and Hewlett Foundations for financial support. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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