NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Preventing Financial Crises: An International Perspective

Frederic S. Mishkin

NBER Working Paper No. 4636 (Also Reprint No. r1948)*
Issued in March 1995
NBER Program(s):   ME

In recent years the possibility of an international financial crisis has increased because of greater liquidity of international financial markets, an increase in corporate indebtedness and the decline of the banking industry. Using an asymmetric information analysis, this paper outlines what signals a central bank might look for to determine if a financial crisis is occurring and then describes how central banks might operate and cooperate to prevent financial crises.

*Published: Papers in Money, Macroeconomics and Finance, Proceeding of the Money, Macroeconomics and Finance Research Group, 1993, Vol. LXII, pp. 1-40, 1994. (Victoria University of Manchester)

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