NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Real Versus Pseudo-International Systemic Risk: Some Lessons from History

Michael D. Bordo, Bruce Mizrach, Anna J. Schwartz

NBER Working Paper No. 5371
Issued in December 1995
NBER Program(s):   ME

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.

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Document Object Identifier (DOI): 10.3386/w5371

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

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