TY  - JOUR
AU  - Bordo,Michael D.
AU  - Mizrach,Bruce
AU  - Schwartz,Anna J.
TI  - Real Versus Pseudo-International Systemic Risk: Some Lessons from History
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5371
PY  - 1995
Y2  - December 1995
UR  - http://www.nber.org/papers/w5371
L1  - http://www.nber.org/papers/w5371.pdf
N1  - Author contact info:
Michael D. Bordo
Department of Economics
Rutgers University
New Jersey Hall
75 Hamilton Street
New Brunswick, NJ 08901
Tel: 732/822-7152
Fax: 732/932-7416
E-Mail: bordo@econ.rutgers.edu

Bruce Mizrach
Dept. of Economics
Rutgers University
E-Mail: mizrach@econ.rutgers.edu

Anna J. Schwartz
E-Mail: N/A user is deceased
AB  - 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.
ER  -