Growing up to financial stability

Description

"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"--National Bureau of Economic Research web site.

Subjects

Series Statement

• NBER working paper series -- working paper 12993
• Working paper series (National Bureau of Economic Research : Online) -- working paper no. 12993.

Links

• http://papers.nber.org/papers/w12993
• URL