TY  - JOUR
AU  - Bordo,Michael D.
TI  - Growing Up to Financial Stability
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 12993
PY  - 2007
Y2  - March 2007
UR  - http://www.nber.org/papers/w12993
L1  - http://www.nber.org/papers/w12993.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
AB  - 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.
ER  -