Hegemonic Stability Theory and Economic Analysis: Reflections on Financial Instability and the Need for an International Lender of Last Resort

Eichengreen argues that recent developments in financial theory provide rigorous microeconomic foundations for the fragile, volatile and crisis-prone forms of market behavior identified in Charles Kindlebergerâ€™s Manias, Panics and Crashes and invoked in The World in Depression as an explanation for interwar events. It is incorrect to assert, as is often done, that economic theory in the form of the efficient-markets hypothesis provides no basis for such concerns.

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Year of publication:	1996-12-09
Authors:	Eichengreen, Barry
Institutions:	Institute of Business and Economic Research (IBER), Walter A. Haas School of Business
Subject:	Kindleberger \| efficient markets \| international economics

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Extent:	application/pdf
Series:	Center for International and Development Economics Research, Working Paper Series.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Center for International and Development Economics Research
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011131785