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

Bordo, Michael D. - 2010

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 …

Persistent link: https://www.econbiz.de/10012763704

Growing Up to Stability? Financial Globalization, Financial Development and Financial Crises

Bordo, Michael D. - 2015

Why did some countries learn to grow up to financial stability and others not? We explore this question by surveying the key determinants and major policy responses to banking, currency, and debt crises between 1880 and present. We divide countries into three groups: leaders, learners, and...

Persistent link: https://www.econbiz.de/10013020714

Fiscal and Financial Crises

Bordo, Michael D. - 2016

uncertainty. There is a range of estimates of output losses from financial crises in the literature, and these are also dependent …

Persistent link: https://www.econbiz.de/10012997361

The Global Velocity Curve 1952-1982

Bordo, Michael D.; Jonung, Lars - 2021

This paper provides evidence and an explanation for an empirical regularity in the income velocity of money. Based on a cross country comparison in the post World War II period of 84 countries arrayed from very low to very high per capita income, velocity displays a U shaped pattern. This...

Persistent link: https://www.econbiz.de/10013244126

Implications of the Great Depression for the Development of the International Monetary System

Bordo, Michael D.; Eichengreen, Barry - 2021

In this paper we speculate about the evolution of the international monetary system in the last 2/3 of the 20th century absent the Great Depression but present the major post-Depression political and economic upheavals: WWII and II and the Cold War. We argue that without the Depression the...

Persistent link: https://www.econbiz.de/10013249557

The Adam Klug Memorial Lecture : Haberler Versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?

Bordo, Michael D.; James, Harold - 2021

From the perspective of the late 1930s and 1940s the dominant view was that the inter-war currency experience was a financial disaster. The view is perfectly encapsulated in the League of Nations' publication The Inter-war Currency Experience, the bulk of which was written by Ragnar Nurkse and...

Persistent link: https://www.econbiz.de/10013229052