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The International Monetary System and International Financial System as an Analogy to the Copernican Heliocentric system : A simple multi-layers network model with simultaneous reg...

Bordo, Michael D.; Bastidon, Cécile - National Bureau of Economic Research - 2023

The evolution of the IMS and IFS in the past several hundred years can be viewed through the lens of the Copernican heliocentric system developed over 500 years ago. We trace out the evolution across regimes of the IMS and IFS in terms of network representations of the Copernican system. We...

Persistent link: https://www.econbiz.de/10014372472

Foreign Currency Debt, Financial Crises and Economic Growth : A Long Run View

Bordo, Michael D. - 2009

Foreign currency debt is widely believed to increase risks of financial crisis, especially after being implicated as a cause of the East Asian crisis in the late 1990s. In this paper, we study the effects of foreign currency debt on currency and debt crises and its indirect short and long run...

Persistent link: https://www.econbiz.de/10012463115

Coping with disasters : two centuries of international official lending

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2020

Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official...

Persistent link: https://www.econbiz.de/10012233649

Global business cycles: convergence or decoupling?

Kose, M. Ayhan (contributor); … - 2008

This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groupsindustrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...

Persistent link: https://www.econbiz.de/10003794406

Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion?

Bordo, Michael D. - 2000

We examine the evidence of contagion during the pre World War I era and the interwar and contrast our findings with the …

Persistent link: https://www.econbiz.de/10012470837

Measuring Real Economic Effects of Bailouts : Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts

Bordo, Michael D. - 2000

In this paper we first trace the changing nature of banking, currency and debt crises from the last century to the present. Each type of crisis has transmogrified in the presence of official intervention and the creation of a safety net. A similar pattern is observed for international rescue...

Persistent link: https://www.econbiz.de/10012471060

Is Globalization Today Really Different than Globalization a Hunderd Years Ago?

Bordo, Michael D. - 1999

for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …

Persistent link: https://www.econbiz.de/10012471593

Was There Really an Earlier Period of International Financial Integration Comparable to Today?

Bordo, Michael D. - 1998

In this paper we reconsider the international market integration, starting at high levels in the late nineteenth century, collapsing between the wars, and recovering gradually after 1945 to reach levels comparable to pre-1914 in the 1990's. The empirical evidence we survey suggests that in some...

Persistent link: https://www.econbiz.de/10012472076

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

Bordo, Michael D. - 1995

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...

Persistent link: https://www.econbiz.de/10012473496

Global Macro-Financial Cycles and Spillovers

Ha, Jongrim - 2020

We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...

Persistent link: https://www.econbiz.de/10012479322