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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...

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

Keeping Capital Flowing : The Role of the IMF

Bordo, Michael D.; Mody, Ashoka; Oomes, Nienke - 2021

In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF program, although they may initially deteriorate...

Persistent link: https://www.econbiz.de/10013216885

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

Bordo, Michael D.; Eichengreen, Barry; Kim, Jongwoo - 2021

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/10013225815

Crises Now and then : What Lessons from the Last Era of Financial Globalization

Eichengreen, Barry; Bordo, Michael D. - 2021

international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …

Persistent link: https://www.econbiz.de/10013231411

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

Bordo, Michael D.; Murshid, Antu Panini - 2021

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/10013249142

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

Bordo, Michael D.; Eichengreen, Barry; Irwin, Douglas A. - 2021

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/10013214589