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Bordo, Michael D. - 2016

Interconnections between banking crises and fiscal crises have a long history. We document the long-run evolution from classic banking panics towards modern banking crises where financial guarantees are associated with crisis resolution. Recent crises feature a feedback loop between bank...

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

The Global Financial Crisis of 2007-08 : Is it Unprecedented?

Bordo, Michael D. - 2010

This paper compares the recent global crisis and recession to earlier international financial crises and recessions. Based on existing chronologies of banking, currency and debt crises we identify clusters of crises. We use an identification of extreme events and a weighting scheme based on real...

Persistent link: https://www.econbiz.de/10013135243

Historical Evidence on the Finance-Trade-Growth Nexus

Bordo, Michael D. - 2011

trade reinforced each other before 1930, but that these effects did not persist after the Second World War. Financial … after 1945. We attribute the rising importance of trade in explaining growth to major post-World War II changes in tariffs …

Persistent link: https://www.econbiz.de/10013125572

Credit Crises, Money and Contractions : An Historical View

Bordo, Michael D. - 2010

The relatively infrequent nature of major credit distress events makes an historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress...

Persistent link: https://www.econbiz.de/10013150829

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

The Transformation and Performance of Emerging Market Economies Across the Great Divide of the Global Financial Crisis

Bordo, Michael D. - 2019

The process of central bank (CB) evolution by emerging market economies (EMEs), including central bank independence (CBI) and transparency (CBT), converged towards that of the advanced economies (AEs) before the Global Financial Crisis (GFC) of 2007-2008. It was greatly aided by the adoption of...

Persistent link: https://www.econbiz.de/10012861733

Financial Crises, 1880-1913 : The Role of Foreign Currency Debt

Bordo, Michael D.; Meissner, Christopher M. - 2021

What is the role of foreign currency debt in precipitating financial crises? In this paper we assemble data for nearly 30 countries between 1880 and 1913 and examine debt crises, currency crises, banking crises and twin crises. We pay special attention to the role of foreign currency and gold...

Persistent link: https://www.econbiz.de/10013219718

Is Deflation Depressing? Evidence from the Classical Gold Standard

Bordo, Michael D.; Redish, Angela - 2021

We distinguish between good and bad deflations. In the former case, falling prices may be caused by aggregate supply (possibly driven by technology advances) increasing more rapidly than aggregate demand. In the latter case, declines in aggregate demand outpace any expansion in aggregate supply....

Persistent link: https://www.econbiz.de/10013220513

The Role of Foreign Currency Debt in Financial Crises : 1880-1913 vs. 1972-1997

Bordo, Michael D.; Meissner, Christopher M. - 2021

What is the role of foreign currency debt in precipitating financial crises? In this paper we compare the 1880 to 1913 period to recent experience. We examine debt crises, currency crises, banking crises and the interrelation between these varieties of crises. We pay special attention to the...

Persistent link: https://www.econbiz.de/10013220812

Monetary Policy Regimes and Economic Performance : The Historical Record

Bordo, Michael D.; Schwartz, Anna J. - 2021

both domestic and international aspects of the monetary regime before World War I has since declined in its relevance At … the same time, policymakers within major nations placed more emphasis on stabilizing the real economy. In the post-World …, combined with the legacy of inadequate policy tools and theory from the interwar period set the stage for the Great Inflation …

Persistent link: https://www.econbiz.de/10013223877