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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

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 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

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