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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
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Crises Now and Then : What Lessons from the Last Era of Financial Globalization
Eichengreen, Barry - 2002
We consider the operation of international capital markets in two periods of globalization, before 1914 and after 1971 … 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/10012469999
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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/10012457380
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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
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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
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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
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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
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Keeping Capital Flowing : The Role of the IMF
Bordo, Michael D. - 2004
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/10012467855
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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/10012461634
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A Long Term Perspective on the Euro
Bordo, Michael D. - 2008
This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...
Persistent link: https://www.econbiz.de/10012464832