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Crises and the International System

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  • Maurice Obstfeld

Abstract

This paper reviews the recent experience of financial crises since 2007, including the continuing crisis in the euro zone. I seek to answer three main questions: In what respects (if any) is the recent experience of crises novel? How special is the euro crisis? And what changes in the international financial architecture can reduce the chances of future crises?

Suggested Citation

  • Maurice Obstfeld, 2013. "Crises and the International System," International Economic Journal, Taylor & Francis Journals, vol. 27(2), pages 143-155, June.
    • Handle: RePEc:taf:intecj:v:27:y:2013:i:2:p:143-155
    DOI: 10.1080/10168737.2013.793901
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    References listed on IDEAS

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    1. Mr. Luc Laeven & Mr. Fabian Valencia, 2010. "Resolution of Banking Crises: The Good, the Bad, and the Ugly," IMF Working Papers 2010/146, International Monetary Fund.
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    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    5. Eswar S. Prasad, 2011. "Role reversal in global finance," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 339-390.
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    8. Federico Sturzenegger & Jeromin Zettelmeyer, 2007. "Debt Defaults and Lessons from a Decade of Crises," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262195534, December.
    9. Michael Bordo & Barry Eichengreen & Daniela Klingebiel & Maria Soledad Martinez-Peria, 2001. "Is the crisis problem growing more severe?," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 16(32), pages 52-82.
    10. Schoenmaker, Dirk, 2013. "Governance of International Banking: The Financial Trilemma," OUP Catalogue, Oxford University Press, number 9780199971596, Decembrie.
    11. Obstfeld, Maurice, 2013. "Finance at Center Stage: Some Lessons of the Euro Crisis," CEPR Discussion Papers 9415, C.E.P.R. Discussion Papers.
    12. Lane, Philip & Milesi-Ferretti, Gian Maria, "undated". "External Wealth of Nations," Instructional Stata datasets for econometrics extwealth, Boston College Department of Economics.
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    Cited by:

    1. Julio Guzman, 2014. "Social Protection and Private Coping Strategies During Recessions: Evidence from Chile," Working Papers wp_041, Adolfo Ibáñez University, School of Government.
    2. Rashid, Muhammad Mustafa, 2019. "A Survey of US and International Financial Regulation Architecture," MPRA Paper 93447, University Library of Munich, Germany.
    3. Nicolas Groshenny & Naveed Javed, 2023. "Dornbusch’s overshooting and the systematic component of monetary policy in SOE-SVARs," TEPP Working Paper 2023-08, TEPP.
    4. Stijn Claessens, 2017. "Global Banking: Recent Developments and Insights from Research," Review of Finance, European Finance Association, vol. 21(4), pages 1513-1555.
    5. Corbisiero, Giuseppe, 2022. "Bank lending, collateral, and credit traps in a monetary union," European Economic Review, Elsevier, vol. 144(C).
    6. Daniel Gros & Dirk Schoenmaker, 2014. "European Deposit Insurance and Resolution in the Banking Union," Journal of Common Market Studies, Wiley Blackwell, vol. 52(3), pages 529-546, May.

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