This lecture revisits the evidence on the incidence and severity of different varieties of financial crises within the context of globalization then (pre-1914) and now (1980 to the present). I then discuss the determinants of emerging market crises from the perspective of the recent balance sheet approach. This approach puts at center stage the importance of financial development. I then peel the onion back further and consider the ?deep? institutional determinants of financial development and their relationship to financial stability. I conclude by conjecturing about the ways countries learn from their financial crises to improve their institutions and grow up to financial stability. --
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Find related papers by JEL classification: O1 - Economic Development, Technological Change, and Growth - - Economic Development F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance G2 - Financial Economics - - Financial Institutions and Services N1 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations
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