Hegemonic Stability Theory and Economic Analysis: Reflections on Financial Instability and the Need for an International Lender of Last Resort
AbstractEichengreen argues that recent developments in financial theory provide rigorous microeconomic foundations for the fragile, volatile and crisis-prone forms of market behavior identified in Charles Kindlebergerâ€™s Manias, Panics and Crashes and invoked in The World in Depression as an explanation for interwar events. It is incorrect to assert, as is often done, that economic theory in the form of the efficient-markets hypothesis provides no basis for such concerns.
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Bibliographic InfoPaper provided by Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley in its series Center for International and Development Economics Research, Working Paper Series with number qt7g49p8kj.
Date of creation: 09 Dec 1996
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Kindleberger; efficient markets; international economics;
Other versions of this item:
- Barry Eichengreen., 1996. "Hegemonic Stability Theory and Economic Analysis: Reflections on Financial Instability and the Need for an International Lender of Last Resort," Center for International and Development Economics Research (CIDER) Working Papers C96-080, University of California at Berkeley.
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