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 KindlebergerÃ¢â¬â¢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 University of California at Berkeley in its series Center for International and Development Economics Research (CIDER) Working Papers with number C96-080.
Date of creation: 01 Dec 1996
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- Eichengreen, Barry, 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, Working Paper Series qt7g49p8kj, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
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