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Real versus Pseudo-International Systemic Risk Some Lessons from History

Author

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  • Michael D. Bordo

    (Rutgers University, New Brunswick, NJ 08903, USA;
    National Bureau of Economic Research (NBER), USA)

  • Bruce Mizrach

    (Rutgers University, New Brunswick, NJ 08903, USA)

  • Anna J. Schwartz

    (National Bureau of Economic Research (NBER), 50 East 42nd St., New York, NY 10017-5405, USA)

Abstract

No abstract received.

Suggested Citation

  • Michael D. Bordo & Bruce Mizrach & Anna J. Schwartz, 1998. "Real versus Pseudo-International Systemic Risk Some Lessons from History," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 1(01), pages 31-58.
  • Handle: RePEc:wsi:rpbfmp:v:01:y:1998:i:01:n:s0219091598000053
    DOI: 10.1142/S0219091598000053
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    References listed on IDEAS

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    1. Henry Kaufman, 1986. "Debt: the threat to economic and financial stability," Economic Review, Federal Reserve Bank of Kansas City, issue Dec, pages 3-11.
    2. Robert S. Pindyck & Julio J. Rotemberg, 1993. "The Comovement of Stock Prices," The Quarterly Journal of Economics, Oxford University Press, vol. 108(4), pages 1073-1104.
    3. Gary Gorton & Richard Rosen, 1995. "Banks and Derivatives," NBER Chapters,in: NBER Macroeconomics Annual 1995, Volume 10, pages 299-349 National Bureau of Economic Research, Inc.
    4. Lawrence H. Summers & Hyman P. Minsky & Paul A. Samuelson & William Poole & Paul A. Volcker, 1991. "Macroeconomic Consequences of Financial Crises," NBER Chapters,in: The Risk of Economic Crisis, pages 135-182 National Bureau of Economic Research, Inc.
    5. Kenneth Kasa, 1995. "Comovements among national stock markets," Economic Review, Federal Reserve Bank of San Francisco, pages 14-20.
    6. Campbell R. Harvey, 1994. "Conditional Asset Allocation in Emerging Markets," NBER Working Papers 4623, National Bureau of Economic Research, Inc.
    7. Harvey, Campbell R, 1995. "Predictable Risk and Returns in Emerging Markets," Review of Financial Studies, Society for Financial Studies, vol. 8(3), pages 773-816.
    8. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
    9. Jacklin, Charles J & Bhattacharya, Sudipto, 1988. "Distinguishing Panics and Information-Based Bank Runs: Welfare and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 568-592, June.
    10. Grossman Richard S., 1993. "The Macroeconomic Consequences of Bank Failures under the National Banking System," Explorations in Economic History, Elsevier, vol. 30(3), pages 294-320, July.
    11. Michael Mussa & Morris Goldstein, 1993. "The integration of world capital markets," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 245-330.
    12. Henry Kaufman, 1986. "Debt: the threat to economic and financial stability," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 15-26.
    13. Paul Krugman & C. Fred Bergsten & Rudiger Dornbusch & Jacob A. Frenkel & Charles P. Kindleberger, 1991. "International Aspects of Financial Crises," NBER Chapters,in: The Risk of Economic Crisis, pages 85-134 National Bureau of Economic Research, Inc.
    14. Eichengreen, Barry & Portes, Richard, 1986. "The Anatomy of Financial Crises," CEPR Discussion Papers 130, C.E.P.R. Discussion Papers.
    15. Ben Bemanke & Harold James, 1991. "The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison," NBER Chapters,in: Financial Markets and Financial Crises, pages 33-68 National Bureau of Economic Research, Inc.
    16. Richard M. Levich & E. Gerald Corrigan & Charles S. Sanford, Jr. & George J. Votja, 1988. "Financial Innovations in International Financial Markets," NBER Chapters,in: The United States in the World Economy, pages 215-277 National Bureau of Economic Research, Inc.
    17. Davis, E. Philip, 1995. "Debt, Financial Fragility, and Systemic Risk," OUP Catalogue, Oxford University Press, number 9780198233312.
    18. Richard M. Levich, 1987. "Financial Innovations in International Financial Markets," NBER Working Papers 2277, National Bureau of Economic Research, Inc.
    19. Michael R. Darby, 1994. "Over-the-Counter Derivatives and Systemic Risk to the Global Financial System," NBER Working Papers 4801, National Bureau of Economic Research, Inc.
    20. Benjamin M. Friedman, 1986. "Increasing indebtedness and financial stability in the United States," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 27-61.
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    Citations

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    Cited by:

    1. John Kambhu & Til Schuermann & Kevin J. Stiroh, 2007. "Hedge funds, financial intermediation, and systemic risk," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 1-18.
    2. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series 0035, European Central Bank.
    3. Dicembrino, Claudio & Scandizzo, Pasquale Lucio, 2011. "Can portfolio diversification increase systemic risk? evidence from the U.S and European mutual funds market," MPRA Paper 33715, University Library of Munich, Germany.
    4. Scot A. C. Gould & Sarkis J. Khoury, "undated". "Systemic Risk: Simulating Local Shocks To A Global System," Claremont Colleges Working Papers 2003-02, Claremont Colleges.
    5. Malcolm D. Knight, 1998. "Developing Countries and the Globalization of Financial Markets," IMF Working Papers 98/105, International Monetary Fund.
    6. Michael Bordo, 2000. "Sound Money and Sound Financial Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 18(2), pages 129-155, December.
    7. Bordo, Michael D. & Schwartz, Anna J., 2000. "Measuring real economic effects of bailouts: historical perspectives on how countries in financial distress have fared with and without bailouts," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 53(1), pages 81-167, December.
    8. Michael Bordo & Anna Schwartz, 1996. "Why clashes between internal and external stability goals end in currency crises, 1797–1994," Open Economies Review, Springer, vol. 7(1), pages 437-468, March.
    9. M. Sarcinelli, 1997. "The human factor and systemic risk: a memento," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 50(202), pages 253-269.
    10. Stefano Battiston & Marco D'Errico & Stefano Gurciullo & Guido Caldarelli, 2015. "Leveraging the network: a stress-test framework based on DebtRank," Papers 1503.00621, arXiv.org, revised Feb 2016.
    11. Martin Mayer, 1999. "Risk Reduction in the New Financial Architecture: Realities, Fallacies, and Proposals," Macroeconomics 9905003, University Library of Munich, Germany.
    12. Yung Chul Park & Yunjong Wang, 2002. "What Kind of International Financial Architecture for an Integrated World Economy?," Asian Economic Papers, MIT Press, vol. 1(1), pages 91-128.
    13. George G. Kaufman, 1998. "Central banks, asset bubbles, and financial stability," Working Paper Series WP-98-12, Federal Reserve Bank of Chicago.
    14. M. Sarcinelli, 1997. "The human factor and systemic risk: a memento," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 50(202), pages 253-269.
    15. Marcel Fratzscher, 1998. "Why are currency crises contagious? A comparison of the Latin American Crisis of 1994–1995 and the Asian Crisis of 1997–1998," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 134(4), pages 664-691, December.
    16. Alicia García Herrero & Pedro del Río, 2003. "Financial stability and the design of monetary policy," Working Papers 0315, Banco de España;Working Papers Homepage.
    17. Martin Mayer, 1999. "Risk Reduction in the New Financial Architecture: Realities, Fallacies, and Proposals," Economics Working Paper Archive wp_268, Levy Economics Institute.
    18. Scot A. C. Gould & Stephen A. Naftilan & Sarkis J. Khoury & Danae J. Wright, "undated". "Systemic Risk: A More Rigorous and Realistic Simulation," Claremont Colleges Working Papers 2001-33, Claremont Colleges.
    19. Martin Mayer, "undated". "Risk Reduction in the New Financial Architecture: Realities and Fallacies in International Financial Reform," Economics Public Policy Brief Archive ppb_56, Levy Economics Institute.
    20. Knight, Malcolm, 1998. "Developing Countries and the Globalization of Financial Markets," World Development, Elsevier, vol. 26(7), pages 1185-1200, July.
    21. Yung Chul PARK & Yunjong WANG, 2001. "Reform Of The International Financial System And Institutions In Light Of The Asian Financial Crisis," G-24 Discussion Papers 12, United Nations Conference on Trade and Development.
    22. Jose Antonio R. Tan, III, 1998. "Contagion effects during the Asian financial crisis: stock price data," Pacific Basin Working Paper Series 98-06, Federal Reserve Bank of San Francisco.
    23. Alicia García Herrero & Pedro del Río López, 2003. "Implications of the design of monetary policy for financial stability," Macroeconomics 0304008, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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