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Preventing Financial Crises: An International Perspective

  • Frederic S. Mishkin

In recent years the possibility of an international financial crisis has increased because of greater liquidity of international financial markets, an increase in corporate indebtedness and the decline of the banking industry. Using an asymmetric information analysis, this paper outlines what signals a central bank might look for to determine if a financial crisis is occurring and then describes how central banks might operate and cooperate to prevent financial crises.

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File URL: http://www.nber.org/papers/w4636.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4636.

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Date of creation: Feb 1994
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Publication status: published as The Manchester School, vol. 62, S1, pp. 1-40, September 1994 (Papers in Money, Macroeconomics and Finance, Proceedings of the Money, Macroeconomics and Finance Research Group, 1993)
Handle: RePEc:nbr:nberwo:4636
Note: ME
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  10. Charles W. Calomiris, 1993. "Is the Discount Window Necessary? A Penn-Central Perspective," NBER Working Papers 4573, National Bureau of Economic Research, Inc.
  11. Ben S. Bernanke & John Y. Campbell & Toni M. Whited, 1990. "U.S. corporate leverage: developments in 1987 and 1988," Finance and Economics Discussion Series 113, Board of Governors of the Federal Reserve System (U.S.).
  12. Frederic S. Mishkin, 1992. "An Evaluation of the Treasury Plan for Banking Reform," Journal of Economic Perspectives, American Economic Association, vol. 6(1), pages 133-153, Winter.
  13. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
  14. Mccallum, Bennet T., 1988. "Robustness properties of a rule for monetary policy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 173-203, January.
  15. Mark L. Gertler, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," NBER Working Papers 2559, National Bureau of Economic Research, Inc.
  16. Calomiris, Charles W & Hubbard, R Glenn, 1990. "Firm Heterogeneity, Internal Finance, and 'Credit Rationing.'," Economic Journal, Royal Economic Society, vol. 100(399), pages 90-104, March.
  17. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
  18. Ben S. Bernanke & John Y. Campbell, 1988. "Is There a Corporate Debt Crisis?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 83-140.
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