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Crises Now and Then: What Lessons from the Last Era of Financial Globalization

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Cited by:

  1. Alberto Martin & Jaume Ventura, 2018. "The Macroeconomics of Rational Bubbles: A User's Guide," Annual Review of Economics, Annual Reviews, vol. 10(1), pages 505-539, August.
  2. Remi Bazillier & Boris Najman, 2017. "Labour and Financial Crises: Is Labour Paying the Price of the Crisis?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 59(1), pages 55-76, March.
  3. Itay Goldstein, 2005. "Strategic Complementarities and the Twin Crises," Economic Journal, Royal Economic Society, vol. 115(503), pages 368-390, April.
  4. Arestis, Philip & Basu, Santonu, 2004. "Financial globalisation and regulation," Research in International Business and Finance, Elsevier, vol. 18(2), pages 129-140, June.
  5. Barrell, Ray & Davis, E. Philip & Pomerantz, Olga, 2006. "Costs of financial instability, household-sector balance sheets and consumption," Journal of Financial Stability, Elsevier, vol. 2(2), pages 194-216, June.
  6. Pesola, Jarmo, 2007. "Financial fragility, macroeconomic shocks and banks' loan losses: evidence from Europe," Bank of Finland Research Discussion Papers 15/2007, Bank of Finland.
  7. Salleh, Norlida & Law, Siong Hook & Sarmidi, Tamat, 2012. "Volatility of Returns and Financial Liberalization: New Evidence," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 46(1), pages 101-106.
  8. Gerardo Della Paolera, 2011. "The Unending Search For A New Global Monetary And Financial Architecture," Middle East Development Journal (MEDJ), World Scientific Publishing Co. Pte. Ltd., vol. 3(01), pages 11-28.
  9. Pomfret, Richard, 2010. "The financial sector and the future of capitalism," Economic Systems, Elsevier, vol. 34(1), pages 22-37, March.
  10. Acemoglu, Daron & Johnson, Simon & Robinson, James & Thaicharoen, Yunyong, 2003. "Institutional causes, macroeconomic symptoms: volatility, crises and growth," Journal of Monetary Economics, Elsevier, vol. 50(1), pages 49-123, January.
  11. Mohammad Karimi & Marcel‐Cristian Voia, 2019. "Empirics of currency crises: A duration analysis approach," Review of Financial Economics, John Wiley & Sons, vol. 37(3), pages 428-449, July.
  12. German Forero-Laverde, 2016. "Are All Booms and Busts Created Equal? A New Methodology for Understanding Bull and Bear Stock Markets," UB School of Economics Working Papers 2016/339, University of Barcelona School of Economics.
  13. Lederman, Daniel & Roubini, Nouriel, 2004. "Comments," LSE Research Online Documents on Economics 123087, London School of Economics and Political Science, LSE Library.
  14. Nicolas Berman & Philippe Martin, 2012. "The Vulnerability of Sub-Saharan Africa to Financial Crises: The Case of Trade," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 60(3), pages 329-364, September.
  15. Dungey, Mardi & Jacobs, Jan P.A.M. & Lestano,, 2015. "The internationalisation of financial crises: Banking and currency crises 1883–2008," The North American Journal of Economics and Finance, Elsevier, vol. 32(C), pages 29-47.
  16. Frederic S. Mishkin, 2006. "How Big a Problem is Too Big to Fail? A Review of Gary Stern and Ron Feldman's Too Big to Fail: The Hazards of Bank Bailouts," Journal of Economic Literature, American Economic Association, vol. 44(4), pages 988-1004, December.
  17. Aaron Tornell & Frank Westermann & Lorenza Martinez, 2003. "Liberalization, Growth, and Financial Crises: Lessons from Mexico and the Developing World," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 1-112.
  18. Overfelt, Wouter Van & Annaert, Jan & Ceuster, Marc De & Deloof, Marc, 2009. "Do universal banks create value? Universal bank affiliation and company performance in Belgium, 1905-1909," Explorations in Economic History, Elsevier, vol. 46(2), pages 253-265, April.
  19. Edgar Demetrio Tovar García, 2007. "Globalización del capital y desarrollo institucional del sistema financiero," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 9(17), pages 75-107, July-Dece.
  20. Ravi Balakrishnan & Stephan Danninger & Selim Elekdag & Irina Tytell, 2011. "The Transmission of Financial Stress from Advanced to Emerging Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 47(0), pages 40-68, May.
  21. Philip Arestis & Santonu Basu, 2003. "Financial Globalization: Some Conceptual Problems," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 183-189, Spring.
  22. Layal Mansour, 2013. "International Reserves versus External Debts : Can International reserves avoid future Financial Crisis in indebted Countries ?," Working Papers 1329, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
  23. Richard Kozul-Wright & Paul Rayment, 2004. "Globalization Reloaded: An Unctad Perspective," UNCTAD Discussion Papers 167, United Nations Conference on Trade and Development.
  24. corrinne ho & robert n mccauley, 2004. "Living with flexible exchange rates:," International Finance 0411003, University Library of Munich, Germany.
  25. Enrique G. Mendoza & Marco E. Terrones, 2008. "An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data," NBER Working Papers 14049, National Bureau of Economic Research, Inc.
  26. Mr. Paolo Mauro & Yishay Yafeh, 2003. "The Corporation of Foreign Bondholders," IMF Working Papers 2003/107, International Monetary Fund.
  27. Néstor Adrián Amado & Ana María Cerro & Osvaldo Meloni, 2005. "Making Explosive Cocktails: recipes and costs for 26 Crises from 1823 to 2003," Economic History 0510001, University Library of Munich, Germany.
  28. Kodila-Tedika, Oasis & Asongu, Simplice A. & Cinyabuguma, Matthias & Tchamyou, Vanessa S., 2017. "Financial development and prehistoric geographical isolation: global evidence," Financial History Review, Cambridge University Press, vol. 24(3), pages 283-306, December.
  29. repec:icf:icfjmo:v:07:y:2009:i:3-4:p:116-127 is not listed on IDEAS
  30. Michael D. Bordo & David C. Wheelock, 2010. "The promise and performance of the Federal Reserve as lender of last resort 1914-1933," Working Papers 2010-036, Federal Reserve Bank of St. Louis.
  31. Eswar S. Prasad & Kenneth Rogoff & Shang-Jin Wei & M. Ayhan Kose, 2007. "Financial Globalization, Growth and Volatility in Developing Countries," NBER Chapters, in: Globalization and Poverty, pages 457-516, National Bureau of Economic Research, Inc.
  32. Aaron Tornell & Frank Westermann & Lorenza Martinez, 2004. "The Positive Link Between Financial Liberalization Growth and Crises," UCLA Economics Working Papers 834, UCLA Department of Economics.
  33. James B. Thomson, 2010. "Cleaning up the refuse from a financial crisis: the case for a resolution management corporation," Working Papers (Old Series) 1015, Federal Reserve Bank of Cleveland.
  34. Simplice A Asongu & Lieven De Moor, 2017. "Financial Globalisation Dynamic Thresholds for Financial Development: Evidence from Africa," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 29(1), pages 192-212, January.
  35. Anderson, Heather M. & Dungey, Mardi & Osborn, Denise R. & Vahid, Farshid, 2011. "Financial integration and the construction of historical financial data for the Euro Area," Economic Modelling, Elsevier, vol. 28(4), pages 1498-1509, July.
  36. Davis, E. Philip & Stone, Mark R., 2004. "Corporate financial structure and financial stability," Journal of Financial Stability, Elsevier, vol. 1(1), pages 65-91, September.
  37. Bordo, Michael & Jeanne, Olivier, 2002. "Boom-Busts in Asset Prices, Economic Instability and Monetary Policy," CEPR Discussion Papers 3398, C.E.P.R. Discussion Papers.
  38. Barry Eichengreen & David Leblang, 2008. "Democracy And Globalization," Economics and Politics, Wiley Blackwell, vol. 20(3), pages 289-334, November.
  39. TRANDAFIR, Adina & NEGURIȚĂ, Octav & GUNI, Claudia, 2018. "The Impact Of Deflation On Fiscal Aggregates," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 18(3), pages 81-96.
  40. Pierre-Cyrille Hautcoeur, 2010. "Commentaire : Chaque grande crise est différente," Économie et Statistique, Programme National Persée, vol. 438(1), pages 43-46.
  41. Charles Calomiris, 2009. "Banking Crises and the Rules of the Game," NBER Working Papers 15403, National Bureau of Economic Research, Inc.
  42. Osvaldo Meloni & Ana María Cerro, 2005. "Crises & Crashes: Argentina 1885 – 2003," Economic History 0505001, University Library of Munich, Germany.
  43. repec:zbw:bofrdp:2007_015 is not listed on IDEAS
  44. van Hombeeck, Carlos Eduardo, 2020. "An exorbitant privilege in the first age of international financial integration?," Journal of International Money and Finance, Elsevier, vol. 101(C).
  45. Eric Berr & François Combarnous & Eric Rougier, 2005. "Too much consensus could be harmful : measuring the degree of implementation of the Washington consensus and its impact on economic growth," Documents de travail 116, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
  46. Mr. Subir Lall & Mr. Roberto Cardarelli & Mr. Selim A Elekdag, 2009. "Financial Stress, Downturns, and Recoveries," IMF Working Papers 2009/100, International Monetary Fund.
  47. Jaromír Baxa & Roman Horváth & Bořek Vašíček, 2011. "Time Varying Monetary Policy Rules and Financial Stress," Chapters, in: Sylvester Eijffinger & Donato Masciandaro (ed.), Handbook of Central Banking, Financial Regulation and Supervision, chapter 10, Edward Elgar Publishing.
  48. Marina Halac & Sergio Schmukler, 2003. "Distributional effects of crises : the role of financial transfers," Policy Research Working Paper Series 3173, The World Bank.
  49. Sergio L. Schmukler, 2004. "Financial globalization: gain and pain for developing countries," Economic Review, Federal Reserve Bank of Atlanta, vol. 89(Q 2), pages 39-66.
  50. Bent, Peter H., 2020. "Recovery from financial crises in peripheral economies, 1870–1913," Explorations in Economic History, Elsevier, vol. 78(C).
  51. Mohamed Ben Abdallah & Zouheir Bouchaddakh, 2013. "Banking and Monetary Crises: Impacts on Exports of MENA Countries," Working Papers 786, Economic Research Forum, revised Oct 2013.
  52. Philipp Maier, 2007. "Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring," Staff Working Papers 07-10, Bank of Canada.
  53. Montalbano, Pierluigi, 2011. "Trade Openness and Developing Countries' Vulnerability: Concepts, Misconceptions, and Directions for Research," World Development, Elsevier, vol. 39(9), pages 1489-1502, September.
  54. Aykut Kibritcioglu, 2002. "Monitoring Banking Sector Fragility," Macroeconomics 0206004, University Library of Munich, Germany, revised 17 Mar 2006.
  55. Goodhart, C. A. E., 2010. "The Changing Role of Central Banks," Working Papers 11-27, University of Pennsylvania, Wharton School, Weiss Center.
  56. Muge Adalet & Barry Eichengreen, 2007. "Current Account Reversals: Always a Problem?," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 205-246, National Bureau of Economic Research, Inc.
  57. Zihui Ma & Leonard Cheng, 2003. "The Effects of Financial Crises on International Trade," NBER Working Papers 10172, National Bureau of Economic Research, Inc.
  58. Rapetti, Martin & Palazzo, Gabriel & Waldman, Joaquin, 2023. "Planes de estabilización: Evidencia de América Latina [Stabilization plans: Evidence from Latin America]," MPRA Paper 118910, University Library of Munich, Germany.
  59. Edgar Demetrio Tovar, 2011. "Globalización financiera y sus efectos sobre el desarrollo financiero," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 29(66), pages 80-127, December.
  60. Enrique G. Mendoza & Marco E. Terrones, 2014. "An Anatomy of Credit Booms and their Demise," Central Banking, Analysis, and Economic Policies Book Series, in: Miguel Fuentes D. & Claudio E. Raddatz & Carmen M. Reinhart (ed.),Capital Mobility and Monetary Policy, edition 1, volume 18, chapter 6, pages 165-204, Central Bank of Chile.
  61. Kibritcioglu, Aykut, 2002. "Excessive Risk-Taking, Banking Sector Fragility, and Banking Crises," Working Papers 02-0114, University of Illinois at Urbana-Champaign, College of Business.
  62. VAN OVERFELT, Wouter & ANNAERT, Jan & DE CEUSTER, Marc & DELOOF, Marc, 2007. "Do universal banks create value? Universal bank affiliation and company performance in Belgium, 1905-1909," Working Papers 2007001, University of Antwerp, Faculty of Business and Economics.
  63. Aaron Tornell, 2003. "Liberalization, Growth and Financial Crises (October 2003)," UCLA Economics Online Papers 276, UCLA Department of Economics.
  64. Donald P. Morgan & Philip E. Strahan, 2004. "Foreign Bank Entry and Business Volatility: Evidence from U.S. States and Other Countries," Central Banking, Analysis, and Economic Policies Book Series, in: Luis Antonio Ahumada & J. Rodrigo Fuentes & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Banking Market Structure and Monetary Policy, edition 1, volume 7, chapter 8, pages 241-270, Central Bank of Chile.
  65. Nuno Cassola & Christoffer Kok & Francesco Paolo Mongelli, 2019. "The ECB after the crisis: existing synergies among monetary policy, macroprudential policies and banking supervision," Working Papers 424, University of Milano-Bicocca, Department of Economics, revised Dec 2019.
  66. Charles A. E. Goodhart, 2005. "What Can Academics Contribute to the Study of Financial Stability?," The Economic and Social Review, Economic and Social Studies, vol. 36(3), pages 189-203.
  67. Martínez, Juan & Santiso, Javier, 2003. "Financial Markets and Politics: The Confidence Game in Latin American Emerging Economies," MPRA Paper 12909, University Library of Munich, Germany.
  68. Nicolas Berman, 2009. "Financial Crises and International Trade: The Long Way to Recovery," Economics Working Papers ECO2009/23, European University Institute.
  69. repec:hal:spmain:info:hdl:2441/lj8ndsutc8i5ast4viool3gqa is not listed on IDEAS
  70. Frederic S. Mishkin, 2005. "How Big a Problem is Too Big to Fail?," NBER Working Papers 11814, National Bureau of Economic Research, Inc.
  71. Francisco Gallego & Geraint Jones, 2006. "Exchange Rate Interventions and Insurance: Is Fear of Floating a Cause for Concern?," Central Banking, Analysis, and Economic Policies Book Series, in: Ricardo Caballero & César Calderón & Luis Felipe Céspedes & Norman Loayza (Series Editor) & Klaus Sc (ed.),External Vulnerability and Preventive Policies, edition 1, volume 10, chapter 11, pages 353-398, Central Bank of Chile.
  72. Baxa, Jaromír & Horváth, Roman & Vašíček, Bořek, 2013. "Time-varying monetary-policy rules and financial stress: Does financial instability matter for monetary policy?," Journal of Financial Stability, Elsevier, vol. 9(1), pages 117-138.
  73. Bineau, Yannick, 2008. "Équilibre extérieur et taux de change réel : apport du modèle de croissance contrainte par la balance des paiements," L'Actualité Economique, Société Canadienne de Science Economique, vol. 84(3), pages 263-285, septembre.
  74. Fernández-Arias, Eduardo & Panizza, Ugo, 2004. "Comments," LSE Research Online Documents on Economics 123257, London School of Economics and Political Science, LSE Library.
  75. Mr. Stephan Danninger & Ms. Irina Tytell & Mr. Ravi Balakrishnan & Mr. Selim A Elekdag, 2009. "The Transmission of Financial Stress from Advanced to Emerging Economies," IMF Working Papers 2009/133, International Monetary Fund.
  76. Bordo, Michael D. & Cavallo, Alberto F. & Meissner, Christopher M., 2010. "Sudden stops: Determinants and output effects in the first era of globalization, 1880-1913," Journal of Development Economics, Elsevier, vol. 91(2), pages 227-241, March.
  77. Paul Ormerod & Rich Colbaugh, 2006. "Cascades of Failure and Extinction in Evolving Complex Systems," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 9(4), pages 1-9.
  78. Karsten R. Gerdrup, 2003. "Three episodes of financial fragility in Norway since the 1890s," BIS Working Papers 142, Bank for International Settlements.
  79. Michael D. Bordo & Olivier Jeanne, 2002. "Monetary Policy and Asset Prices: Does ‘Benign Neglect’ Make Sense?," International Finance, Wiley Blackwell, vol. 5(2), pages 139-164.
  80. Andrew Filardo & Claudio E. V. Borio, 2004. "Back to the future? Assessing the deflation record," BIS Working Papers 152, Bank for International Settlements.
  81. Neal, Larry & White, Eugene N., 2012. "The Glass–Steagall Act in historical perspective," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(2), pages 104-113.
  82. Yaroslava Babych, 2011. "Financial Crises and Economic Growth - A Long Run Perspective," Working Papers 003-11, International School of Economics at TSU, Tbilisi, Republic of Georgia.
  83. Maitland MacFarlan, 2017. "House price collapses: policy responses and lessons learned," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, pages 1-17, December.
  84. Charles Wyplosz, 2007. "Is East Asia Safe from Financial Crises?," IHEID Working Papers 02-2007, Economics Section, The Graduate Institute of International Studies.
  85. Vadym Volosovych, 2005. "Financial Market Integration Over the Long Run: Is there a U-shape?," Working Papers 05001, Department of Economics, College of Business, Florida Atlantic University, revised Feb 2007.
  86. Michael D. Bordo & John S. Landon-Lane, 2010. "The Global Financial Crisis of 2007-08: Is it Unprecedented?," NBER Working Papers 16589, National Bureau of Economic Research, Inc.
  87. Ohlrogge, Michael, 2022. "Financial Crises and Legislation," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 4(3), pages 1-59, April.
  88. Piersanti, Giovanni, 2012. "The Macroeconomic Theory of Exchange Rate Crises," OUP Catalogue, Oxford University Press, number 9780199653126, Decembrie.
  89. Jang-Sup Shin, 2005. "Globalization and Challenges to the Developmental State: A Comparison between South Korea and Singapore," Global Economic Review, Taylor & Francis Journals, vol. 34(4), pages 379-395.
  90. Richard Pomfret, 2009. "The Post‐2007 Financial Crisis and Policy Challenges facing Australia," Economic Papers, The Economic Society of Australia, vol. 28(3), pages 255-263, September.
  91. Zihui Ma & Leonard Cheng, 2005. "The Effects of Financial Crises on International Trade," NBER Chapters, in: International Trade in East Asia, pages 253-286, National Bureau of Economic Research, Inc.
  92. Jang-Sup Shin, 2005. "The Role Of The State In The Increasingly Globalized Economy: Implications For Singapore," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 50(01), pages 103-116.
  93. Hans J. Blommestein & Javier Santiso, 2007. "New Strategies for Emerging Domestic Sovereign Bond Markets," OECD Development Centre Working Papers 260, OECD Publishing.
  94. Eschenbach, Felix & Schuknecht, Ludger, 2002. "The fiscal costs of financial instability revisited," Working Paper Series 191, European Central Bank.
  95. Andrew Mold & Sebastian Paulo & Annalisa Prizon, 2009. "Taking Stock of the Credit Crunch: Implications for Development Finance and Global Governance," OECD Development Centre Working Papers 277, OECD Publishing.
  96. Thorsten Janus & Daniel Riera-Crichton, 2016. "Banking crises, external crises and gross capital flows," Globalization Institute Working Papers 273, Federal Reserve Bank of Dallas.
  97. Hyun Song Shin, 2005. "Liquidity and Twin Crises," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 34(3), pages 257-277, November.
  98. Corrinne Ho & Robert N. McCauley, 2003. "Living with flexible exchange rates: issues and recent experience in inflation targeting emerging market economies," BIS Working Papers 130, Bank for International Settlements.
  99. Pesola, Jarmo, 2007. "Financial fragility, macroeconomic shocks and banks' loan losses : evidence from Europe," Research Discussion Papers 15/2007, Bank of Finland.
  100. Breuer, Janice Boucher, 2006. "Problem bank loans, conflicts of interest, and institutions," Journal of Financial Stability, Elsevier, vol. 2(3), pages 266-285, October.
  101. Nicolas Berman & Philippe Martin, 2012. "The Vulnerability of Sub-Saharan Africa to Financial Crises: the Case of Trade," SciencePo Working papers hal-03461159, HAL.
  102. repec:spo:wpmain:info:hdl:2441/lj8ndsutc8i5ast4viool3gqa is not listed on IDEAS
  103. Cardarelli, Roberto & Elekdag, Selim & Lall, Subir, 2011. "Financial stress and economic contractions," Journal of Financial Stability, Elsevier, vol. 7(2), pages 78-97, June.
  104. Janice Boucher Breuer, 2004. "An Exegesis on Currency and Banking Crises," Journal of Economic Surveys, Wiley Blackwell, vol. 18(3), pages 293-320, July.
  105. Mariassunta Giannetti, 2004. "Old and Modern Currency Crises: Short-Term Liabilities, Speculative Attacks and Business Cycles," Econometric Society 2004 North American Summer Meetings 133, Econometric Society.
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