Real Versus Pseudo-International Systemic Risk: Some Lessons from History / Michael D. Bordo, Bruce Mizrach, Anna J. Schwartz.

Format:

Book

Author/Creator:

Bordo, Michael D.

Contributor:

National Bureau of Economic Research.

Mizrach, Bruce.

Schwartz, Anna J.

Series:

Working Paper Series (National Bureau of Economic Research) no. w5371.

NBER working paper series no. w5371

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Real Versus Pseudo-International Systemic Risk

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1995.

Summary:

This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and pseudo-systemic risk. We examine the history of episodes commonly viewed either as financial crises or as evidencing systemic risk to glean lessons for today. We also present some statistical evidence on possible recent systemic risk linkages between the stock markets of emerging countries. The paper concludes with a discussion of the lessons yielded by the record.

Notes:

Print version record

December 1995.