G2TT
来源类型Discussion paper
规范类型论文
来源IDDP130
DP130 The Anatomy of Financial Crises
Richard Portes
发表日期1986-09-01
出版年1986
语种英语
摘要A financial crisis is a disturbance to financial markets, associated typically with falling asset prices and insolvency among debtors and intermediaries, which spreads through the financial system, disrupting the market's capacity to allocate capital. In this paper we analyze the generation and propagation of financial crises in an international setting. We provide a perspective on the danger of a serious disruption to the global financial system by comparing the last full-fledged financial crisis - that of the 1930s - with conditions prevailing today. Our definition of a financial crisis implies a distinction between generalized financial crises on the one hand and isolated bank failures, debt defaults and foreign-exchange market disturbances on the other. We represent this distinction in three sets of linkages: between debt defaults and bank failures; between exchange-market disturbances and debt defaults; and between exchange-market disturbances and bank failures. In both the 1930s and 1980s, the institutional environment was drastically altered by rapid change in foreign exchange markets, in international capital markets, and in the structure of domestic banking systems. Our comparative analysis underscores the critical role played by institutional arrangements in financial markets as a determinant of the system's vulnerability to destabilizing shocks.
主题International Macroeconomics
关键词Capital markets Debt Depression Financial crisis International instability
URLhttps://cepr.org/publications/dp130
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529285
推荐引用方式
GB/T 7714
Richard Portes. DP130 The Anatomy of Financial Crises. 1986.
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