An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime

Research output: Contribution to journalReview article

1 Citation (Scopus)

Abstract

This article surveys the co-evolution of monetary policy and financial stability for a number of countries from 1880 to the present. Historical evidence on the incidence, costs, and determinants of financial crises (the most extreme form of financial instability), combined with narratives on some famous financial crises, suggests that financial crises have many causes, including credit-driven asset price booms, which have become more prevalent in recent decades, but in general financial crises are very heterogeneous and hard to categorize. Moreover, evidence shows that the association across the country sample between credit booms, asset price booms, and serious financial crises is quite weak.

Original languageEnglish (US)
Pages (from-to)319-357
Number of pages39
JournalJournal of Economic History
Volume78
Issue number2
DOIs
StatePublished - Jun 1 2018

Fingerprint

Monetary policy regimes
Financial crisis
Historical perspective
Financial stability
Financial Crisis
Monetary Policy
Historical Perspective
Boom
Asset prices
Credit
Costs
Financial instability
Credit booms
Coevolution
Monetary policy
Causes
Historical Evidence

All Science Journal Classification (ASJC) codes

  • History
  • Economics and Econometrics
  • Economics, Econometrics and Finance (miscellaneous)

Cite this

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An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime. / Bordo, Michael.

In: Journal of Economic History, Vol. 78, No. 2, 01.06.2018, p. 319-357.

Research output: Contribution to journalReview article

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