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Global Financial Instability: Framework, Events, Issues

Author

Listed:
  • Frederic S. Mishkin
Abstract
Two of the key questions facing policymakers today are how to reduce the risk of global financial instability and how to cope with it when it occurs. This paper starts by defining financial instability and then showing how it harms economic activity. It then uses this framework to describe what happened during the recent financial crises in Mexico and East Asia. The paper ends by raising several key policy issues; not coincidentally, these issues are addressed in the remaining papers in the symposium.

Suggested Citation

  • Frederic S. Mishkin, 1999. "Global Financial Instability: Framework, Events, Issues," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 3-20, Fall.
    • Handle: RePEc:aea:jecper:v:13:y:1999:i:4:p:3-20
    Note: DOI: 10.1257/jep.13.4.3
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.13.4.3
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    References listed on IDEAS

    as
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    5. Frederic S. Mishkin, 1998. "The Dangers of Exchange‐Rate Pegging in Emerging‐Market Countries," International Finance, Wiley Blackwell, vol. 1(1), pages 81-101, October.
    6. Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 2001. "Prospective Deficits and the Asian Currency Crisis," Journal of Political Economy, University of Chicago Press, vol. 109(6), pages 1155-1197, December.
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    11. Mishkin, Frederic S., 1999. "Lessons from the Asian crisis," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 709-723, August.
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    Full references (including those not matched with items on IDEAS)

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    20. repec:zbw:bofitp:2001_010 is not listed on IDEAS
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    More about this item

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • F30 - International Economics - - International Finance - - - General
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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