Preventing Financial Crises: An International Perspective

Mishkin, Frederic S.

doi:10.3386/w4636

Cited by 32 publications

(12 citation statements)

References 24 publications

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“…There are no significant barriers to submitting an entry in the save-the-world-financialsystem game, and as Eichengreen (1999) Mishkin (1994), Meltzer (1998), Garten (1998), Calomaris (1998), Gionnini (1999) and Fisher (1999). The "Clinton proposal" offered at the October 1998 G-7 meetings is very much in this spirit.…”

Section: The Man (Woman) Who Would Be Keynes: Grand Plans To Save Thementioning

confidence: 99%

International Institutions for Reducing Global Financial Instability

Rogoff

1999

166

153

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Section: The Man (Woman) Who Would Be Keynes: Grand Plans To Save Thementioning

confidence: 99%

International Institutions for Reducing Global Financial Instability

Rogoff

1999

166

153

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“…This broad and comprehensive definition has been criticized many times over the years. Schwartz (1987) criticizes this broad definition in her study, and Mishkin (1994), who put forward a different definition, deals with the financial crisis within the framework of the asymmetric information approach. Mishkin describes the situation as a disruption of the flow of information in financial markets and the inability of instruments in current markets.…”

Section: Conceptual Frameworkmentioning

confidence: 99%

2008 Financial Crisis: A Comparative Analysis of Turkey and Brazil in Terms of Economic Policies

Gölçek¹

2020

JECS

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The Financial Crisis, which broke out in the US due to the mortgage bubble, had spread through financial channels to core countries. The periphery countries that weren't fully integrated into the financial markets had been influenced via economic ways, indirectly. However the crisis -spreading on a global scale-had had negative impacts on all countries and had led to changes in the economic policies of states. One of the possibilities of the crisis was for it to turn into a cyclical crisis because of its reach throughout the whole world and the failure of economic policies -applied to one after another-in the preventing of the spread and impact of the crisis in a short time, resulting in economic and neoliberal policies being questioned. The periphery economies, being economically affected by the crisis, had to assume many economic costs due to mortgage loans in the US, which had nothing to do with them. In the study, through the examples of Brazil and Turkey within the framework of these discussions, the implication of economic policy has been examined for periphery countries. In the study, the way in which both countries were affected by the crisis has been evaluated through net capital flows, foreign direct investments, foreign trade data, and main economic indicators. Although neoliberal policies, which pushed both countries towards this process, had added them to the global economic system, they had to apply Keynesian policies because neoliberalism had become inadequate in exiting the crisis. In the conclusion of the study, policy proposals have been made for getting out of the crisis by discussing the ineffectiveness of the economic policies that had been implemented.

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“…On the contrary, the 'eclectic' view, which may be traced back to Kindleberger (1989), looks at a wider range of disturbances, such as sharp declines in asset prices, failures of large financial intermediaries, or disruption in foreign exchange markets, as having potentially serious consequences for the real economy. As emphasised by Mishkin (1991Mishkin ( , 1994Mishkin ( and 1996, transactions in financial markets are intrinsically subject to a problem of asymmetric information: lenders usually do not have full knowledge of borrowers' activity and investment plans. As a consequence, lenders need to solve two problems: first, to select potential borrowers in order to minimise losses due to defaults -which may give rise to an adverse selection problem -and, after the loan is made, to monitor borrowers' behaviour to avoid that it be detrimental to loan repayment -a problem of moral hazard.…”

Section: A Financial Crises and Bank Runsmentioning

confidence: 99%