Abstract
There is hardly a more conventional subject in economic literature than financial crises. If few books on the subject appeared during the several decades after World War II, following the spate of the 1930s, it was because the industry of producing them is anticyclical in character, and recessions from 1945 to 1973 were few, far between, and exceptionally mild. More recently, with the worldwide recession of 1974–75 and the nervous financial tension of the 1980s and 1990s, the industry has picked up. When it first appeared in 1978, this work thus reflected a revived interest in an old theme, a theme that became increasingly salient in the decades that followed.
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Notes
1. Financial Crisis: a Hardy Perennial
In the third edition, I listed a considerable recent literature on financial crises to 1994. There has been no letup at the turn of the century. See Susan Strange, Mad Money (Manchester: Manchester University Press, 1998);
George Soros, The Crisis ofGlobal Capitalism: Open Society Endangered (New York: Public Affairs, 1998);
Robert Chote et al., Financial Crisis and Asia (London: CEPR Discussion Paper, 1998);
Eric Barthalon, “From Here to Eternity: Free Thoughts on Financial Crises,” Conjuncture (Parisbas), Special Issue, 28th year (October 1998);
Francesca Corelli et al., Crisis? What Crisis? Orderly Workouts for Sovereign Debtors (London: CEPR Discussion Paper, 1998);
Scherazade S. Rehman, ed., Financial Crisis Management in Regional Blocs (Amsterdam: Kluwer, 1998);
Edward Chancellor, Devil Take the Hindmost: A History of Financial Speculation (New York: Farrar, Straus, Giroux, 1999);
Charles R. Morris, Money, Greed and Risk: Why Financial Crises and Crashes Happen, New York: (Random House, A Century Foundation Book, 1999);
“Bank Restructuring in Practice,” BIS Policy Papers No. 6 (Basel: Bank for International Settlements, August 1999.
C. P. Kindleberger, The World in Depression, 1929–1939, 2nd ed. (Berkeley: University of California Press, 1986).
For a particularly vigorous challenge on the economics, see Anna J. Schwartz’s review, Journal of Political Economy, vol. 88 (April 1975), pp. 231–37.
Thomas Joplin, Case for Parliamentary Inquiry into the Circumstances of the Panic, in a letter to Thomas Gisburne, Esq., M.P. (London: F. Ridgeway & Sons, n.d. [after 1832]), p. 28.
Anna J. Schwartz, “Real and Pseudo Financial Crises,” in F. Capie and G. W. Wood, eds., Financial Crises and World Banking (London: Macmillan, 1986), pp. 11–40.
Raymond W. Goldsmith, “Comment on Hyman Minsky’s The Financial Instability Hypothesis: Capital Processes and the Behavior of the Economy” in C. P. Kindleberger and J.-P. Laffargue, eds., Financial Crises: Theory, History and Policy (Cambridge: Cambridge University Press, 1982), p. 42.
Michael D. Bordo, “Financial Crises: Lessons from History,” paper presented to the Fifth Garderen Conference on International Finance, Erasmus Universitet, Rotterdam, April 9–ll, 1987.
See Robert D. Flood and Peter W. Garber, Speculative Bubbles, Speculative Attacks and Policy Switching (Cambridge, Mass.: MIT Press, 1994), who believe in “fundamentals” as determining economic behavior, unless governments change the rules. One particular change in the last quarter of the century was deregulation of financial markets.
Edward Shaw, Financial Deepening in Economic Development (New York: Oxford University Press, 1973);
and Roland I. McKinnon, Money and Capitalism in Economic Development (Washington, D.C.: Brookings Institution, 1973).
A detailed study of regulation in developing countries is “A Survey of Financial Liberalization” by John Williamson and Molly Mohar, Essays in International Finance, no. 221 (Princeton, N.J.: International Finance Section, November 1998).
Recent Innovations in International Banking (Basel: Bank for International Settlements, 1986).
See Kindleberger, “Panic of l873” in Historical Economics, New York: Harvester Wheatsheaf, 1990, pp. 310–25;
idem, “International Propagation of Financial Crises”
Henrietta M. Larson, Jay Cooke, Private Banker (Cambridge, Mass.: Harvard University Press, 1936).;
and Matthew Simon, Cyclical Fluctuations in the International Capital Movements of the United States, 1865–1897 (New York: Arno, 1979).
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© 2000 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Kindleberger, C.P., Bernstein, P.L. (2000). Financial Crisis: A Hardy Perennial. In: Manias, Panics and Crashes. Palgrave Macmillan, London. https://doi.org/10.1057/9780230536753_1
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DOI: https://doi.org/10.1057/9780230536753_1
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