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Barry Eichengreen
Richard Portes

Working Paper No. 2126

NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 1987

Paper prepared for the conference on "Risk, International Financial Markets, and Public Policy" organised by the International Center for Monetary and Banking Studies, Geneva, 11-13 September 1986, in collaboration with the Centre for Economic Policy Research. We thank H.M. Stationary Office for permission to cite documents from the Public Record Office, Anita Santorum for research assistance, and Jane Maurice for cheerful secretarial help beyond the call of duty. Anthony Harris, Joan Pearce and our discussants offered very useful comments, as did the seminar group at the Institute for International Economic Studies (Stockholm), where an early version of the work was presented in April 1986. The paper will appear in R. Portes and A. Swoboda, eds., Threats to International Financial Stability, Cambridge University Press, 1987. This paper is part of a research program on Macroeconomic Interactions and Policy Design in an Interdependent World supported by grants from the Ford Foundation (No. 850-1014) and the Alfred P. Sloan Foundation (No. 85-12-13) whose help is gratefully acknowledged. The research reported here is part of the NBER's research program in International Studies. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research.

NBER Working Paper #2126 January 1987

The Anatomy of Financial Crises


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...
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