The stunning collapse of the thrift industry, the major stock slump of 1987, rising corporate debt, wild fluctuations of currency exchange rates, and a rash of defaults on developing country debts have revived fading memories of the Great Depression and fueled fears of an impending economic crisis. Under what conditions are financial markets vulnerable to disruption and what economic consequences ensue when these markets break down? In this accessible and thought-provoking volume, Benjamin M. Friedman investigates the origins of financial crisis in domestic capital markets, Paul Krugman examines the international origins and transmission of financial and economic crises, and Lawrence H. Summers explores the transition from financial crisis to economic collapse. In the introductory essay, Martin Feldstein reviews the major financial problems of the 1980s and discusses lessons to be learned from this experience. The book also contains provocative observations by senior academics and others who have played leading roles in business and government.
| ISBN: | 9780226240916 |
| Publication date: | 13th August 1991 |
| Author: | Martin Feldstein |
| Publisher: | University of Chicago Press an imprint of The University of Chicago Press |
| Format: | Paperback |
| Pagination: | 207 pages |
| Series: | (NBER) National Bureau of Economic Research Conference Reports |
| Genres: |
Economic theory and philosophy |