Are Financial Crises Becoming More Contagious?: What is the Historical Evidence on Contagion?

2001 ◽  
pp. 367-403 ◽  
Author(s):  
Michael D. Bordo ◽  
Antu Panini Murshid
Keyword(s):  
Financial Crises ◽  
Historical Evidence

An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime

2018 ◽  
Vol 78 (2) ◽  
pp. 319-357 ◽  
Author(s):  
Michael D. Bordo
Keyword(s):  
Monetary Policy ◽  
Financial Crises ◽  
Financial Stability ◽  
Historical Perspective ◽  
Asset Price ◽  
Financial Instability ◽  
Historical Evidence ◽  
Policy Regime ◽  
Extreme Form ◽  
Credit Booms

This article surveys the co-evolution of monetary policy and financial stability for a number of countries from 1880 to the present. Historical evidence on the incidence, costs, and determinants of financial crises (the most extreme form of financial instability), combined with narratives on some famous financial crises, suggests that financial crises have many causes, including credit-driven asset price booms, which have become more prevalent in recent decades, but in general financial crises are very heterogeneous and hard to categorize. Moreover, evidence shows that the association across the country sample between credit booms, asset price booms, and serious financial crises is quite weak.

scholarly journals SOVEREIGN DEBT AND FINANCIAL CRISES: THEORY AND HISTORICAL EVIDENCE

2016 ◽  
Vol 14 (1) ◽  
pp. 1-6 ◽  
Author(s):  
Ṣebnem Kalemli-Özcan ◽  
Carmen Reinhart ◽  
Kenneth Rogoff
Keyword(s):  
Financial Crises ◽  
Sovereign Debt ◽  
Historical Evidence

Antitrust Law Amidst Financial Crises

2009 ◽  
Author(s):  
Ioannis Kokkoris ◽  
Rodrigo Olivares-Caminal
Keyword(s):  
Financial Crises ◽  
Antitrust Law

Nasty and Brutish? an Empirical Assessment of the Violence Hypothesis

2017 ◽  
Author(s):  
Karl Widerquist ◽  
Grant S. McCall
Keyword(s):  
Historical Evidence ◽  
Contemporary State ◽  
Empirical Assessment ◽  
Early States ◽  
Consensus View

This chapter empirically investigates two hypotheses often used to support the claim that virtually everyone is better off in state society than they could reasonably expect to be in any stateless environment. “The strong violence hypothesis” is the claim that violence in stateless societies is necessarily intolerable. “The weak violence hypothesis” is the claim that violence in stateless societies tends to be higher than in state society. Section 1 uses anthropological and historical evidence to examine violence in prehistoric stateless societies, early states, and contemporary states. Section 2 reviews evidence from modern stateless societies. Section 3 attempts to assemble anthropologists’ consensus view of violence in stateless societies. Section 4 evaluates the strong and weak hypotheses in light of this information, arguing that societies in which sovereignty is most absent maintain the ability to keep violence at tolerable levels. Although it is reasonable to suppose that stateless societies tend to have higher violence than contemporary state societies, some stateless societies have lower violence than some states. Because these findings reject 350 years of accumulated theory of sovereignty, Section 5 briefly discusses how bands are able to maintain peace without state-like institutions. Section 6 concludes.

Basel Capital Adequacy Ratio Standard in The Light of Islamic Law Perspective

2016 ◽  
Vol 1 ◽  
pp. 308-317
Author(s):  
Adi Rahmanur Ibnu
Keyword(s):  
Financial Crises ◽  
Global Economy ◽  
Banking Sector ◽  
Islamic Law ◽  
Capital Requirements ◽  
Capital Adequacy ◽  
Minimum Capital ◽  
Capital Adequacy Ratio ◽  
Global Banking ◽  
Banking Development

Bank is one of the most important pillars of economy activities. However, banking sector has a real potential crisis threat. Alongside with the steady current global banking development, financial crises that have happened clearly affected global economy. Based on that situation, BIS (Bank for International Settlement) – an international financial standard setting organization, realizes the urgency to establishan international financial standard and supervision to anticipate future potential financial crises. This research aims to identify how Capital Adequacy Ratio Standard in Basel Capital Accord (II) based on Islamic law perspective. The research is conducted by analyzing Basel Capital Accord published by BIS. The research uses library research method to find out the aimed result. The focus is on the 1st pillar of Basel II publication that is Minimum Capital Requirements (CAR) policy. CAR, as an Islamic economics policy, will be analyzed using falāḥ approach. Falāḥ is an Islamic economics objective that consists of happiness, success, accomplishment or good luck concept. The earthly dimension of falāḥ has some parameters that can be used to analyze Islamic economics policy. Additionally, the Islamic fiqh maxim takes part in analyzing the policy. The maṣlaḥat concept in fiqh maxim approach shares aim with falāḥ concept in the sense that all of sharia law aims for success, happiness, eternal survival etc. The maṣlaḥat can be accomplished by extinguishing mafsadat or seizing maṣlaḥat. The maṣlaḥat aspect is essential to determine the compatibility Basel Capital Accord with jurisprudential maxim i.e harm must be dispelled (al-dharāru yuzāl). The conclusion results are, 1) Basel Capital Accord focuses on macro-prudential aspect in order to anticipate potential financial crises, 2) beneficial/interest (maṣlaḥat) aspects of the hereafter, cooperation principle, justice, fairness and the prohibition of exploitation are not the core value of Basel Capital Accord frame work, thus 3) the achievement of maslahat as intended by sharia i.e. jurisprudential maxim are not convincing. Therefore, 4) Basel Capital Accord as a regulation basis is not in line with jurisprudential maxim i.e harm must be dispelled (al-dharāru yuzāl).

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