The Risk of Economic Crisis

Front Cover
Martin Feldstein, National Bureau of Economic Research
University of Chicago Press, Aug 13, 1991 - Business & Economics - 197 pages
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.
 

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Contents

The Risks of Financial Crises
19
2 E Gerald Corrigan
44
3 Irvine H Sprague
53
4 Norman Strunk
57
5 Joseph A Grundfest
62
Summary of Discussion
79
International Aspects of Financial Crises
85
2 C FredBergsten
109
Macroeconomic Consequences of Financial Crises
135
2 Hyman P Minsky
158
3 Paul A Samuelson
167
4 William Poole
170
5 Paul A Volcker
174
Summary of Discussion
179
Biographies
183
Contributors
189

3 Rudiger Dornbusch
116
4 Jacob A Frenkel
123
5 Charles P Kindleberger
128
Summary of Discussion
132

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About the author (1991)

Martin Feldstein (1939-2019) was the George F. Baker Professor of Economics at Harvard University. From 1977 to 2008 he was president and CEO of the National Bureau of Economic Research. He was chairman of President Ronald Reagan's Council of Economic Advisers from 1982 to 1984. In 2006 he was appointed to the President's Foreign Intelligence Advisory Board under George W. Bush, and in 2009 he was named to the President's Economic Recovery Advisory Board by Barack Obama. He was the editor of many books published by the University of Chicago Press.