The Risk of Economic Crisis / Edition 2

by Martin Feldstein

Overview

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.

Product Details

ISBN-13:	9780226240916
Publisher:	University of Chicago Press
Publication date:	08/13/1991
Series:	National Bureau of Economic Research Conference Report
Edition description:	1
Pages:	207
Product dimensions:	6.00(w) x 9.00(h) x 1.10(d)

About the Author

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.

Table of Contents

Preface
The Risk of Economic Crisis: Introduction by Martin Feldstein
1. The Risks of Financial Crises
1. Benjamin M. Friedman
2. E. Gerald Corrigan
3. Irvine H. Sprague
4. Norman Strunk
5. Joseph A. Grundfest
Summary of Discussion
2. International Aspects of Financial Crises
1. Paul Krugman
2. C. Fred Bergsten
3. Rudiger Dornbusch
4. Jacob A. Frenkel
5. Charles P. Kindleberger
Summary of Discussion
3. Macroeconomic Consequences of Financial Crises
1. Lawrence H. Summers
2. Hyman P. Minsky
3. Paul A. Samuelson
4. William Poole
5. Paul A. Volcker
Summary of Discussion
Biographies
Contributors
Name Index
Subject Index

Editorial Reviews

Papers of a special NBER conference held in October 1989. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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