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Hegemonic Stability Theory and Economic Analysis: Reflections on Financial Instability and the Need for an International Lender of Last Resort

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  • Eichengreen, Barry

Abstract

Eichengreen argues that recent developments in financial theory provide rigorous microeconomic foundations for the fragile, volatile and crisis-prone forms of market behavior identified in Charles Kindleberger’s Manias, Panics and Crashes and invoked in The World in Depression as an explanation for interwar events. It is incorrect to assert, as is often done, that economic theory in the form of the efficient-markets hypothesis provides no basis for such concerns.

Suggested Citation

  • Eichengreen, Barry, 1996. "Hegemonic Stability Theory and Economic Analysis: Reflections on Financial Instability and the Need for an International Lender of Last Resort," Department of Economics, Working Paper Series qt7g49p8kj, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    • Handle: RePEc:cdl:econwp:qt7g49p8kj
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    Cited by:

    1. Manmohan Agarwal, 2019. "International Monetary Affairs in the Inter War Years: Limits of Cooperation," Working Papers id:12996, eSocialSciences.
    2. Denise Currie & Paul Teague, 2017. "The eurozone crisis, German hegemony and labour market reform in the GIPS countries," Industrial Relations Journal, Wiley Blackwell, vol. 48(2), pages 154-173, March.

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