Robert Aliber will provide insights from his new book on financial crises. In the last three decades the world has seen four waves of financial crises in 1982, 1990, 1997, and 2008. Each wave was preceded by an economic boom and investment inflow that resulted in the rise of currency and securities prices and an increase in household wealth. Furthermore, the crises of recent decades have been characterized by a currency crisis associated with a banking crisis.
Financial crises—the boom and bust cycles—are costly. There is a lot of wasteful consumption and investment expenditure during booms and the waste of underemployed resources during busts.
Robert Aliber is a professor of international economics and finance emeritus at the Chicago Booth School of Business at the University of Chicago. He has written extensively about exchange rates, international investment, and international banking issues. The New International Money Game (Palgrave 2012) is in its seventh edition. Mr. Aliber inherited the classic Manias, Panics, and Crashes, from Charles P. Kindleberger, who brought out the first four editions; Mr. Aliber brought out the fifth edition in 2005 and the sixth edition in 2011. He has written extensively about the asset price bubble in Iceland, and is the co-editor of Preludes to the Iceland Financial Crisis. Mr. Aliber has been the National Westminister Bank Professor at the London Business School, the Bundesbank Professor at the Free University of Berlin, and the Houghton-Norman Fellow at the Bank of England. He was a fellow of the American Academy of Berlin, and a visiting scholar at the Woodrow Wilson International Center for Scholars.
In this seminar Robert Aliber will discuss:
- The sources of financial crises in recent decades;
- Exchange rate regimes and the impact during crisis;
- Adjustment mechanisms following a crisis; and
- Policy initiatives to prevent or alleviate financial crises.
Papers and Presentations
Policymakers, academics, outside researchers, and the general public; approximately 30 participants.
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