Economics: The Open-Access, Open Assessment E-Journal http://www.economics-ejournal.org en Michael D. Bordo Growing up to Financial Stability 2007-07-27 This lecture revisits the evidence on the incidence and severity of different varieties of financial crises within the context of globalization then (pre-1914) and now (1980 to the present). I then discuss the determinants of emerging market crises from the perspective of the recent balance sheet approach. This approach puts at center stage the importance of financial development. I then peel the onion back further and consider the “ deep ” institutional determinants of financial development and their relationship to financial stability. I conclude by conjecturing about the ways countries learn from their financial crises to improve their institutions and grow up to financial stability. Paper submitted to the special issue " Recent Developments in International Money and Finance " edited by Ronald MacDonald http://www.economics-ejournal.org/economics/discussionpapers/2007-33 JEL F4 JEL G2 JEL N1 JEL O1