Cairn Talk
Debt and financial crises: a historical perspective
In collaboration with Regards croisés sur l'économieThe history of financial crises (bank failures, public debt crises or stock market crashes) reveals common mechanisms and causes. They always result from the prior accumulation of debt, and a breakdown in trust between borrowers and creditors that leads to a flight to safety, i.e. creditors suddenly decide to lend only to borrowers seen as less risky. But the types of debt, the characteristics of "safe assets" and the identities of borrowers and creditors change greatly over time. Each financial crisis therefore takes a different form, and is thus often unpredictable.
.A specialist in economic history, Éric Monnet is Director of Studies at EHESS, where he holds the Chair in Monetary Sovereignty and Globalization, Professor at the Paris School of Economics (PSE) and Scientific Advisor at CEPII. His research focuses on the history of monetary policies, the international monetary system and financial systems in France and Europe in the 20th century. His latest book is entitled La Banque-providence. Démocratiser les banques centrales et la monnaie, published by Éditions du Seuil in 2021. He is also the 2022 winner of the best young economist prize awarded by Le Monde and the Cercle des économistes.
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