Abstract
highlights the usefulness of the framework of financial accounts and balance sheets for understanding financial globalisation, innovation and crises. Developing further on , it provides a more in-depth analysis of countries’ fragilities when it comes to financial exposures. The chapter offers a wider perspective on the build-up of financial risks over time and the contributing roles of international finance and globalisation. It shows how the framework of financial accounts and balance sheets can be mobilised to analyse financial crises, drawing in particular on recent episodes of stress and considering the impact of leverage and financial innovation. After underlining the importance of integrating a micro, entity-level perspective in the macro approach of financial accounts and balance sheets, this chapter concludes by reviewing the international efforts undertaken to enhance countries’ statistical frameworks in response to the 2007-09 economic and financial crisis.
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