In all cases, a whole set of institutions acted in more or less the same way, and were not disciplined by a supervisory authority which certainly knew what was going on. Thirdly, the portfolio behaviour in question was encouraged by expectations that underlying macroeconomic conditions – interest rates and growth rates – could be extrapolated uncritically into the future.
My second observation is that there have been several combinations of monetary and financial regime during the 20th century, and none has been conspicuously successful at achieving simultaneously both price stability and stability in a liberalised financial system. –  Under the gold standard, there was a single anchor, gold convertibility, for both monetary and financial stability.