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Three and a Half Cycles of 'Mania, Panic, and [Asymmetric] Crash': East Asia and Latin America Compared

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  • Palma, Gabriel

Abstract

This paper argues that, despite some significant differences, the 1982 debt crisis, the 1994 Mexican crisis, and the current 1997 East Asian crisis share the common characteristic that 'overlending' and 'overborrowing' are basically endogenous market failures of overliquid and underregulated financial markets--along the lines described by C. P. Kindleberger's Manias, Panics, and Crashes(1978) (although these crashes have tended to be 'asymmetric' as the largest international lenders have emerged relatively intact). The paper concludes with a discussion of Brazil's increasing vulnerability to a sudden collapse of confidence and withdrawal of finance, which indicates the probability of another impending crisis. Copyright 1998 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 22 (1998)
Issue (Month): 6 (November)
Pages: 789-808

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Handle: RePEc:oup:cambje:v:22:y:1998:i:6:p:789-808

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Cited by:
  1. Pablo Bustelo & Clara Garcia & Iliana Olivie, 1999. "Global and Domestic Factors of Financial Crises in Emerging Economies: Lessons from the East Asian Episodes (1997-1999)," Working Papers 002, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.
  2. Jan Toporowski & Giovanni Cozzi, 2006. "The Balance Sheet Approach to Financial Crises in Emerging Markets," Economics Working Paper Archive wp_485, Levy Economics Institute, The.
  3. Chang, Ha-Joon, 2000. "The Hazard of Moral Hazard: Untangling the Asian Crisis," World Development, Elsevier, vol. 28(4), pages 775-788, April.
  4. Machiko Nissanke & Howard Stein, 2003. "Financial Globalization and Economic Development: Toward an Institutional Foundation," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 287-308, Spring.
  5. Ajit Singh, 2002. "Competition, corporate governance and selection in emerging markets," ESRC Centre for Business Research - Working Papers wp247, ESRC Centre for Business Research.

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