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Financial crisis in Southeast Asia: dispelling illusion the Minskyan way

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Author Info
Philip Arestis

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Abstract

This paper extends Minsky's financial instability hypothesis to the case of the open, 'liberalised', economy, making it possible to put forward a specifically Minskyan account of the road to the financial crisis in Southeast Asia (1997-1998). The analysis suggests that the threats to growth and employment emanating from the financial sector which Minsky identified in the closed economy setting are much intensified in open, liberalised, developing economies. Financial liberalisation is an important key factor in this process. Rival explanations of the crisis are examined and rejected in favour of the extended Minskyan explanation. The policy implications are derived and discussed. Copyright 2002, Oxford University Press.

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

Volume (Year): 26 (2002)
Issue (Month): 2 (March)
Pages: 237-260
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Handle: RePEc:oup:cambje:v:26:y:2002:i:2:p:237-260

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  3. Ozlem Onaran, 2004. "Life After Crisis For Labor And Capital in the Era of Neoliberal Globalization," Working Papers geewp43, Vienna University of Economics and B.A. Research Group: Growth and Employment in Europe: Sustainability and Competitiveness. [Downloadable!]
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  10. M Cruz, 2003. "The Business Cycle in a Financially Deregulated Context: Theory and Evidence," The School of Economics Discussion Paper Series 0331, Economics, The University of Manchester. [Downloadable!]
  11. 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. [Downloadable!]
  12. Adriana Moreira Amado & Marco Flávio da Cunha Resende & Frederico G. Jayme Jr., 2006. "Economic growth cycles in Latin America and developing countries," Textos para Discussão Cedeplar-UFMG td297, Cedeplar, Universidade Federal de Minas Gerais. [Downloadable!]
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  14. Machiko Nissanke & Howard Stein, 2003. "Financial Globalization and Economic Development: Toward an Institutional Foundation," Eastern Economic Journal, Palgrave Macmillan Journals, vol. 29(2), pages 287-308, Spring. [Downloadable!] (restricted)
  15. Özlem Onaran, 2006. "Speculation-led growth and fragility in Turkey: Does EU make a difference or "can it happen again"?," Department of Economics Working Papers wuwp093, Vienna University of Economics and B.A., Department of Economics. [Downloadable!]
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  19. Susan K. Schroeder, 2002. "A Minskian Analysis of Financial Crisis in Developing Countries," SCEPA Working Papers 2002-09, Schwartz Center for Economic Policy Analysis (SCEPA), New School University. [Downloadable!]
  20. Ilene Grabel, 2003. "Predicting Financial Crisis in Developing Economies: Astronomy or Astrology?," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 243-258, Spring. [Downloadable!]
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