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On Financial Fragility and its Global Implications

In: Financial Fragility, Debt and Economic Reforms

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  • Sunanda Sen

Abstract

The volatility of world financial markets, which has set in since the beginning of the boom in private lending during the 1970s, has, over the last decade, assumed a very different character. Engulfing markets for both international currencies and the credit-related financial instruments the inbuilt volatility of the process has been eroding the demonstrated ability of the private financial institutions to allocate credit for efficiency. Consequently, a demand has originated, often from within the market, for moves to reincarnate the state as a regulator of these vacillations in the corporate financial system. Problems experienced by the advanced economies in terms of financial instability have been compounded by the performance of the real sector, the growth in which has been dismally low, contrasting the pattern of the volatile boom in the finance-related services sector.

Suggested Citation

  • Sunanda Sen, 1996. "On Financial Fragility and its Global Implications," Palgrave Macmillan Books, in: Sunanda Sen (ed.), Financial Fragility, Debt and Economic Reforms, chapter 2, pages 35-59, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13801-2_3
    DOI: 10.1007/978-1-349-13801-2_3
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