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Ponzi Finance Goes Global

In: Fragile Finance

Author

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  • Anastasia Nesvetailova

    (City University)

Abstract

Each one of the crises analysed in the previous chapters was unique in many respects. It is important, however, to try and understand why each of these crises spread so fast throughout the entire financial system. Orthodox theories tend to see each crisis in isolation, as specific to a country and attributed mostly to human error and/or market shocks. Alternative explanations, originating in the ‘disjuncture’ paradigm of financial capitalism view the crises as symptoms of the fissure between the overblown financial market and the stagnating ‘real’ economy. A Minskyan framework provides an insight into the inner mechanisms of financial fragility in crisis-hit countries, while allowing for important institutional and structural differences between them.

Suggested Citation

  • Anastasia Nesvetailova, 2007. "Ponzi Finance Goes Global," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Fragile Finance, chapter 8, pages 128-146, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-59230-8_9
    DOI: 10.1057/9780230592308_9
    as

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