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The Balance Sheet Approach to Financial Crises in Emerging Markets

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Author Info
Jan Toporowski
Giovanni Cozzi
Abstract

This paper contrasts the conventional balance sheet approach to the analysis of economic disturbances in emerging markets with the alternative balance sheet approach that applies and extends Minsky's Financial Instability Hypothesis to (open) emerging market economies. Earlier balance sheet studies are found to be flawed because of a failure to disaggregate firms' balance sheets. Examination of such balance sheets in Thailand, Malaysia, Indonesia, Singapore, and Hong Kong suggests that firms in the three crisis countries did share common causes of financial fragility, but that the level of financial development and the particular domestic economic and political situation also affected their situation.

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Paper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number wp_485.

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Date of creation: Dec 2006
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Handle: RePEc:lev:wrkpap:wp_485

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  5. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Debt Intolerance," NBER Working Papers 9908, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Chang, R. & Velasco, A., 1998. "Financial Crises in Emerging Markets: A Canonical Model," Working Papers 98-21, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  7. 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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  10. Marcus Miller & Pongsak Luangaram, 1998. "Financial Crisis in East Asia: Bank Runs, Asset Bubbles and Antidotes," CSGR Working papers series 11/98, Centre for the Study of Globalisation and Regionalisation (CSGR), University of Warwick.
  11. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "What caused the Asian currency and financial crisis?," Japan and the World Economy, Elsevier, vol. 11(3), pages 305-373, October. [Downloadable!] (restricted)
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  12. repec:rus:hseeco:123922 is not listed on IDEAS
  13. MCKINNON, Ronald I., 2004. "The East Asian dollar standard," China Economic Review, Elsevier, vol. 15(3), pages 325-330. [Downloadable!] (restricted)
  14. J.A. Kregel, 1998. "Yes, "It" Did Happen Again - A Minsky Crisis Happened in Asia," Macroeconomics 9805017, EconWPA. [Downloadable!]
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