The Balance Sheet Approach To Financial Crises In Emerging Markets
AbstractThis 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 Minskyâ€™s Financial Instability Hypothesis to (open) emerging market economies. Earlier balance sheet studies are flawed because of a failure to disaggregate firmsâ€™ balance sheets. Examination of such balance sheets in Thailand, Malaysia, Indonesia, Singapore and Hong Kong, suggests that firms in the three crisis countries shared common causes of financial fragility, but the level of financial development and the particular domestic economic and political situation also affected their situation.
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Bibliographic InfoPaper provided by Department of Economics, SOAS, University of London, UK in its series Working Papers with number 149.
Length: 63 pages
Date of creation: Oct 2006
Date of revision:
Emerging Markets; Minsky; Financial Crises; Southeast Asia;
Find related papers by JEL classification:
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
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- Jan Toporowski, 2007. "European Banks In The Developing World," Working Papers 151, Department of Economics, SOAS, University of London, UK.
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