IDEAS home Printed from
   My bibliography  Save this article

Understanding the Asian crisis: systemic risk as coordination failure


  • David A. Marshall


Systemic crises, such as the recent Asian crisis, may be due to an inability of individual to optimally coordinate their investment strategies.

Suggested Citation

  • David A. Marshall, 1998. "Understanding the Asian crisis: systemic risk as coordination failure," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q III, pages 13-38.
  • Handle: RePEc:fip:fedhep:y:1998:i:qiii:p:13-38:n:v.22no.3

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Gyourko, Joseph & Linneman, Peter, 1996. "Analysis of the Changing Influences on Traditional Households' Ownership Patterns," Journal of Urban Economics, Elsevier, vol. 39(3), pages 318-341, May.
    2. Francine D. Blau & John W. Graham, 1990. "Black-White Differences in Wealth and Asset Composition," The Quarterly Journal of Economics, Oxford University Press, vol. 105(2), pages 321-339.
    3. Satyajit Chatterjee, 1996. "Taxes, homeownership, and the allocation of residential real estate risks," Business Review, Federal Reserve Bank of Philadelphia, issue Sep, pages 3-10.
    4. Green, Richard K., 1996. "Should the stagnant homeownership rate be a source of concern?," Regional Science and Urban Economics, Elsevier, vol. 26(3-4), pages 337-368, June.
    5. Green, Richard K. & White, Michelle J., 1997. "Measuring the Benefits of Homeowning: Effects on Children," Journal of Urban Economics, Elsevier, vol. 41(3), pages 441-461, May.
    6. Erik Hurst & Ming Ching Luoh & Frank P. Stafford, 1998. "The Wealth Dynamics of American Families, 1984-94," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 267-338.
    7. Douglas D. Evanoff & Lewis M. Segal, 1996. "CRA and fair lending regulations: resulting trends in mortgage lending," Economic Perspectives, Federal Reserve Bank of Chicago, issue Nov, pages 19-46.
    8. DiPasquale, Denise & Glaeser, Edward L., 1999. "Incentives and Social Capital: Are Homeowners Better Citizens?," Journal of Urban Economics, Elsevier, vol. 45(2), pages 354-384, March.
    9. Menchik, Paul L & Jianakoplos, Nancy Ammon, 1997. "Black-White Wealth Inequality: Is Inheritance the Reason?," Economic Inquiry, Western Economic Association International, vol. 35(2), pages 428-442, April.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. repec:bfr:fisrev:2017:21:14 is not listed on IDEAS
    2. repec:bfr:fisrev:2017:21:08 is not listed on IDEAS
    3. Nagayasu, Jun, 2001. "Currency crisis and contagion: evidence from exchange rates and sectoral stock indices of the Philippines and Thailand," Journal of Asian Economics, Elsevier, vol. 12(4), pages 529-546.
    4. repec:bfr:fisrev:2017:21:13 is not listed on IDEAS
    5. repec:bfr:fisrev:2017:21:12 is not listed on IDEAS
    6. Femminis, Gianluca & Ruggerone, Luigi, 2001. "'Crony Capitalism', Bail Outs and Bank Runs," CEPR Discussion Papers 2751, C.E.P.R. Discussion Papers.
    7. repec:bfr:fisrev:2017:21:09 is not listed on IDEAS
    8. repec:bfr:fisrev:2017:21:06 is not listed on IDEAS
    9. Jón Daníelsson & Jean-Pierre Zigrand, 2008. "Equilibrium asset pricing with systemic risk," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 35(2), pages 293-319, May.
    10. repec:bfr:fisrev:2017:21:15 is not listed on IDEAS
    11. repec:bfr:fisrev:2017:21:07 is not listed on IDEAS
    12. Jokipii, Terhi, 2006. "Forecasting market crashes : further international evidence," Research Discussion Papers 22/2006, Bank of Finland.
    13. repec:bfr:fisrev:2017:21:03 is not listed on IDEAS
    14. repec:bfr:fisrev:2017:21:10 is not listed on IDEAS
    15. repec:bfr:fisrev:2017:21:05 is not listed on IDEAS
    16. William C. Hunter & David A. Marshall, 1999. "Thoughts on financial derivatives, systematic risk, and central banking: a review of some recent developments," Working Paper Series WP-99-20, Federal Reserve Bank of Chicago.
    17. Andre Cartapanis, 2004. "Le declenchement des crises de change : qu'avons-nous appris depuis dix ans ?," Economie Internationale, CEPII research center, issue 97, pages 5-48.
    18. Alexandra Lai, 2002. "Modelling Financial Instability: A Survey of the Literature," Staff Working Papers 02-12, Bank of Canada.
    19. repec:bfr:fisrev:2017:21:04 is not listed on IDEAS
    20. Michael H. Moskow, 2000. "Disruptions in global financial markets: the role of public policy," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q III, pages 2-8.
    21. repec:bfr:fisrev:2017:21:01 is not listed on IDEAS
    22. repec:bfr:fisrev:2017:21:02 is not listed on IDEAS
    23. repec:bfr:fisrev:2017:21:11 is not listed on IDEAS

    More about this item


    Financial crises - Asia ; Risk ; Investments;


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedhep:y:1998:i:qiii:p:13-38:n:v.22no.3. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bernie Flores). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.