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Currency and Financial Crises of the 1990s and 2000s

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  • Razin, Assaf
  • Rosefielde, Steven

Abstract

We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) The credit implosion leading to severe banking crisis in Japan; 2) The foreign reserves’ meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of developing Asian economies, and 3) The 2008 worldwide debacle rooted in financial institutional opacity and reckless aggregate demand management, epi-centered in the US, that spread almost instantaneously across the globe, mostly through international financial networks.

Suggested Citation

  • Razin, Assaf & Rosefielde, Steven, 2011. "Currency and Financial Crises of the 1990s and 2000s," CEPR Discussion Papers 8264, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:8264
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    References listed on IDEAS

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    1. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "The revived Bretton Woods system," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(4), pages 307-313.
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    More about this item

    Keywords

    deregulation; liquidity trap; shadow banking;

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • F0 - International Economics - - General
    • N0 - Economic History - - General

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