Asset bubbles, leverage and 'lifeboats': Elements of the East Asian crisis
UNSPECIFIED (2000) Asset bubbles, leverage and 'lifeboats': Elements of the East Asian crisis. In: Conference on the Origins and Management of Financial Crises, BANK ENGLAND, LONDON, ENGLAND, JUL 11-14, 1997. Published in: ECONOMIC JOURNAL, 110 (460). pp. 309-334.Full text not available from this repository.
Collapsing credit markets have been blamed for the depth and persistence of the Great Depression in the United States. Could similar mechanisms have played a role in ending the East Asian economic miracle - and in creating fragility in global financial markets? After a brief account of the nature of the East Asian crises of 1997/8, we use the framework of highly-leveraged, fully-collaterised firms due to Kiyotaki and Moore (1997) to explore the impact of a credit crunch. The paper emphasises the fragility of equilibrium and how rapidly boom can turn to bust.
|Item Type:||Conference Item (UNSPECIFIED)|
|Subjects:||H Social Sciences > HC Economic History and Conditions|
|Journal or Publication Title:||ECONOMIC JOURNAL|
|Publisher:||BLACKWELL PUBL LTD|
|Official Date:||January 2000|
|Number of Pages:||26|
|Page Range:||pp. 309-334|
|Title of Event:||Conference on the Origins and Management of Financial Crises|
|Location of Event:||BANK ENGLAND, LONDON, ENGLAND|
|Date(s) of Event:||JUL 11-14, 1997|
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