UNSPECIFIED (2000) Asset bubbles, leverage and 'lifeboats': Elements of the East Asian crisis. In: Conference on the Origins and Management of Financial Crises, JUL 11-14, 1997, BANK ENGLAND, LONDON, ENGLAND.

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Abstract

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
ISSN:	0013-0133
Date:	January 2000
Volume:	110
Number:	460
Number of Pages:	26
Page Range:	pp. 309-334
Publication Status:	Published
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
URI:	http://wrap.warwick.ac.uk/id/eprint/13748

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