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Asset bubbles, leverage and 'lifeboats': Elements of the East Asian crisis
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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. ISSN 0013-0133.
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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) | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
Journal or Publication Title: | ECONOMIC JOURNAL | ||||
Publisher: | BLACKWELL PUBL LTD | ||||
ISSN: | 0013-0133 | ||||
Official Date: | January 2000 | ||||
Dates: |
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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 |
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