Asset Bubbles, Leverage and 'Lifeboats' : Elements of The East Asian Crisis  

Oleh:

Edison, Hali J. ; Luangaram, Pongsak ; Miller, Marcus

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 110 no. 460 (2000), page 309-334.
Topik: leverage; asset bubbles; lifeboats; elements; crisis
Fulltext: 309.pdf (480.48KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

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.

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