Fictitious capital, real debts: systemic illiquidity in the financial crises of the late 1990s

Nesvetailova, Anastasia (2006) Fictitious capital, real debts: systemic illiquidity in the financial crises of the late 1990s. Review of Radical Political Economics, 38 (1). pp. 45-70. ISSN 0486-6134

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Abstract

This article focuses on the issue of systemic illiquidity as a key component in the financial crises of the late 1990s. The article critically revisits Minsky's financial fragility hypothesis, advancing his insights into the analysis of crises in East Asia, Russia, and the United States in the late 1990s. Three key factors of these crises are identified and explored: financial liberalization, progressive illiquidity, and the debt burdens incurred during the periods of investor euphoria.

Item Type: Article
Schools and Departments: School of Global Studies > International Relations
Depositing User: EPrints Services
Date Deposited: 06 Feb 2012 15:29
Last Modified: 30 Jul 2012 08:55
URI: http://sro.sussex.ac.uk/id/eprint/12779
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