Currency and Financial Crises of the 1990s and 2000s

39 Pages Posted: 14 Mar 2011

See all articles by Assaf Razin

Assaf Razin

Tel Aviv University - Eitan Berglas School of Economics; National Bureau of Economic Research (NBER); CESifo (Center for Economic Studies and Ifo Institute); Centre for Economic Policy Research (CEPR)

Steven S. Rosefielde

University of North Carolina (UNC) at Chapel Hill - Department of Economics

Multiple version iconThere are 2 versions of this paper

Date Written: February 2011

Abstract

We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) The credit implosion leading to severe banking crisis in Japan; 2) The foreign reservesÂ’ meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of developing Asian economies, and 3) The 2008 worldwide debacle rooted in financial institutional opacity and reckless aggregate demand management, epi-centered in the US, that spread almost instantaneously across the globe, mostly through international financial networks.

Keywords: deregulation, liquidity trap, shadow banking

JEL Classification: E0, F0, N0

Suggested Citation

Razin, Assaf and Rosefielde, Steven S., Currency and Financial Crises of the 1990s and 2000s (February 2011). CEPR Discussion Paper No. DP8264. Available at SSRN: https://ssrn.com/abstract=1782558

Assaf Razin (Contact Author)

Tel Aviv University - Eitan Berglas School of Economics ( email )

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Ramat Aviv, Tel Aviv, 69978
Israel
+972 3 640 7303 (Phone)
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National Bureau of Economic Research (NBER) ( email )

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CESifo (Center for Economic Studies and Ifo Institute)

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HOME PAGE: http://www.CESifo.de

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Steven S. Rosefielde

University of North Carolina (UNC) at Chapel Hill - Department of Economics ( email )

Chapel Hill, NC 27599
United States

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