Asset Bubbles, Leverage and ‘Lifeboats’
Elements of the East Asian Crisis
Bibliographic Data
| ID | 9709542 |
|---|---|
| Authors | Hali J Edison (Federal Reserve), Pongsak Luangaram (University of Warwick), Marcus Miller (0000-0003-1030-457X, University of Warwick, CEPR and CSGR) |
| Year | 2000 |
| Volume | 110 |
| Issue | 460 |
| Pages | 309-334 |
| Publication date | 2000-01-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.00503 |
| OpenAlex | W2022169702 |
| Language | EN |
| Citations received | 2 |
| References cited | 3 |
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
Asset (computer security · Boom · Bust · China · Credit crunch · East Asia · Economics · Financial crisis · Financial fragility · Financial system · Fragility · Geography · Great Depression · Leverage (statistics · Macroeconomics · Miracle · Monetary economics · Banking stability, regulation, efficiency · Economic Theory and Policy · Global Financial Crisis and Policies
| Citations per year | 0.08 |
|---|---|
| Citation span | 2002 - 2010 (9) |
| Highly cited | No |