Financial Crisis, Contagion, and Containment
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1997 Asian financial crisis
A01=Padma Desai
Asset
Austerity
Author_Padma Desai
Bailout
Balance sheet
Balanced budget
Bank
Bankruptcy
Budget
Capital flight
Capital market
Capital outflow
Cash
Category=KCX
Central bank
Collateralized debt obligation
Commercial bank
Corruption
Credit (finance)
Creditor
Currency
Currency board
Currency crisis
Current account
Debt
Default (finance)
Devaluation
Economic growth
Economics
Economist Intelligence Unit
Economy
Economy of the United States
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Exchange rate
External debt
Finance
Financial Account
Financial crisis
Financial institution
Financial services
Financial Times
Foreign direct investment
Foreign exchange market
Foreign Exchange Reserves
Funding
Government bond
Government budget balance
Government debt
Gross domestic product
Inflation
Interest rate
International Monetary Fund
Investment
Investor
Liability (financial accounting)
Liberalization
Market economy
Market liquidity
Monetary policy
Money market
Payment
Private sector
Recession
Repayment
Restructuring
Ruble
Saving
Speculation
Stock market
Tax
Unemployment
World economy
Product details
- ISBN 9780691113920
- Weight: 595g
- Dimensions: 152 x 235mm
- Publication Date: 11 May 2003
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Hardback
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This book provides a sweeping, up-to-date, and boldly critical account of the financial crises that rocked East Asia and other parts of the world beginning with the collapse of the Thai baht in 1997. Retracing the story of Asia's "Crisis Five"--Indonesia, Malaysia, South Korea, the Philippines, and Thailand--Padma Desai argues that the region's imprudently fast-paced opening to the free flow of capital was pushed by determined advocates, official and private, in the global economy's U.S.-led developed center. Turmoil ensued in these peripheral economies, the Russian ruble faltered, and Brazil was eventually hit. The inequitable center-periphery relationship also extended to the policy measures that the crisis-swept economies implemented under International Monetary Fund bailouts, which intensified the downturns induced by the panic-driven outflows of short-term capital. Financial Crisis, Contagion, and Containment examines crisis origin and resolution in a comparative perspective by combing empirical evidence from the most robust economies to the least. Why is the U.S. relatively successful at weathering economic ups and downs? Why is Japan stuck in policy paralysis?
Why is the European Central Bank unable to achieve both inflation control and stable growth? How can emerging markets avoid turbulence amid free-flowing speculative capital from private lenders of the developed center? Engaging and nontechnical yet deeply insightful, this book appears at a time when the continuing turmoil in Argentina has revived policy debates for avoiding and addressing financial crises in emerging market economies.
Padma Desai is Gladys and Roland Harriman Professor of Comparative Economic Systems and Director of the Center for Transition Economies at Columbia University. She was president of the Association for Comparative Economic Studies in 2001. She is author of "The Soviet Economy" and "Perestroika in Perspective".
