Capital Market Crises: Liberalization, Fixed Exchange Rates and Market-Driven Destabilization

Lance Taylor

Chapter 3 in Financial Liberalization and the Asian Crisis, 2001, pp 21-39 from Palgrave Macmillan

Abstract: Abstract Everyone knows the epigraph to Anna Karenina, ‘Happy families are all alike; every unhappy family is unhappy in its own way’. Tolstoy may well have been right about families, but the extension of his judgement to economies hit by capital market crises distinctly fails. Their causes and unhappy consequences in Latin America and Asia over the past 20 years have many elements in common.

Keywords: Exchange Rate; Interest Rate; Moral Hazard; Exchange Rate Regime; Interest Payment (search for similar items in EconPapers)
Date: 2001
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Journal Article: Capital Market Crises: Liberalisation, Fixed Exchange Rates and Market-Driven Destabilisation (1998)
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DOI: 10.1057/9780230518629_3

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