Banking, information, and financial instability in Asia

Lino Sau

Journal of Post Keynesian Economics, 2003, vol. 25, issue 3, 493-513

Abstract: The paper analyzes the financial crisis of the late 1990s in East Asia by trying to explain the predominant role played by the credit institutions in the intermediation process and in the creation of endogenous financial fragility and instability at a system level. This view is in contrast with "third-generation" models of financial crisis, which hold that the principal causes of financial instability are to be found in corruption cum moral hazard aspects of "crony capitalism." The paper follows Minsky's financial instability hypothesis in a contest of imperfect and asymmetric information in order to gain a more thorough understanding both of the persistence phenomenon and the contagion and propagation effects.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:mes:postke:v:25:y:2003:i:3:p:493-513

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DOI: 10.1080/01603477.2003.11051368

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