Currency and Financial Crises of the 1990s and 2000s

Assaf Razin and Steven Rosefielde

CESifo Economic Studies, 2011, vol. 57, issue 3, 499-530

Abstract: We survey three distinct types of financial crises which took place in the 1990s and the 2000s: (i) The credit implosion leading to severe banking crisis in Japan, (ii) The foreign reserves' meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of developing Asian economies, and (iii) 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. (JEL codes: E30, F30, G01, N1) Copyright The Author 2011. Published by Oxford University Press on behalf of Ifo Institute for Economic Research, Munich. All rights reserved. For permissions, please email: journals.permissions@oup.com, Oxford University Press.

Date: 2011
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Working Paper: Currency and Financial Crises of the 1990s and 2000s (2011)
Working Paper: Currency and Financial Crises of the 1990s and 2000s (2011)
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