Ponzi Finance Goes Global

Anastasia Nesvetailova
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Anastasia Nesvetailova: City University

Chapter 8 in Fragile Finance, 2007, pp 128-146 from Palgrave Macmillan

Abstract: Abstract Each one of the crises analysed in the previous chapters was unique in many respects. It is important, however, to try and understand why each of these crises spread so fast throughout the entire financial system. Orthodox theories tend to see each crisis in isolation, as specific to a country and attributed mostly to human error and/or market shocks. Alternative explanations, originating in the ‘disjuncture’ paradigm of financial capitalism view the crises as symptoms of the fissure between the overblown financial market and the stagnating ‘real’ economy. A Minskyan framework provides an insight into the inner mechanisms of financial fragility in crisis-hit countries, while allowing for important institutional and structural differences between them.

Keywords: Current Account; Foreign Exchange; Hedge Fund; Initial Public Offering; Foreign Debt (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-59230-8_9

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DOI: 10.1057/9780230592308_9

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