Recent attempts to diagnose the causes of the Asian ®nancial crisis are examined in this paper. The view, supported in the IMF and other in¯uential sources, that it was the outcome of a market response to policy de®ciencies is subject to critical scrutiny. It is argued that the discussion of a new i
✦ LIBER ✦
From the Asian crisis to the global credit crisis: reforming the international financial architecture redux
✍ Scribed by Barry Eichengreen
- Publisher
- Springer-Verlag
- Year
- 2009
- Tongue
- English
- Weight
- 265 KB
- Volume
- 6
- Category
- Article
- ISSN
- 1612-4804
No coin nor oath required. For personal study only.
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## Abstract The article argues that the primary cause of the current subprime mortgage crisis in the United States is the absence of adequate market discipline in the financial system. This tends to promote excessive lending, high leverage, speculation, and an unsustainable rise in asset prices. Un