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Banking, information, and financial instability in Asia

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  • Lino Sau

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.

Suggested Citation

  • Lino Sau, 2003. "Banking, information, and financial instability in Asia," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 25(3), pages 493-513.
    • Handle: RePEc:mes:postke:v:25:y:2003:i:3:p:493-513
    DOI: 10.1080/01603477.2003.11051368
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    Cited by:

    1. Soedarmono, Wahyoe & Sitorus, Djauhari & Tarazi, Amine, 2017. "Abnormal loan growth, credit information sharing and systemic risk in Asian banks," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1208-1218.
    2. Soedarmono, Wahyoe & Tarazi, Amine, 2013. "Bank opacity, intermediation cost and globalization: Evidence from a sample of publicly traded banks in Asia," Journal of Asian Economics, Elsevier, vol. 29(C), pages 91-100.
    3. Lino Sau, 2012. "Evolution of China's financial system and its impact on economic development," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 5(1), pages 1-15.
    4. Lino Sau, 2015. "Do the International Monetary and Financial Systems Need More Than Short-Term Cosmetic Reforms?," International Journal of Political Economy, Taylor & Francis Journals, vol. 44(4), pages 325-340, October.
    5. Rusmanto, Toto & Soedarmono, Wahyoe & Tarazi, Amine, 2020. "Credit information sharing in the nexus between charter value and systemic risk in Asian banking," Research in International Business and Finance, Elsevier, vol. 53(C).
    6. Lino Sau, 2005. "La deflazione da debiti di Irving Fisher nell'era della globalizzazione," Rivista italiana degli economisti, Società editrice il Mulino, issue 3, pages 443-458.
    7. Lino Sau, 2015. "Debt deflation worries: a restatement," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(3), pages 279-294, July.
    8. Lawson, Cornelia & Soós,Sándor, 2014. "A Thematic Mobility Measure for Econometric Analysis," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201408, University of Turin.
    9. Sau Lino, 2009. "Gradualism and the Evolution of the Financial Structure in China," Department of Economics and Statistics Cognetti de Martiis. Working Papers 200903, University of Turin.

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