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Neoliberalism and International Financial Instability

Author

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  • Martin H. Wolfson

    (Economics Department, University of Notre Dame, Notre Dame IN 46556 Wolfsonl@nd.edu)

Abstract

This paper attempts to expand upon a Minskian model of domestic financial crises to take account of the following international developments: capital inflows that increase financial fragility, foreign financing of deregulated domestic speculative markets, overcapacity in export markets, capital outflows leading to collapsing currencies, restrictive macroeconomic policy oriented toward boosting international investor confidence, and International Monetary Fund bailout packages in the wake of financial crises. The paper concludes that the institutional changes in the international financial system responsible for the developments listed above came about as a result of the policies and strategies of neoliberalism.

Suggested Citation

  • Martin H. Wolfson, 2000. "Neoliberalism and International Financial Instability," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(3), pages 369-378, September.
    • Handle: RePEc:sae:reorpe:v:32:y:2000:i:3:p:369-378
    DOI: 10.1177/048661340003200302
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    References listed on IDEAS

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    1. Jan A. Kregel, 1998. "Yes, 'It' Did Happen Again: A Minsky Crisis Happened in Asia," Economics Working Paper Archive wp_234, Levy Economics Institute.
    2. Chang, Ha-Joon & Park, Hong-Jae & Yoo, Chul Gyue, 1998. "Interpreting the Korean Crisis: Financial Liberalisation, Industrial Policy and Corporate Governance," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(6), pages 735-746, November.
    3. Wolfson, Martin H, 1996. "Irving Fisher's Debt-Deflation Theory: Its Relevance to Current Conditions," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(3), pages 315-333, May.
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    Cited by:

    1. Anastasia Nesvetailova, 2012. "Liquidity Illusions in the Global Financial Architecture," Chapters, in: Kern Alexander & Rahul Dhumale (ed.), Research Handbook on International Financial Regulation, chapter 15, Edward Elgar Publishing.

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