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Fictitious Capital, Real Debts: Systemic Illiquidity in the Financial Crises of the Late 1990s

Author

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  • Anastasia Nesvetailova

    (International Relations and Politics, University of Sussex, Falmer, Brighton BN1 9SN,UK; a.nesvetailova@sussex.ac.uk)

Abstract

This article focuses on the issue of systemic illiquidity as a key component in the financial crises of the late 1990s. The article critically revisits Minsky's financial fragility hypothesis, advancing his insights into the analysis of crises in East Asia, Russia, and the United States in the late 1990s. Three key factors of these crises are identified and explored: financial liberalization, progressive illiquidity, and the debt burdens incurred during the periods of investor euphoria.

Suggested Citation

  • Anastasia Nesvetailova, 2006. "Fictitious Capital, Real Debts: Systemic Illiquidity in the Financial Crises of the Late 1990s," Review of Radical Political Economics, Union for Radical Political Economics, vol. 38(1), pages 45-70, March.
    • Handle: RePEc:sae:reorpe:v:38:y:2006:i:1:p:45-70
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    Cited by:

    1. Andrew van Hulten & Michael Webber, 2010. "Do developing countries need 'good' institutions and policies and deep financial markets to benefit from capital account liberalization?," Journal of Economic Geography, Oxford University Press, vol. 10(2), pages 283-319, March.

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