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Derivatives and Global Capital Flows: Applications to Asia

In: Financial Liberalization and the Asian Crisis

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  • J. A. Kregel

Abstract

There are four factors involved in the 1997 financial crisis in Asia that have caused surprise. This paper suggests that an understanding of the role of derivatives contracts in facilitating the financial flows to Asia may provide a key to understanding them.

Suggested Citation

  • J. A. Kregel, 2001. "Derivatives and Global Capital Flows: Applications to Asia," Palgrave Macmillan Books, in: Ha-Joon Chang & Gabriel Palma & D. Hugh Whittaker (ed.), Financial Liberalization and the Asian Crisis, chapter 4, pages 40-62, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51862-9_4
    DOI: 10.1057/9780230518629_4
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    References listed on IDEAS

    as
    1. Stephen J. Brown & William N. Goetzmann & James M. Park, 1998. "Hedge Funds and the Asian Currency Crisis of 1997," New York University, Leonard N. Stern School Finance Department Working Paper Seires 98-014, New York University, Leonard N. Stern School of Business-.
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    Cited by:

    1. Burnside, Craig & Eichenbaum, Martin & Rebelo, Sergio, 2001. "Hedging and financial fragility in fixed exchange rate regimes," European Economic Review, Elsevier, vol. 45(7), pages 1151-1193.
    2. Paula Marina Sarno & Norberto Montani Martins, 2018. "Derivatives, financial fragility and systemic risk: lessons from Barings Bank, Long-Term Capital Management, Lehman Brothers and AIG," Working Papers PKWP1812, Post Keynesian Economics Society (PKES).
    3. Devin Thomas Rafferty, 2017. "“In Case of Emergency, Break-Open Glass†: The IMF’s “New†Institutional View, Financial Instability, and Financing Development Processes," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(4), pages 543-550, December.
    4. Leonardo Burlamaqui, 2016. "Finance, Development And The Chinese Entrepreneurial State," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 072, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    5. Ilene GRABEL, 2004. "Trip Wires And Speed Bumps: Managing Financial Risks And Reducing The Potential For Financial Crises In Developing Economies," G-24 Discussion Papers 33, United Nations Conference on Trade and Development.
    6. Leonardo Burlamaqui & Jan Kregel, 2003. "Towards a Political Economy of Competition in Finance and Development," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31st Brazilian Economics Meeting] a49, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    7. Machiko Nissanke & Howard Stein, 2003. "Financial Globalization and Economic Development: Toward an Institutional Foundation," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 287-308, Spring.
    8. Martin Mayer, 1998. "The Asian Disease: Plausible Diagnoses, Possible Remedies," Economics Working Paper Archive wp_232, Levy Economics Institute.
    9. repec:grm:ecoyun:201704 is not listed on IDEAS
    10. Eric Tymoigne, 2010. "Detecting Ponzi Finance: An Evolutionary Approach to the Measure of Financial Fragility," Economics Working Paper Archive wp_605, Levy Economics Institute.
    11. Yan Liang, 2011. "Money-manager capitalism, capital flows and development in emerging market economies: a Post-Keynesian Institutionalist analysis," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 9, pages 179-201, Edward Elgar Publishing.
    12. Rainer Kattel & Leonardo Burlamaqui, 2016. "Development Theory: Convercence, Catch-Up Or Leapfrogging And Finance ?," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 073, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    13. 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.
    14. Martin Mayer, 1998. "The Asian Disease: Plausible Diagnoses, Possible Remedies," Macroeconomics 9805015, University Library of Munich, Germany.
    15. Kearney, Colm, 1999. "The Asian Financial Crisis," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 1999(1-Februar), pages 29-55.
    16. Nahid Aslanbeigui & Gale Summerfield, 2000. "The Asian Crisis, Gender, and the International Financial Architecture," Feminist Economics, Taylor & Francis Journals, vol. 6(3), pages 81-103.
    17. Leo F. Goodstadt, 2009. "The Global Crisis: Fatal Decisions - Four Case Studies in Financial Regulation," Working Papers 332009, Hong Kong Institute for Monetary Research.
    18. Gordon C. K. Cheung, 2004. "Chinese Diaspora as a Virtual Nation: Interactive Roles between Economic and Social Capital," Political Studies, Political Studies Association, vol. 52(4), pages 664-684, December.
    19. Ilene Grabel, 2003. "Predicting Financial Crisis in Developing Economies: Astronomy or Astrology?," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 243-258, Spring.

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