Gulam Hassan, Mohamed Aslam (2012): Financial crisis - US versus Asian. Factors and policy response F.
Download (261kB) | Preview
The financial crisis which erupted in the United States of America in 2007 drove the real economic sector into a crisis that has diminshed the world’s economic growth thereafter. There is no single theory that can explain what has happened in the US. Eventhough there were a few financial crises models, however all the models are “meaningless”. Traditional macroeconomic policies were used to restore the distress economy but the policies seemed to be ineffective. In this regards, heterodox economic perspectives may provide some answers in dealing with such economic crisis that have been experienced by the US. The financial crisis experienced in Asia in 1997-98 could provide some ideas for economic crisis solutions. The aim of this paper is (a) to discuss the financial crisis in the US and East Asia 1997/1998, and (b) to look at unorthodox economic policies that could possibly be considered in dealing with the financial crisis.
|Item Type:||MPRA Paper|
|Original Title:||Financial crisis - US versus Asian. Factors and policy response F|
|English Title:||Financial crisis - US versus Asian. Factors and policy response|
|Keywords:||Financial Crisis, Macroeconomics, Heterodox Economic Policy, Capital Control|
|Subjects:||B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B50 - General
E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E60 - General
G - Financial Economics > G0 - General > G01 - Financial Crises
|Depositing User:||Mohamed Aslam|
|Date Deposited:||19. Apr 2012 14:21|
|Last Modified:||08. Sep 2015 09:09|
BANK NEGARA MALAYSIA , Annual Report 1993, Kuala Lumpur, 1994.
BANK NEGARA MALAYSIA, Annual Report 1994, Kuala Lumpur, 1995.
BAKKER, AGE (1996). The Liberalization of Capital Movements in Europe, Kluwer Academic Publishers, Netherland.
CHORAFAS, DIMITRIS N. (2010). Financial Boom and Gloom The Credit and Banking Crisis of 2007–2009 and Beyond, Palgrave, UK.
COOPER, RICHARD N. (1999). ‘Should Capital Controls Be Banished?’, Brookings Papers on Economic Activity, no.1, pp:89-141
CORBO VITTORIO and LEONARDO HERNANDEZ, “Macroeconomic Adjustment To Capital Inflows: Lessons From Recent Latin American and East Asian Experience”, The World Bank Research Observer 11 (1), February 1996: pp 61-85.
CHANDRASEKHAR, C.P (2009), An Insider View from George Soros . A Book Review of "The New Paradigm for Financial Markets: The Credit Crash of 2008 and What it Means" by George Soros., www.ideaswebsite.org.
EICHENGREEN, BARRY, Globalizing Capital: A History of the International Monetary System, New Jersey: Princeton University Press, 1996.
JOHNSON, S (2010), The 13 Bankers. The Wall Street Takeover and the Next Financial Meltdown, Pantheon, New York.
MAHATHIR, MOHAMAD (2000). The Malaysian Currency Crisis. How and Why It Happened, Pelanduk Publication, Kuala Lumpur, Malaysia.
MASON, PAUL (2009). Meldown. The End of the age of greed, Verso, London.
NEELY, CHRISTOPHER J. 1999. ‘An Introduction to Capital Controls’, Economic Review, FRB of St. Louis, November/December, pp.13-30.
TOBIN, JAMES. 1993. “International Currency Regimes, Capital Mobility and Macroeconomic Policy”, Greek Economic Review, vol.15 (1): pp 1-14.
UNCTAD. (1998). Trade and Development Report. 1998, September, Geneva.