Introduction: Financial Crises — An Inter-Temporal, Inter-National and Endogenous Capitalist Problem

Abstract

The incidents of financial crises in emerging economies of the 1990s are numerous and of great interest for macroeconomists. The subject provides substantial material for the study of emerging economies, financial markets, liquidity movements, public and private debt dynamics, as well as macroeconomic policy design and application. This book presents a persuasive argument showing that high levels of financial flows together with low, if not absent, levels of capital controls are key in the generation of financial crises in newly liberalised economies.