Financial Crisis: a Hardy Perennial



The years since the early 1970s are unprecedented in terms of the volatility in the prices of commodities, currencies, real estate and stocks, and the frequency and severity of financial crises. In the second half of the 1980s, Japan experienced a massive bubble in its real estate and in its stock markets. During the same period the prices of real estate and of stocks in Finland, Norway and Sweden increased even more rapidly than in Japan. In the early 1990s, there was a surge in real estate prices and stock prices in Thailand, Malaysia, Indonesia and most of the nearby Asian countries; in 1993, stock prices increased by about 100 percent in each of these countries. In the second half of the 1990s, the United States experienced a bubble in the stock market; there was a mania in the prices of the stocks of firms in the new industries like information technology and the dot.coms.


Real Estate Financial Crisis Asset Price Foreign Exchange Money Supply 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Financial Crisis: a Hardy Perennial

  1. 1.
    Ezra Vogel, Japan as Number One: Lessons for America (Boston: Harvard University Press, 1979).CrossRefGoogle Scholar
  2. 2.
    C.P. Kindleberger, The World in Depression, 1929–1939, 2nd edn (Berkeley: University of California Press, 1986).Google Scholar
  3. 3.
    Robert D. Flood and Peter W. Garber, Speculative Bubbles, Speculative Attacks and Policy Switching (Cambridge, Mass.: MIT Press, 1994), who believe in ‘fundamentals’ as determining economic behavior, unless governments change the rules. One particular change in the last quarter of the twentieth century was deregulation of financial markets.Google Scholar
  4. 4.
    Edward Shaw, Financial Deepening in Economic Development (New York: Oxford University Press, 1973).Google Scholar
  5. Edward Shaw and Roland I. McKinnon, Money and Capitalism in Economic Development (Washington, DC: Brookings Institution, 1973).Google Scholar
  6. John Williamson and Molly Mohar, Essays in International Finance, no. 221 (Princeton, NJ: International Finance Section, November 1998).Google Scholar
  7. 6.
    Henrietta M. Larson, Jay Cooke, Private Banker (Cambridge, Mass.: Harvard University Press, 1936).CrossRefGoogle Scholar
  8. Henrietta M. Larson and Matthew Simon, Cyclical Fluctuations in the International Capital Movements of the United States, 1865–1897 (New York: Arno, 1979).Google Scholar

Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 2005

Authors and Affiliations

There are no affiliations available

Personalised recommendations