Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/31468
Authors: 
Cozzi, Giovanni
Toporowski, Jan
Year of Publication: 
2006
Series/Report no.: 
Working papers // The Levy Economics Institute 485
Abstract: 
This paper contrasts the conventional balance sheet approach to the analysis of economic disturbances in emerging markets with the alternative balance sheet approach that applies and extends Minsky's Financial Instability Hypothesis to (open) emerging market economies. Earlier balance sheet studies are found to be flawed because of a failure to disaggregate firms' balance sheets. Examination of such balance sheets in Thailand, Malaysia, Indonesia, Singapore, and Hong Kong suggests that firms in the three crisis countries did share common causes of financial fragility, but that the level of financial development and the particular domestic economic and political situation also affected their situation.
Subjects: 
Emerging Markets
Minsky
Financial Crises
Southeast Asia
JEL: 
O16
O12
F34
Document Type: 
Working Paper

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