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FINANCIAL CRISES
in Business History
1990s - Japan's "Lost
Decade": collapse of Japanese real estate, financial bubble, economic
downturn, prolonged stagflation, errors of Japanese policy makers.

July 1997
- East Asian currency crisis began; started in Thailand with of
speculative attacks on Thai baht (devaluation); spread to Indonesia and
Korea (world's eleventh largest economy), possibility of Korean default
raised potential threat to international monetary system; stemmed from
weaknesses in financial systems and, to lesser extent, governance'
combination of inadequate financial sector supervision, poor assessment
and management of financial risk, maintenance of relatively fixed
exchange rates led banks, corporations to borrow large amounts of
international capital, much of it short-term, denominated in foreign
currency, unhedged; inflow of foreign capital tended to be used to
finance poorer-quality investments; made worse government involvement in
private sector, lack of transparency in corporate, fiscal accounting,
provision of financial and economic data.
December 3, 1997
- South Korea struck deal with International Monetary Fund for
record $55 billion bailout of its foundering economy.
August 17, 1998
- Russian government floated exchange rate, devalued ruble, defaulted on
domestic debt, halted payment on ruble-denominated debt, declared a
90-day moratorium on payment by commercial banks to foreign creditors
(after six years of economic reform, some limited success in
privatization and macroeconomic stabilization, first year of positive
economic growth since fall of the Soviet Union); November 1997
- ruble came under speculative attack (after onset of East Asian
crisis); Central Bank of Russia (CBR) defended currency, lost nearly $6
billion (USD) in foreign-exchange reserves; February 1998
- Russian government submitted new tax code to Duma; March 23,
1998 - President Yeltsin fired entire government; replaced Prime
Minister with 35-year-old former banking, oil company executive (in
government less than a year); May 18, 1998 - government
bond yields swelled to 47% (inflation at about 10%); May 27, 1998
- demand for bonds plummeted, yields more than 50%, government failed to
sell enough bonds at weekly auction to refinance the debt coming due;
oil prices dropped to $11 per barrel, less than half their level a year
earlier; $2.5 to $3 billion in loans from foreign investors to Russian
corporations and banks coming due by end of September; billions of
dollars in ruble futures maturing in fall; May-August. 1998
- lost much liquidity, approximately $4 billion left Russia in capital
flight, lost around $4 billion in revenue due to sagging oil prices;
August 13, 1998 - Russian stock, bond, currency markets
collapsed as result of investor fears that government would devalue
ruble, default on domestic debt, or both (annual yields on
ruble-denominated bonds more than 200%, stock market closed for 35
minutes as prices plummeted, down 65% on small volume).
(source: Federal Reserve Bank of St. Louis, 2002).
April 21, 2008 - Final
Subprime Tally - $300 billion in losses; $160 billion raised?
(http://graphics8.nytimes.com/images/2008/04/22/
business/22080422_BANK_GRAPHIC.jpg)
(Argentina), Jorge A. Rojas (2003).
La Emergencia y el Proceso. (Buenos Aires, Argentina:
Rubinzal-Culzoni, 289 p.). Revalorization of debts--Argentina; Currency
question--Argentina; Financial crisis--Argentina.
(Argentina), Ernesto Tenembaum (2004).
Enemigos: Argentina y el FMI: La Apasionante Discusión entre un
Periodista y Uno de los Hombres Clave del Fondo en los Noventa.
(Buenos Aires, AR: Grupo Editorial Norma, 334 p.). Journalist (Ventitres
Magazine). Colección Biografías y documentos.
Economic principles vs.
ideology.
(Argentina), Paul Blustein (2005).
And the Money Kept Rolling In (and
Out): Wall Street, the IMF, and the Bankrupting of Argentina. (New
York, NY: PublicAffairs, 320 p.). Reporter (Washington Post).
International Monetary Fund--Argentina; Financial crises--Argentina;
Investments, Foreign--Argentina; Argentina--Economic conditions--1983-.
(Argentina), Edited by Edward Epstein and David Pion-Berlin (2006).
Broken Promises: The Argentine Crisis and Argentine Democracy.
(Lanham, MD: Lexington Books, 306 p.). Professor of Political Science
(University of Utah); Professor of Political Science (University of
California, Riverside). Financial crises--Argentina; Argentina--Economic
conditions--1983- ; Argentina--Economic policy; Argentina--Politics and
government--1983-2002. Political, economic origins
of the crisis, reactions of Argentina's security forces, responses of Argentine society,
key relationships with Brazil and the U.S.
(Asia), Philippe Delhaise (1998).
Asia in Crisis: The Implosion of
the Banking and Finance Systems. (New York, NY: Wiley, 280 p.).
Established Asia's first regional bank rating agency, Capital
Information Services, the basis of the Asia division of Thomson
BankWatch. Banks and banking--Asia--Case studies; Finance--Asia--Case
studies; Business cycles--Asia--Case studies.
(Asia), Robert Garran (1998).
Tigers Tamed: The End of the Asian
Miracle. (Honolulu, HI: University of Hawaii Press, 228 p.). East
Asia--Economic conditions; Asia, Southeastern--Economic conditions.
(Asia), Callum Henderson (1998).
Asia Falling: Making Sense of the
Asian Crisis and Its Aftermath. (New York, NY: McGraw-Hill, 330 p.).
Foreign exchange rates--Asia.
(Asia), Richard Katz (1998).
Japan, The System That Soured: The
Rise and Fall of the Japanese Economic Miracle. (Armonk, NY: M. E.
Sharpe, 463 p.). Japan -- Commercial policy; Industrial policy -- Japan;
Japan -- Economic conditions -- 1989-.
(Asia), ed. Karl D. Jackson (1998).
The Asian Contagion: The
Causes and Consequences of a Financial Crisis. (Boulder, CO:
Westview Press, p.). Financial crises--Asia; Asia--Economic conditions;
Asia--Politics and government.
(Asia), Norman Flynn (1999).
Miracle to Meltdown in Asia:
Business, Government, and Society. (New York, NY: Oxford University
Press, 170 p.). Financial crises--Asia; Asia--Economic
conditions--1945-; Asia--Economic policy.
(Asia), Gerald Tan (1999).
The End of the Asian Miracle?: Tracing Asia’s Economic Transformation.
(Singapore: Times Academic Press, 434 p.). Asia--Economic
conditions--1945- ; Asia--Economic policy; Asia--Social conditions.
(Asia), Stephen Vines (1999).
The Years of Living Dangerously:
Asia--from Financial Crisis to the New Millennium. (London, UK:
Orion Business Books, 276 p.). Financial crises--Asia; Business
enterprises--Asia--Finance; Asia--Economic policy; Asia--Economic
conditions--1945-.
(Asia), Mark L. Clifford, Pete Engardio (2000).
Meltdown: Asia's
Boom, Bust, and Beyond. (Paramus, NJ: Prentice Hall Press, 322 p.).
Asia--Economic conditions--1945-.
(Asia), Stephen Haggard (2000). The Political Economy of the Asian
Financial Crisis. (Washington, DC: Institute for International
Economics, 272 p.). Finance--Asia--Case studies; Financial
crises--Asia--Case studies.
(Asia), Gerald Tan (2000).
The Asian Currency Crisis. (Singapore: Times Academic Press, 283
p.). Head of Department, Asia Center (Flinders University, Adelaide).
Financial crises--Southeast Asia; Financial crises--East Asia.
Introduction to the complexities of the 1998 Asian
financial crisis.
(Asia), eds, Van Hoa Tran and Charles Harvie (2000).
The Causes
and Impact of the Asian Financial Crisis. (New York, NY: St.
Martin's Press, 232 p.). Financial crises--Asia; Asia--Economic
conditions--1945-.
(Asia), eds. Wing Thye Woo, Jeffrey D. Sachs, and Klaus Schwab
(2000).
The Asian Financial Crisis: Lessons for a Resilient Asia.
(Cambridge, MA: MIT Press, 280 p.). Financial crises--Asia--Case
studies; Asia--Economic policy--Case studies.
(Asia), Paul Blustein (2001).
The Chastening: Inside the Crisis
That Rocked the Global Financial System and Humbled the IMF. (New
York, NY: Public Affairs, 431 p.). Business Reporter (Washington Post).
International Monetary Fund--Economic assistance--Asia; Financial
crises--Asia; International finance.
(Asia), Edith Terry (2001).
How Asia Got Rich: China, Japan and
the Asian Miracle. (Armonk, NY: M. E. Sharpe`, p.). Wealth--Asia;
Japan--Economic conditions--1989-; China--Economic
conditions--1976-2000; China--Economic conditions--2000-.
(Asia), Richard Katz (2002).
Japanese Phoenix: The Long Road to
Economic Revival. (Armonk, NY: M. E. Sharpe, p.). Structural
adjustment (Economic policy)--Japan; Economic stabilization--Japan;
Globalization; Japan--Economic policy--1989-.
(Asia), David L. McKee, Don E. Garner, and Yosra AbuAmara McKee
(2002).
Crisis, Recovery, and the Role of Accounting Firms in the Pacific Basin.
(Westport, CT: Quorum Books, 214 p.). Professor of Economics in the
Graduate School of Management (Kent State University); Professor and
former Chair of the Department of Accounting (California State
University, Stanislaus); Adjunct Faculty Member in Economics (Kent State
University). Accounting firms--Pacific Area; Financial crises--Pacific
Area.
(Asia), Mihir Rakshit (2002).
The East Asian Currency Crisis.
(New York, NY: Oxford University Press, 288 p.). Currency question--East
Asia; Financial crises--East Asia.
(Asia), Sea-Jin Chang (2003).
Financial Crisis and Transformation of Korean Business Groups: The Rise
and Fall of Chaebols. (New York, NY: Cambridge University Press,
364 p.). Corporations--Korea (South)--Finance; Conglomerate
corporations--Korea (South); Financial crises--Korea (South); Corporate
governance--Korea (South).
(Asia), Shalendra D. Sharma (2003).
The Asian Financial Crisis:
Crisis, Reform and Recovery. (New York, NY: Manchester Uiversity
Press, 400 p.). Financial crises Asia; Asia Economic conditions 1945-;
Asia Economic policy.
(Asia), Jang-Sup Shin and Ha-Joon Chang (2003).
Restructuring Korea Inc. (New York, NY: RoutledgeCurzon, 155
p.). Conglomerate corporations--Korea (South); Big business--Korea
(South); Financial crises--Korea (South); Industrial policy--Korea
(South). Strengths, weaknesses of 'Korea Inc.' in comparison
with other East Asian countries; challenges faced by Korea in
1990s due to acceleration of globalization; transition
attempted by Korea badly conceived, ill designed (huge
'transition costs').
(Asia), Ian Brown (2004).
A Colonial Economy in Crisis: Burma’s Rice Delta and the World
Depression of the 1930s. (New York, NY: RoutledgeCurzon. Rice
trade--Burma--History; Rice trade--Government policy--Burma--History;
Financial crises--Burma--History; Peasantry--Burma--Political
activity--History; Burma--Economic conditions.
Author
argues that rural populations which abandoned
self-sufficiency to become single commodity producers, and were
supposedly very vulnerable to the commodity price collapse of the 1930s
Depression, did not suffer as much as has been supposed.
(Asia), Wong Sook Ching, Jomo K.S., Chin Kok Fay (2005).
Malaysian "Bail Outs"?: Capital Controls, Restructuring, and Recovery.
(Singapore: University of Hawaii Press, 320 p.). Malaysia economic
conditions 1997-98; Malaysia--economic policy; Malaysia--government
policy. Economic policy issues in Malaysia and the region.
Asian crisis and government policy responses; capital controls, corporate, bank, debt restructuring.
(Asia), David B.H. Denoon (2007).
The Economic and Strategic Rise of China and India: Asian Realignments
After the 1997 Financial Crisis. (New York, NY: Palgrave
Macmillan, 228 p.). Professor of Politics and Economics (New York
University). Financial crises--Asia; China--Economic policy--1976-2000;
China--Economic policy--2000-; India--Economic policy--1991-;
Asia--Foreign economic relations--United States; United States--Foreign
economic relations--Asia. Why 1997 financial
crisis was such critical turning point, ended up stimulating trade and
investment within Asia.
(Bank Indonesia), J. Soedradjad Djiwandono (2005).
Bank Indonesia and the Crisis: An Insider's View. (Singapore:
Institute of Southeast Asian Studies, 289 p.). Bank Indonesia; Banks and
banking, Central--Indonesia; Financial crises--Indonesia; Structural
adjustment (Economic policy)--Indonesia; Economic
stabilization--Indonesia.
(IMF - 1976), Douglas Wass (2008).
Decline to Fall: The Making of British Macro-Economic Policy and the
1976 IMF Crisis. (New York, NY: Oxford University Press, 374
p.). Former Permanent Secretary to the UK Treasury. International
Monetary Fund; Monetary policy --Great Britain; Financial crises --Great
Britain; Great Britain --Economic policy --1964-1979; Great Britain
--Politics and government --1964-1979.
Events leading up to UK's seeking
massive loan from IMF in 1976, almost precipitated financial crisis on
par with those of 1930's, early post War period; blow-by-blow account of
how Treasury reacted when faced with series of inter-locking crises.
(Mexico), eds. Sebastian Edwards and Moisés Naím (1997).
Mexico
1994: Anatomy of an Emerging-Market Crash. (Washington, DC: Carnegie
Endowment for International Peace, 326 p.). Financial crises--Mexico;
Monetary policy--Mexico; Devaluation of currency--Mexico;
Mexico--Economic policy--1994-; Mexico--Economic conditions--1994-.
(U.S. - 1914), William L. Silber (2007).
When Washington Shut Down Wall Street: The Great Financial Crisis of
1914 and the Origins of America’s Monetary Supremacy.
(Princeton, NJ: Princeton University Press, 232 p.). Marcus Nadler
Professor of Finance and Economics at the Stern School of Business (New
York University). McAdoo, William Gibbs, 1863-1941; Currency
crises--United States--Case studies; Currency question; World War,
1914-1918--Finance; Gold standard.
Monetary crisis at outbreak of World
War I threatened U. S. with financial disaster; biggest
gold outflow in a generation imperiled America's ability to repay debts abroad;
dollar plummeted on world markets due to fear that U. S. would abandon
gold standard.
(U.S. - 2008), Edward M. Gramlich with a foreword by Robert D. Reischauer (2007).
Subprime Mortgages: America’s Latest Boom and Bust. (Washington,
DC: Urban Institute Press, 120 p.). Former Federal Reserve Governor.
Mortgage loans--United States; Real estate finance.
How subprime
market (loans at low
interest rates, for little or no money down to low-income
people pursuing American dream of homeownership) emerged, why it is in crisis, how
to reform public policy
to avert disaster.
(U.S. - 2008), Charles R. Morris (2008).
The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great
Credit Crash. (New York, NY: PublicAffairs, 224 p.). Capital
market--United States; Finance--United States; Financial crises--United
States. Gross excess has put world economy on brink;
most reckless financial environment in recent history- arcane credit
derivative bets in the trillions, astronomical leverage at investment
banks, hedge funds, private equity firms, disruption in global markets;
quarter century of free-markets will come crashing down; what new
landscape will look like.
(U.S. - 2008), Paul Muolo, Mathew Padilla (2008).
Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis.
(Hoboken, NJ: Wiley, 338 p.). Executive Editor (National Mortgage News);
Business Reporter (Orange County Register). Mortgages --United States;
Mortgage loans --United States; Financial crises --United States; Stock
exchanges --United States. Subprime disaster - how crisis occurred, what
individuals and institutions (lenders, brokers, some of biggest
investment banks in world) were doing during this critical time, who is
ultimately responsible.
(U.S. - 2008), Kevin Phillips (2008).
Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of
American Capitalism. (New York, NY: Viking, 256 p.). Political,
Economic Commentator. United States--Economic conditions--20th century;
United States--Economic conditions--2001- ;United States--Economic
policy--20th century; United States--Economic policy--2001-.
"Bad money" - U.S. capitalism pointed toward global crisis; consequences of misguided
economic policies, mounting debt, collapsing housing market, threatened
oil, end of American domination of world markets; parallels to decline
of previous leading world economic powers (Dutch, British); global
overreach, worn-out politics, excessive debt, exhausted energy regimes -
signals that United States is crumbling as world superpower.
(U.S. - 2008), Robert J. Shiller (2008).
The Subprime Solution: How Today’s Global Financial Crisis Happened and
What To Do About It. (Princeton, NJ: Princeton University Press,
208 p.). Arthur M. Okun Professor of Economics (Yale University).
Subprime mortgage loans; Secondary mortgage market; Real estate
investment; Financial crises. Origins of crisis,
measures to solve it - restructuring of institutional foundations of
financial system; bailouts of low-income victims of subprime deals
needed in short run; longer term solution - require leaders to revamp
financial framework, deploy ambitious package of initiatives to inhibit
formation of bubbles, limit risks.
(U.S. - 2008), George Soros (2008).
The New Paradigm for Financial Markets: The Credit Crisis of 2008 and
What It Means. (New York, NY: PublicAffairs, 192 p.). Chairman
of Soros Fund Management. Financial crises--United States;
Credit--United States; United States--Economic policy; United
States--Economic conditions--21st century.
Origins of credit crisis, its
implications for future; in context of decades of study
of how individuals, institutions handle boom, bust cycles that now
dominate global economic activity; "This is the worst financial crisis
since the 1930s."
(U.S. - 2008), Mark Zandi (2008).
Financial Shock: A 360 Look at the Subprime Mortgage Implosion, and How
To Avoid the Next Financial Crisis. (Harlow, UK: Financial Times
Prentice Hall, 288 p.). Chief Economist and co-founder of Moody’s
Economy.com, Inc. Mortgage loans --United States; Secondary mortgage
market --United Statesl Foreclosure --United States; Financial crises
--United States; Consumer credit --United States.
Causes of subprime disaster - from psychology of homeownership to Greenspan’s
missteps; home "flippers", real estate agents who cheered them; how Internet technology, access to global capital transformed
mortgage industry; irresponsible lenders drove out good ones; complex
financial engineering enabled lenders to hide deepening risks, how
global investors eagerly bought in, how flummoxed regulators failed to
prevent disaster, despite crucial warning signs.
(Venezuela), Ruth de Krivoy (2002).
Colapso: La Crisis Bancaria Venezolana de 1994. (Washington,
DC: Group of Thirty, 323 p.). Bank failures--Venezuela--History--20th
century; Financial crises--Venezuela--History--20th century.
Eds. Joshua Aizenman, Brian Pinto (2005).
Managing Economic Volatility and Crises: A Practitioner’s Guide.
(New York, NY: Cambridge University Press, 595 p.). Professor of
Economics (University of California, Santa Cruz); Lead Economist in the
Economic Policy Department, Poverty Reduction and Economic Management
Network (World Bank). Business cycles; Financial crises; Economic
development. Economic volatility as a primary
phenomenon in business cycle.
Franklin Allen, Douglas Gale (2007).
Understanding Financial Crises. (Oxford, UK: Oxford University
Press, 303 p.). Nippon Life Professor of Finance and Professor of
Economics at the Wharton School (University of Pennsylvania); Julius
Silver Professor of Economics (New York University). Financial crises.
History of financial crises, guide through existing
theoretical, empirical literature; modern theory of intermediation,
asset markets, causes of asset price volatility, interaction of banks,
markets.
Stefan Altorfer, Benedikt Koehler, Mark Duckenfield (2006).
History of Financial Disasters 1763-1995. (London, UK: Pickering
& Chatto, 1200 p.). Economic History Department (London School of
Economics). Financial disasters; financial crises; economic history.
Volume 1: 1763-1840s, edited by Stefan Altorfer (European Financial
Crisis of 1763; European Crisis of 1772-3; Assignat Inflation during the
French Revolution, 1789-97; Crisis of The Second Bank of the United
States, 1818-19; London Crisis of 1825; Panic in the US of 1837; Railway
Mania in the 1840s); Volume 2: 1850-1925, edited by Benedikt Koehler
(Ohio Life Crisis of 1857; Overend & Gurney, 1867-9; New York's Black
Friday of 1869; Vienna Crash of 1873; Crisis of 1907 that spawned the
Federal Reserve Bank; German Hyperinflation of the 1920s); Volume 3:
1929-1995, edited by Mark Duckenfield (New York Stock Exchange Crash of
1929; European Collapse and World Depression of 1931; Devaluation of
Sterling in 1967; US Stock Market Crash of 1987; Black Wednesday, 1992;
Mexican Peso Crisis, 1994). Key economic and
financial turning points that have shaped the western world.
Douglas W. Arner (2007).
Financial Stability, Economic Growth, and the Role of Law. (New
York, NY: Cambridge University Press, 382 p.). Associate Professor at
the Faculty of Law (University of Hong Kong). Financial crises; Economic
development; Finance--Law and legislation.
International, domestic
responses to financial crises over past twenty years; role of law
, institutions in financial
stability, financial development.
Jennifer A. Amyx (2004).
Japan's Financial Crisis: Institutional Rigidity and Reluctant Change.
(Princeton, NJ: Princeton University Press. Finance--Japan; Financial
crises--Japan; Banks and banking--Japan.
Dominic Barton, Roberto Newell, Gregory Wilson (2003).
Dangerous
Markets: Managing in Financial Crises. (New York, NY: Wiley, 300
p.). Consultants (McKinsey). Crisis management; Financial crises.
Bill Bonner and Addison Wiggin (2005).
Empire of Debt: The Rise and Fall of an Epic Financial Crisis.
(Hoboken, NJ: Wiley, 370 p.) President and CEO of Agora Inc. (financial
newsletters); Editorial Director and Publisher of the Daily Reckoning.
Financial crises--United States; Debt--United States; United
States--Economic conditions--2001-.
Seismic shift
in the politics and economy of the United States in less than 100 years.
Eds. Gerard Caprio, James A. Hanson, Robert E. Litan (2005).
Financial Crises: Lessons from the Past, Preparation for the Future.
(Washington, DC: Brookings Institution Press, 291 p.). Director of the
Operations Policy Department in the World Bank's Financial Sector;
Senior Adviser to the World Bank's Financial Sector Operations and
Policy Department; Senior Fellow in Economic Studies at the Brookings
Institution. Financial crises; International finance; Monetary policy;
Economic policy. Lessons from attempts to recover
from crises of recent history.
Guillermo A. Calvo (2005).
Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy.
(Cambridge, MA: MIT Press, 552 p.). Distinguished University Professor
and the Director of the Center for International Economics (University
of Maryland). Financial crises; Capital market; Financial
crises--Developing countries. Limitations and
vulnerabilities of emerging market economies (Mexico in 1994-5, East
Asia in 1997, Russia in 1998, Argentina in 2001).
Charles Albert Colman (1968).
Our Mysterious Panics, 1830-1930; A Story of Events and the Men Involved.
(Westport, CT: Greenwood Press, 310 p. [prig. pub. 1931]). Financial
crises; Depressions--1929.
Frank Griffith Dawson (1990).
The First Latin American Debt
Crisis: The City of London and the 1822-25 Loan Bubble. (New Haven,
CT: Yale University Press, 281 p.). Loans, British--Latin
America--History--19th century; Loans, Foreign--Latin
America--History--19th century.
Eds. Mark Duckenfield, Stefan Altorfer, Benedikt Koehler (2006).
The History of Financial Disasters 1763-1995. (Ashgate, VT:
Pickering & Chatto, 1,296 p. (3 vols)). Financial crises--history.
Origins, consequences of seminal financial crises
throughout history (background of each disaster, first-hand accounts of
how contemporaries viewed, responded to unfolding events); Volume 1:
1763–1840s; Volume 2: 1850–1925; Volume 3: 1929–1995.
Barry Eichengreen (2002).
Financial Crises: And What To Do about
Them. (New York, NY: Oxford University Press, 194 p.).
International finance; Financial crises--Developing countries; Financial
crises--Prevention
F.T. Hane (1985). Financial Crisis: Causes and Solutions.
(New York, NY: Praeger, 187 p.). International finance; Loans,
Foreign; Business cycles; Monetary policy--United States; United
States--Economic conditions--1981-.
Philip T. Hoffman, Gilles Postel-Vinay and Jean-Laurent Rosenthal
(2007).
Surviving Large Losses: Financial Crises, the Middle Class, and the
Development of Capital Markets. (Boston, MA: Harvard
University Press, 272 p.). Richard and Barbara Rosenberg Professor of
History and Social Science (California Institute of Technology);
Director of Studies (École des Hautes Études en Sciences Sociales);
Professor of Economics (California Institute of Technology). Financial
crises; Middle class; Capital market; Economic policy.
Why financial crises occur, why their effects
last so long, what political, economic conditions can help rich, poor
countries survive, even prosper, in the aftermath.
Eds. Chris Jochnick & Fraser A. Preston (2005).
Sovereign Debt at the Crossroads: Challenges and Proposals for
Resolving the Third World Debt Crisis. (New York, NY: Oxford
University Press, 352 p.). Debts, External--Developing countries; Debt
relief--Developing countries. Problems
raised by debt, practical approaches to overcoming them.
Clement Juglar; translated and edited with an introduction and
brought down from 1889 to date by DeCourcy W. Thom (1989).
A Brief
History of Panics and Their Periodical Occurrence in the United States.
(Fairfield, NJ: A. M. Kelley, 189 p. [3rd ed.; orig. pub. 1916]).
Business cycles--United States--History; United States--Economic
conditions.
Laurence H. Kallen (1991).
Corporate Welfare: The
Megabankruptcies of the 80s and 90s. (New York, NY: Carol Pub.
Group, 484 p.). Bankruptcy--United States; Corporate
reorganizations--United States; Corporations--Corrupt
practices--United States.
eds. Charles P. Kindleberger and Jean-Pierre Laffargue (1982).
Financial Crises: Theory, History, and Policy. (New York, NY:
Cambridge University Press, 301 p.). Depressions--Congresses; Business
cycles--Congresses; Lenders of last resort; Financial
crises--Congresses.
ed. Paul Krugman (1992).
Currencies and Crises. (Cambridge, MA: MIT Press, 219 p.). Ford
International Professor of Economics (MIT). Currency
question--History--20th century; Foreign exchange--History--20th
century; Financial crises--History--20th century. A collection of 10
papers presented at a conference held in February 1998.
Charles R. Morris (1999).
Money, Greed, and Risk: Why Financial
Crises and Crashes Happen. (New York, NY: Times Business, 297 p.).
Financial crises -- United States -- History; Stock exchanges -- United
States -- History; International finance.
Ed. Justin Robertson (2008).
Power and Politics After Financial Crises: Rethinking Foreign
Opportunism in Emerging Markets. (New York, NY: Palgrave
Macmillan, 272 p.). Assistant Professor in the Department of Asian and
International Studies (City University of Hong Kong, China). Financial
crises--Developing countries--Case studies; Investments,
Foreign--Developing countries--Case studies.
Interpretations of
interaction between international, domestic forces after crises;
extent to which foreign firms, governments, institutions liberalized,
penetrated these economies.
Adam Smith (1981).
Paper Money. (New York, NY: Summit Books,
335 p.). Organization of Petroleum Exporting Countries; Inflation
(Finance).; International finance; Economic history--1971-1990.
Federico Sturzenegger, Jeromin Zettelmeyer (2007).
Debt Defaults and Lessons from a Decade of Crises. (Cambridge,
MA: MIT Press, 360 p.). Professor (Universidad Torcuato di Tella,
Buenos Aires); Assistant to the Director of the Western Hemisphere
Department (International Monetary Fund). Debts, External--Developing
countries; Debt relief--Developing countries; Developing
countries--Economic policy. Facts, economic theory,
policy implications of sovereign debt crises; detailed case
histories of default, debt crises in seven emerging market countries
between 1998 and 2005.
Barry E. Supple (1959). Commercial Crisis and Change in England,
1600-1642; A Study in the Instability of a Mercantile Economy (New
York, NY: Cambridge University Press, 296 p.).
Elmus Wicker (1996).
The Banking Panics of the Great Depression.
(New York, NY: Cambridge University Press, 174 p.). Banks and
banking--United States--History--20th century; Bank failures--United
States--History--20th century; Financial crises--United
States--History--20th century; Depressions--1929--United States; United
States--Economic conditions--1918-1945. Series: Studies in monetary and
financial history.
--- (2000).
Banking Panics of the Gilded Age. (New York, NY:
Cambridge University Press, 160 p.). Banks and banking--United
States--History; Bank failures--United States--History; Financial
crises--United States--History.
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Business History Links
What Caused Asia's Economic and Currency
Crisis and Its Global Contagion? http://www.stern.nyu.edu/~nroubini/asia/AsiaHomepage.htm
United States Pacific Command: Asia-Pacific Economic Update
2002
http://www.pacom.mil/publications/apeu02/apeu2002.htm
A great resource and one of the most extensive studies of the impact of
the Asian crash of 2000 available anywhere online or in print. Produced
by the United States Pacific Command's Strategic Planning and Policy
Directorate, the report offers a country-by-country economic analysis of
the entire Pacific region. Not always for the faint of heart, the report
tells it like it is, detailing the often devastating impact of the
financial crises that were unleashed on the region throughout the 1990s
to present. Presented as individual reports and several broader regional
analyses, the study is essential reading for anyone hoping to grasp the
big picture of the global economy, because the Pacific region comprises
the single largest sector of production and export today. It is
compelling reading and offers a wealth of information on a region of
vital interest to all Americans. |