Fragile Finance - Debt, Speculation and Crisis in the Age of Global Credit.pdf

Anastasia Nesvetailova

Palgrave Macmillan，2007.10

203页

Fragile Finance inquires into the nature of financial crisis in the era of global credit. The book suggests that financial fragility today stems from an explosive combination of financial innovation, over-borrowing, and progressive illiquidity of financial structures. Drawing on the work of Hyman Minsky, the book examines the role played by these three factors in the events that defined the global financial system during the past decade, and draws on their implications for the emerging paradigm of a global financial architecture.

目录
Introduction 1
1 The Rise of Fragile Finance 9
The post-World War II international financial regime 10
Deregulation and privatisation 11
Financial innovation 16
Finance as a global system 20
2 A Theory of Fragile Finance 25
Efficient market theory of finance: Crisis? What crisis? 26
Why EMT is not a theory of crisis 29
Mutation of the orthodoxy 33
3 Keynesian and Heterodox Theories of Financial Crises 42
Money, finance and speculation 43
International political economy and the ‘disjuncture
paradigm’ 45
The errors of the disjuncture thesis 51
4 Hyman Minsky and Fragile Finance 56
The financial instability hypothesis 57
Minskyan financial fragility in the international context 64
5 Dilemmas and Paradoxes of Fragile Finance 72
Destabilising stability 72
The illusions of liquidity 74
A new type of crisis 82
6 The East Asian Crisis: A Minskyan View 85
The rise of financial fragility in East Asia 87
The Thai crisis 91
The South Korean crisis 96
Crisis contagion 99
Illiquidity and Minskyan debt deflation in East Asia 101
7 Ponzi Capitalism Russian-style 105
Russian laissez-faire 106
Speculation, Ponzi finance and debt 112
The crisis 116
A Minskyan crisis? 126
8 Ponzi Finance Goes Global 128
Brazil, 1999 130
Turkey, 2000–2001 132
Argentina, 2001 133
Financial fragility in the emerging markets: some lessons 134
Minskyan crises in the U.S. economy 136
After the crises 142
Conclusion 147