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Cambridge Journal of Economics 26:237-260 (2002)
Copyright © 2002 Cambridge Political Economy Society

Article

Financial crisis in Southeast Asia: dispelling illusion the Minskyan way

Philip Arestis and Murray Glickman

South Bank Business School, South Bank University London, 103 Borough Road, London SE1 0AA, UK; p.arestis{at}sbu.ac.uk
University of East London

Abstract

This paper extends Minsky's financial instability hypothesis to the case of the open, ‘liberalised’, economy, making it possible to put forward a specifically Minskyan account of the road to the financial crisis in Southeast Asia (1997/1998). The analysis suggests that the threats to growth and employment emanating from the financial sector which Minsky identified in the closed economy setting are much intensified in open, liberalised, developing economies. Financial liberalisation is an important key factor in this process. Rival explanations of the crisis are examined and rejected in favour of the extended Minskyan explanation. The policy implications are derived and discussed.

Key Words: Crisis • Open economy • Southeast Asia; Financial liberalisation • Financial instability


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