NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Currency and Financial Crises of the 1990s and 2000s

Assaf Razin, Steven Rosefielde

NBER Working Paper No. 16754
Issued in February 2011
NBER Program(s):   IFM

We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) the credit implosion leading to severe banking crisis in Japan; 2) The foreign reserves’ meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of developing Asian economies, and 3) The 2008 worldwide debacle rooted in financial institutional opacity and reckless aggregate demand management, epi-centered in the US, that spread almost instantaneously across the globe, mostly through international financial networks.

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Document Object Identifier (DOI): 10.3386/w16754

Published: Assaf Razin & Steven Rosefielde, 2011. "Currency and Financial Crises of the 1990s and 2000s," CESifo Economic Studies, Oxford University Press, vol. 57(3), pages 499-530, September. citation courtesy of

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