Global Markets and Financial Crises in Asia
Why did the financial crises break out in Asia? Why did they Spread? Why did Argentina unravel? How can we prevent or manage these new types of financial crises? What new domestic, regional and global institutions do we need to build so that a global financial crisis and depression can be avoided? Haider A. Khan presents a new theory of financial crises in the age of globalization from an evolutionary perspective and suggests policies that may be necessary for averting or managing new financial crises. Starting with the Asian financial crises, he identifies new types of financial crises that result from a combination of liberalization, weak domestic institutions for economic governance and a chaotic global market system without global governance institutions. Suggested solutions involve building new institutions or global and domestic governance and domestic and international policy reforms.