© 2012 – Routledge
152 pages | 3 B/W Illus.
Some analysts looked at the 1997/98 East Asian crisis not as one crisis but as a combination of crises, beginning with a crisis of confidence and evolving into a currency crisis, a financial crisis, an economic crisis, a social crisis and a political crisis.
This book is a multidisciplinary study of financial crises, in particular, the Asian crisis of 1997 and the more recent global financial crisis of 2008. Looking at financial crises not as one crisis, but as a combination of crises beginning with a crisis of confidence, this study steps out of the traditional mould and examines financial crises from novel perspectives. The book highlights that since the origin of a financial crisis is a confidence crisis, either in the whole economy or a particular sector, the Asian and recent global crises could have backward and forward linkages to political regimes and institutions, culture and tradition, the role of the media, society and societal evolution and development processes of regulatory regimes.
Through contributions by authors in fields ranging from sociology and political science, media and Islamic banking, to law and regulation, this study adopts a broad framework for understanding financial crises, and sheds light on the interwoven and complex structures and often overlooked aspects which contribute to the holistic understanding of this topic.
1. Reflections on the Asian and Sub-Prime Crises, Charles Adams 2. Putting the Politics Back in: Financial Crises in Comparative Perspective, Mark Beeson 3. Social Origins of Financial Crises, Kurtulus Gemici 4. The Legal Framework and its Efficacy, Stanley Siegel 5. Regulatory Framework: The Winning/Losing Architecture, Lan Luh Luh and Hans Tjio 6. Role of International Monetary Fund, World Bank and Asian Development Bank in Tackling Financial Crises in Asia, Sanja Samirana Pattnayak and Alka Chadha 7. Islamic Banking: What can We Learn?, Tarek Coury 8. How the Media Shapes Perceptions and Fuels Psychology in Financial Crises, Thomas Oberlechner