Financial Crises, 1929 to the Present
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Financial Crises, 1929 to the Present

Sara Hsu

This fascinating volume offers a comprehensive synthesis of the events, causes and outcomes of the major financial crises from 1929 to the present day. Beginning with an overview of the global financial system, Sara Hsu presents both theoretical and empirical evidence to explain the roots of financial crises in general. She then provides a thorough breakdown of a number of major crises of the past century, both in the United States and around the world.
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Chapter 5: Early 1990s: advanced countries crises

Sara Hsu


In the early 1990s, several crises occurred: the Western Europe Exchange Rate Mechanism crisis of 1992, the Nordic country crises, and the Japanese crisis that spanned the decade. Crises in Western Europe and the Nordic Countries in the early nineties were not, unlike the debt crisis of the eighties, calamitous. The Western European Exchange Rate Mechanism Crisis of 1992 resulted from an unforeseen politico-economic shock, the reunification of Germany, while the Nordic country crises resulted from premature financial liberalization. Although Japan’s crisis was directly associated with financial deregulation, the roots of the crisis were embedded in structural problems in the economy, extending Japan’s financial distress for years after its real estate bubble burst in 1992. In this chapter, we first examine the Western European Exchange Rate Mechanism crisis of 1992, then discuss crises in the Nordic countries of Norway, Sweden and Finland. Afterward, we turn to the long-lasting Japanese crisis.

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