Financial Crises and Recession in the Global Economy, Second
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Financial Crises and Recession in the Global Economy, Second Edition

Roy E. Allen

This timely and authoritative book explains the rise and fall of economies in Asia, Central America and Europe since 1980 and discusses these crises in the context of continuing economic globalization. This updated and fully revised edition includes a detailed account of the Mexican crisis of 1994–95, the Japanese crisis which has worsened in the late 1990s and the Asian crisis which emerged in 1997. Professor Allen discusses the impact of new uses and forms of money, and new financial flows such as electronic monies and offshore financial markets.
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Preface to the Second Edition

Roy E. Allen


Page ix  Preface to the Second Edition  The first edition of Financial Crises and Recession in the Global Economy was published in 1994. In the five years since then, additional economic crises have  occurred. This Second Edition adds a detailed account of the Mexican crisis of 1994­95, the Japanese crisis which began in 1989 but worsened in the late 1990s, and  the Asian crisis which hit in 1997.  Academic and journalistic literature and policymakers themselves increasingly acknowledge the risk and severity of these types of episodes. More systemic and  thorough explanations are sought, which increasingly identify the importance of financial globalization processes. When the first edition was published, a member of the  US Federal Reserve Board concluded (in Choice magazine, January 1995) that the author 'grossly overstates [that financial globalization] is the principle cause and  explanation of various events that Allen exaggeratedly refers to as crises'. Yet now, in light of recurring and persistent episodes, more policymakers and others admit  economic 'crisis' into their thinking and lexicon. For example, the International Monetary Fund now concludes that approximately three­quarters of its more than 180  member countries had encountered 'significant' banking sector problems between 1980 and 1995, one­third of which warrant the definition 'crisis' (Lindgren et al.,  1995).  The nature and causes of recent economic crises are increasingly debated, but there is very little consensus. To help in this regard, this Second Edition provides a more  thorough taxonomy of the 'common patterns'. Also, it formalizes 'a new political economy...

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