Currency and financial crises of the 1990s and 2000s

Assaf Razin*, Steven Rosefielde

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


We survey three distinct types of financial crises which took place in the 1990s and the 2000s: (i) The credit implosion leading to severe banking crisis in Japan, (ii) The foreign reserves' meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of developing Asian economies, and (iii) 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.

Original languageEnglish
Article numberifr016
Pages (from-to)499-530
Number of pages32
JournalCESifo Economic Studies
Issue number3
StatePublished - Sep 2011


  • Asset bubbles
  • Currency crises
  • Depression
  • Financial meltdown
  • Protracted unemployment
  • Self disciplined financial institution vs. regulation


Dive into the research topics of 'Currency and financial crises of the 1990s and 2000s'. Together they form a unique fingerprint.

Cite this