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Fragile Finance : Debt, Speculation and Crisis in the Age of Global Credit - Anastasia Nesvetailova

Fragile Finance

Debt, Speculation and Crisis in the Age of Global Credit

Hardcover Published: 1st October 2007
ISBN: 9780230006904
Number Of Pages: 190

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Fragile Finance examines financial crisis in the era of global credit.

Drawing on the work of Hyman Minsky, the book discusses the global financial system over the past decade, suggesting that financial fragility stems from an explosive combination of financial innovation, over-borrowing, and progressive illiquidity of financial structures.

About the Author

Nastasia Nesvetailova is Lecturer in International Political Economy at City University, London, UK. Her research work focuses on the themes of global financial fragility and crises; the formation of financial and monetary policies; and process of capitalist evolution in Russia and other FSU countries.

Industry Reviews

'It would be enough that Anastasia Nesvetailova has brought Hyman Minsky to our attention. But she has done more: she offers a vibrant and controversial reading of why today's global financial system is unstable and prone to crisis. This is an original work that challenges how we should think about global finance. It will be read and engaged with by anyone who seeks a deep knowledge of one of the most important elements of our contemporary global political economy.' - Randall Germain, Associate Professor, Carleton University, Canada

'All observers of global finance sense its unstable foundations. In Fragile Finance, Anastasia Nesvetailova takes us to the heart of debates about this concern. Drawing on a range of case studies and theories, especially the work of Hyman Minsky, she provides a compelling argument that illiquidity remains an ever-present threat, despite the huge volumes of financial transactions. This is essential reading for students and practitioners of global finance, although they may find its message disturbing.' - Dick Bryan, Associate Professor of Political Economy, University of Sydney, Australia and author of Capitalism with Derivatives: A Political Economy of Financial Derivatives, Capital and Class.

'The book explains why governments struggle to stay 'in control' using combinations of regulation or deregulation, and interest and currency exchange rates...To form your own opinion, I recommend that you read this book. It is packed with facts and is cross-referenced to a large bibliography...' - Albert Elder, Accounting Technician

Acknowledgmentsp. ix
List of Abbreviationsp. x
Introductionp. 1
The Rise of Fragile Financep. 9
The post-World War II international financial regimep. 10
Deregulation and privatisationp. 11
Financial innovationp. 16
Finance as a global systemp. 20
A Theory of Fragile Financep. 25
Efficient market theory of finance: Crisis? What crisis?p. 26
Why EMT is not a theory of crisisp. 29
Mutation of the orthodoxyp. 33
Keynesian and Heterodox Theories of Financial Crisesp. 42
Money, finance and speculationp. 43
International political economy and the 'disjuncture paradigm'p. 45
The errors of the disjuncture thesisp. 51
Hyman Minsky and Fragile Financep. 56
The financial instability hypothesisp. 57
Minskyan financial fragility in the international contextp. 64
Dilemmas and Paradoxes of Fragile Financep. 72
Destabilising stabilityp. 72
The illusions of liquidityp. 74
A new type of crisisp. 82
The East Asian Crisis: A Minskyan Viewp. 85
The rise of financial fragility in East Asiap. 87
The Thai crisisp. 91
The South Korean crisisp. 96
Crisis contagionp. 99
Illiquidity and Minskyan debt deflation in East Asiap. 101
Ponzi Capitalism Russian-stylep. 105
Russian laissez-fairep. 106
Speculation, Ponzi finance and debtp. 112
The crisisp. 116
A Minskyan crisis?p. 126
Ponzi Finance Goes Globalp. 128
Brazil, 1999p. 130
Turkey, 2000-2001p. 132
Argentina, 2001p. 133
Financial fragility in the emerging markets: some lessonsp. 134
Minskyan crises in the U.S. economyp. 136
After the crisesp. 142
Conclusionp. 147
Central banks and illiquidityp. 147
Towards a new post-Keynesian financial architecture?p. 151
Bibliographyp. 156
Name Indexp. 179
Subject Indexp. 184
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780230006904
ISBN-10: 0230006906
Series: Palgrave Macmillan Studies in Banking and Financial Institutions
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 190
Published: 1st October 2007
Publisher: Palgrave Macmillan
Country of Publication: GB
Dimensions (cm): 21.6 x 14.4  x 1.8
Weight (kg): 0.38
Edition Number: 1

Earn 343 Qantas Points
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