Fragile Finance

This book inquires into the nature of financial crisis in the era of global credit.

Fragile Finance inquires into the nature of financial crisis in the era of global credit. The book suggests that financial fragility today stems from an explosive combination of financial innovation, over-borrowing, and progressive illiquidity of financial structures. Drawing on the work of Hyman Minsky, the book examines the role played by these three factors in the events that defined the global financial system during the past decade, and draws on their implications for the emerging paradigm of a global financial architecture.

ANASTASIA NESVATETAILOVA is an lecturer in Global Political Economy at the Department of Intrernational Relations and Politics, The University of Sussex, United Kingdom.

Introduction * Financial Crisis: a curse of the 1990s? * Making Sense of Fragile Finance: Debt, Speculation and Crisis * Hyman Minsky and the Paradox of Financial Stability * East Asia: From Miracle to Financial Implosion * Ponzi Capitalism Russian-Style: the August crisis of 1998 * Reforming Fragile Finance * Conclusion