This paper discusses the "miracle" phase of Asian economic growth and assesses the extent to which conventional economic analysis explains it. Was the East Asian miracle as miraculous after all? It then examines the "crisis" or "meltdown" phase, and assesses a number of hypotheses that have been...

A fundamental cause of the global financial crisis was excessive maturity mismatch, notably shadow banking holdings of sub-prime MBS and other structured credit instruments and cross-border Euro area interbank lending to the uncompetitive Euro area periphery. The costs of short term funding do...

A fundamental cause of the global financial crisis was excessive creation of short-term money-like liabilities ("quasi-money"), notably in shadow banking holdings of sub-prime MBS and other US dollar structured credit instruments and in cross-border flow of capital to the uncompetitive Euro area...