Asset Bubbles, Leverage and ‘Lifeboats’: Elements of the East Asian Crisis
探讨信贷紧缩如何终结东亚经济奇迹并引发全球金融市场脆弱性，利用高杠杆、全抵押企业模型分析均衡的脆弱性及繁荣迅速转为萧条的过程。
Collapsing credit markets have been blamed for the depth and persistence of the Great Depression in the United States. Could similar mechanisms have played a role in ending the East Asian economic miracle – and in creating fragility in global financial markets? After a brief account of the nature of the East Asian crises of 1997/8, we use the framework of highly‐leveraged, fully‐collaterised firms due to Kiyotaki and Moore (1997) to explore the impact of a credit crunch. The paper emphasises the fragility of equilibrium and how rapidly boom can turn to bust.