This chapter traces the political economic environment in which the East Asian regional financial architecture emerged, from its beginnings in the roots of the Asian financial crisis of the late 1990s to today's Chiang Mai Initiative and other formal and informal mechanisms. A series of...

Despite robust growth, rising inequality is widespread in many countries. At the same time financial instability and crises are occurring with greater frequency and severity. These two phenomena are related to the contest for a greater share of economic output between labor and capital, with...

This paper seeks to explain the causes and consequences of the United States subprime mortgage crisis, and how this crisis has led to a generalized credit crunch in other financial sectors that ultimately affects the real economy. It postulates that, despite the recent financial innovations, the...