This
paper examines the extent to which Keynesian
thinking could help understand the causes
and dynamics of crises in emerging markets
and provide suitable policy prescriptions.
It concludes that at the analytical level
the endogenous unstable dynamics analyzed
by post Keynesians, notably Hyman Minsky,
goes a long way in providing a powerful
framework for explaining the boom-bust
cycles driven by international capital
flows in emerging markets. The paper also
points out the need to develop new instruments
for stabilization, placing greater emphasis
on countercyclical financial regulations
and control than has hitherto been the
case.
February 29, 2008.
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