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Haslag, Joseph and Pecchenino, Rowena A. (2005) Crony Capitalism and Financial System Stability. Economic Inquiry, 43 (1). pp. 24-38. ISSN 0095-2583
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Abstract
Prior to the Asian financial crisis, the cozy relationships between corporations, governments, and banks were seen as a potent force for economic growth and development. In this article we examine the institution of crony capitalism. Under conditions in which the Second Welfare Theorem does not hold, there is a role for government. Some governmental institutions do encourage more risky, high-payoff entrepreneurial activities. Our aim is to examine crony capitalism as a potential source of government activity that enhances economic productivity. In addition, we explore the conditions under which the government activity can instigate a financial crisis.
| Item Type: | Article |
|---|---|
| Additional Information: | Preprint version of original published article. The definitive version is available at www3.interscience.wiley.com (DOI: 10.1093/ei/cbi003) |
| Keywords: | Crony Capitalism; Financial System Stability; Asian financial crisis; Second Welfare Theorem; |
| Academic Unit: | Faculty of Social Sciences > Economics, Finance and Accounting |
| Item ID: | 2807 |
| Identification Number: | DOI: 10.1093/ei/cbi003 |
| Depositing User: | Prof. Rowena Pecchenino |
| Date Deposited: | 26 Oct 2011 15:43 |
| Journal or Publication Title: | Economic Inquiry |
| Publisher: | Wiley-Blackwell |
| Refereed: | No |
| Related URLs: | |
| URI: | https://mural.maynoothuniversity.ie/id/eprint/2807 |
| Use Licence: | This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here |
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