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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 |
|---|---|
| Keywords: | Crony; Capitalism; Financial; System; Stability; |
| Academic Unit: | Faculty of Social Sciences > Economics, Finance and Accounting |
| Item ID: | 8511 |
| Identification Number: | 10.1093/ei/cbi003 |
| Depositing User: | Prof. Rowena Pecchenino |
| Date Deposited: | 25 Jul 2017 17:24 |
| Journal or Publication Title: | Economic Inquiry |
| Publisher: | Wiley |
| Refereed: | Yes |
| Related URLs: | |
| 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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