Financial crisis: old and new approaches

Vol. 17 No. 1 (1997)

Jan-Mar / 1997
Published January 1, 1997
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Nohara, Jouliana Jordan. 1997. “Financial Crisis: Old and New Approaches”. Brazilian Journal of Political Economy 17 (1):20-42.

Financial crisis: old and new approaches

Jouliana Jordan Nohara
Doutoranda da Fundação Getúlio Vargas, São Paulo/SP, Brasil.
Brazilian Journal of Political Economy, Vol. 17 No. 1 (1997), Jan-Mar / 1997, Pages 20-42


This essay aims at outline the theoretical discussions about the financial crises.
Three approaches explain the event: the monetarist, the asymmetric information approach
and the financial instability hypothesis. The first one proved inadequate when confronted
with experience. The other two have in common the attempt to include the financial market
with all its institutions in the economic analysis. Nevertheless, they differ in the conception
about the operating mode of the economy.

JEL Classification: E32; G28.

Keywords: Financial crisis history of economic thought