This article focuses on the issue of systemic illiquidity as a key component in the financial crises of the late 1990s. The article critically revisits Minsky's financial fragility hypothesis, advancing his insights into the analysis of crises in East Asia, Russia, and the United States in the late 1990s. Three key factors of these crises are identified and explored: financial liberalization, progressive illiquidity, and the debt burdens incurred during the periods of investor euphoria.
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