The sequencing perspective also suggests that the story behind the crisis in emerging Asian economies may have less to do with the inherent instabilities of global capitalism than with a mismatch between the evolution of institutions and policies and the pace of liberalization of financial markets and the capital account, the critical entry points to global capitalism.
Gennaioli, Nicola and Andrei Shleifer (2018), A Crisis of Beliefs: Investor Psychology and Financial Fragility, Princeton University Press. Golosov, Mikhail, John Hassler, Per Krusell and Aleh Tsyvinski (2014), “Optimal Taxes on Fossil Fuel in General Equilibrium,” Econometrica 82(1), 41-88.