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What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate
- Author / Creator
- Available as
- Online
- Summary
-
The paper explores the view that the Asian currency and financial crises in 1997 and 1998 reflected structural and policy distortions in the countries of the region, even if market overreaction and...
The paper explores the view that the Asian currency and financial crises in 1997 and 1998 reflected structural and policy distortions in the countries of the region, even if market overreaction and herding caused the plunge of exchange rates, asset prices, and economic activity to be more severe than warranted by the initial weak economic conditions. The second part of the paper presents a reconstruction of the Asian meltdown -- from the antecedents in 1995-96 to the recent developments in the summer of 1998 -- in parallel with a survey of the debate on the strategies to recover from the crisis, the role of international intervention, and the costs and benefits of capital controls.
Details
- Creator
- Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini
- Format
- Books
- Language
- English
- Contributors
- Publication
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- Cambridge, Mass. National Bureau of Economic Research 1998
- Physical Details
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- 1 online resource
- data file
- OCLC
- on1027304716
- December 1998.
- Mode of access: World Wide Web.
Subjects
- International Monetary Fund -- Asia.
- Tinplate industry -- United States -- History -- 19th century.
- Financial crises -- Southeast Asia.
- Financial crises -- East Asia.
- Capital movements.
- Southeast Asia -- Economic conditions.
- East Asia -- Economic conditions.
- Southeast Asia -- Economic policy.
- East Asia -- Economic policy.
- Currency question -- Southeast Asia.