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The Asian Financial Crisis: An East Asian Perspective

Author

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  • Jesus P. Estanislao
  • George N. Manzano
  • Gloria O. Pasadilla

Abstract

Two views dominate the academic discussion of the root cause of the Asian crisis: the ‘panic‐illiquidity’ view and the ‘moral hazard‐structural’ view. This paper traces the factors that contributed to the build‐up of financial vulnerabilities across the affected economies and compares these two accounts of the crisis. The paper argues that the two views are complementary in that policy prescriptions derived from one that disregard the prescriptions from the other would be incomplete. It summarises the medium and long‐term post‐crisis policy directions at the national, regional and international levels.

Suggested Citation

  • Jesus P. Estanislao & George N. Manzano & Gloria O. Pasadilla, 2000. "The Asian Financial Crisis: An East Asian Perspective," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 14(1), pages 11-22, May.
    • Handle: RePEc:bla:apacel:v:14:y:2000:i:1:p:11-22
    DOI: 10.1111/1467-8411.00072
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    Cited by:

    1. Klaus Abberger & Biswa Nath Bhattacharyay & Chang Woon Nam & Gernot Nerb & Siegfried Schönherr, 2014. "How Can the Crisis Vulnerability of Emerging Economies Be Reduced?," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 65.
    2. Biswa N. Bhattacharyay, 2009. "Towards a Macroprudential Surveillance and Remedial Policy Formulation System for Monitoring Financial Crisis," CESifo Working Paper Series 2803, CESifo.
    3. Biswa N. Bhattacharyay & Dennis Dlugosch & Benedikt Kolb & Kajal Lahiri & Irshat Mukhametov & Gernot Nerb, 2009. "Early Warning System for Economic and Financial Risks in Kazakhstan," CESifo Working Paper Series 2832, CESifo.

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