Derivatives and Global Capital Flows: Applications to Asia
AbstractThe role of derivatives contracts in explaining the existence of a number of puzzles associated with the Asian financial crisis is investigated. The shift to short-term commercial bank lending in a region that traditionally relied on direct investment, the allocation of resources to low-return uses in an area considered to be highly profitable, lax prudential supervision in systems that had introduced financial reforms early, and the comovement of asset prices and exchange rates, which was to have been eliminated by direct equity investments, are all linked to the characteristics of derivative contracts used to provide lending to Asia. Copyright 1998 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 22 (1998)
Issue (Month): 6 (November)
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Other versions of this item:
- Jan A. Kregel, 1998. "Derivatives and Global Capital Flows: Applications to Asia," Economics Working Paper Archive wp_246, Levy Economics Institute.
- J. A. Kregel, 1998. "Derivatives and Global Capital Flows: Applications to Asia," Macroeconomics 9809001, EconWPA.
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