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Why was there a precrisis capital inflow boom in Southeast Asia?

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Author Info

  • Ramkishen S. Rajan

    (School of Economics, University of Adelaide, Adelaide, Australia)

  • Reza Siregar

    (School of Economics, University of Adelaide, Adelaide, Australia)

  • Iman Sugema

    (Department of Economics, Bogor Agricultural University, Indonesia)

Abstract

Much of the recent literature on the East Asian crisis of 1997-98 has focused on the sudden capital reversals and the accompanying regional bust. An oft ignored fact is that the bust was preceded by a prolonged boom period. This boom was fuelled primarily by large-scale capital inflows throughout the early 1990s, a significant proportion of which was intermediated via the domestic banking sector. Motivated by this observation, along with the recognition of the importance of the credit (bank lending) transmission channel in the crisis-hit Southeast Asian economies, this paper concentrates on the precrisis capital inflow boom to emerging economies. Copyright © 2003 John Wiley & Sons, Ltd.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 15 (2003)
Issue (Month): 3 ()
Pages: 265-283

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Handle: RePEc:wly:jintdv:v:15:y:2003:i:3:p:265-283

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Web page: http://www3.interscience.wiley.com/journal/5102/home

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  1. Guillermo A. Calvo, 1996. "Capital flows and macroeconomic management: tequila lessons," Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco 96-02, Federal Reserve Bank of San Francisco.
  2. Roberto Chang & Andres Velasco, 1998. "The Asian liquidity crisis," Working Paper, Federal Reserve Bank of Atlanta 98-11, Federal Reserve Bank of Atlanta.
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  4. Reza Yamora Siregar, 1996. "Real exchange rate targeting and inflation in Indonesia: theory and empirical evidence," Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco 96-07, Federal Reserve Bank of San Francisco.
  5. Reinhart, Carmen M & Reinhart, Vincent R, 1999. "On the Use of Reserve Requirements in Dealing with Capital Flow Problems," International Journal of Finance & Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 4(1), pages 27-54, January.
  6. Heinz G. Preusse, 2001. "Banks, Financial Liberalisation and Financial Crises in Emerging Markets," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 24(7), pages 911-931, 07.
  7. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
  8. Mark M. Spiegel, 1995. "Sterilization of capital inflows through the banking sector: evidence from Asia," Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco 95-06, Federal Reserve Bank of San Francisco.
  9. Graham Bird & Ramkishen S. Rajan, 2001. "Banks, Financial Liberalisation and Financial Crises in Emerging Markets," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 24(7), pages 889-910, 07.
  10. Montiel, Peter & Reinhart, Carmen M., 1999. "Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s," Journal of International Money and Finance, Elsevier, Elsevier, vol. 18(4), pages 619-635, August.
  11. G. Bird & R. Rajan, 2001. "Would International Currency Taxation and Currency Stabilisation in Developing Countries?," Journal of Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 37(3), pages 21-38.
  12. Glick,Reuven & Moreno,Ramon & Spiegel,Mark M. (ed.), 2001. "Financial Crises in Emerging Markets," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521800204.
  13. Brunner, Allan D & Kamin, Steven B, 1998. "Bank Lending and Economic Activity in Japan: Did 'Financial Factors' Contribute to the Recent Downturn?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 3(1), pages 73-89, January.
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Cited by:
  1. Samir Jahjah & Ralph Chami & Connel Fullenkamp, 2003. "Are Immigrant Remittance Flows a Source of Capital for Development," IMF Working Papers 03/189, International Monetary Fund.
  2. Ian Goldin & Kenneth Reinert, 2005. "Global capital flows and development: A Survey," The Journal of International Trade & Economic Development, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(4), pages 453-481.
  3. Rahmatsyah, Teuku & Rajaguru, Gulasekaran & Siregar, Reza Y., 2002. "Exchange-rate volatility, trade and "fixing for life" in Thailand," Japan and the World Economy, Elsevier, Elsevier, vol. 14(4), pages 445-470, December.
  4. Graham Bird & Ramkishen Rajan, 2002. "Optimal currency baskets and the third currency phenomenon: exchange rate policy in Southeast Asia," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 14(8), pages 1053-1073.
  5. William R. Clark, 2012. "Measures of financial openness and interdependence," Journal of Financial Economic Policy, Emerald Group Publishing, Emerald Group Publishing, vol. 4(1), pages 58-75, April.

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