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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)

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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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File URL: http://hdl.handle.net/10.1002/jid.962
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Publisher 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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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Heinz G. Preusse, 2001. "Banks, Financial Liberalisation and Financial Crises in Emerging Markets," The World Economy, Blackwell Publishing, vol. 24(7), pages 911-931, 07. [Downloadable!] (restricted)
  2. Roberto Chang & Andres Velasco, 1998. "The Asian Liquidity Crisis," NBER Working Papers 6796, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. 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., vol. 3(1), pages 73-89, January. [Downloadable!] (restricted)
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  4. Calvo, Guillermo A, 1996. "Capital Flows and Macroeconomic Management: Tequila Lessons," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 1(3), pages 207-23, July. [Downloadable!] (restricted)
  5. Graham Bird & Ramkishen S. Rajan, 2001. "Banks, Financial Liberalisation and Financial Crises in Emerging Markets," The World Economy, Blackwell Publishing, vol. 24(7), pages 889-910, 07. [Downloadable!] (restricted)
  6. Khalid, Ahmed M, 1999. "Modelling Money Demand in Open Economies: The Case of Selected Asian Countries," Applied Economics, Taylor and Francis Journals, vol. 31(9), pages 1129-35, September. [Downloadable!] (restricted)
  7. Guillermo A. Calvo, 1996. "Capital flows and macroeconomic management: tequila lessons," Working Papers in Applied Economic Theory 96-02, Federal Reserve Bank of San Francisco.
  8. 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., vol. 4(1), pages 27-54, January. [Downloadable!] (restricted)
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  9. Graham Bird & Ramkishen Rajan, 2001. "International currency taxation and currency stabilisation in developing countries," The Journal of Development Studies, Taylor and Francis Journals, vol. 37(3), pages 21-38, January. [Downloadable!] (restricted)
  10. Mark M. Spiegel, 1995. "Sterilization of capital inflows through the banking sector: evidence from Asia," Economic Review, Federal Reserve Bank of San Francisco, pages 17-34. [Downloadable!]
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  11. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ian Goldin & Kenneth Reinert, 2005. "Global capital flows and development: A Survey," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 14(4), pages 453-481, December. [Downloadable!] (restricted)
  2. 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., vol. 14(8), pages 1053-1073. [Downloadable!]
  3. Ralph Chami & Samir Jahjah & Connel Fullenkamp, 2003. "Are Immigrant Remittance Flows a Source of Capital for Development," IMF Working Papers 03/189, International Monetary Fund. [Downloadable!]
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