The Anatomy of the East Asian Crisis: an Alternative Model of Currency Crises
AbstractIn the prolific literature that followed the East Asian crisis two core ideas seemed to gather considerably support amongst reserachers, namely that previous models of currency crisis are not fully suitable to examine this particular set of events and that the Asian crisis ensued from a financial plight. The analysis presented here attempts to contribute to remedy the former while challenging the latter ongrounds that it tells only part of the story. This paper employs a macrodynamic model to examine how the increase in the money supply that predictably follows financial liberalisation renders a country vulnerable to a currency crisis in the presence of uncertainty on the timing of the monetary expansion reversal that may eventually lead to a fully-fledged crisis.
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Bibliographic InfoPaper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 99-16.
Length: 28 pages
Date of creation: 1999
Date of revision:
CURRENCIES ; ASIA ; MONETARY CRISIS;
Find related papers by JEL classification:
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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