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The Anatomy of the East Asian Crisis: an Alternative Model of Currency Crises

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  • de Brito, J.B.
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    Abstract

    In 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 Info

    Paper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 99-16.

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    Length: 28 pages
    Date of creation: 1999
    Date of revision:
    Handle: RePEc:bir:birmec:99-16

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    Postal: Edgbaston, Birmingham, B15 2TT
    Web page: http://www.economics.bham.ac.uk
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    Related research

    Keywords: CURRENCIES ; ASIA ; MONETARY CRISIS;

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