In the nineties, the number of currency crises has been high, both in the industrial world and among emerging countries. An important characteristic of many of these crises is that they started in one country but very soon affected others as well. Currency crises seemed to be contagious. In this article, it is investigated whether the interdependence of capital flows to Asian countries was affected by the crisis in Thailand. It will be shown that the transmission of capital flows to Indonesia and Korea was affected by the Asian crisis, whereas for the Philippines no significant change in the interdependence could be detected.
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Find related papers by JEL classification: G15 - Financial Economics - - General Financial Markets - - - International Financial Markets F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
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