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Is East Asia Safe from Financial Crises?

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Abstract

This paper looks at the measures taken by East Asian countries since the 1997-8 crisis to reduce the odds of a new crisis. It finds that odds are low, but far from zero. Much progress has been done to deal with the vulnerabilities that have been identified so far, but some remain. The massive accumulation of foreign exchange reserves is raising the threshold at which markets would trigger speculative attacks, but the threshold is still well within reach of international markets. Efforts at building a regional defense system are slow and unlikely to come to fruition in the near future.

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Bibliographic Info

Paper provided by Economics Section, The Graduate Institute of International Studies in its series IHEID Working Papers with number 02-2007.

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Length: 28
Date of creation: Jan 2007
Date of revision:
Publication status: Forthcoming in: B. Eichengreen, Y.C.Park and C. Wyplosz (eds) , China, Asia and the World Economy: New Powers, New Problems, Oxford University Press.
Handle: RePEc:gii:giihei:heiwp02-2007

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Keywords: International Economics; Exchange Rates; Currency rises; Foreign exchange reserves;

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References

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  1. Jeanne, Olivier & Wyplosz, Charles, 2001. "The International Lender of Last Resort: How Large is Large Enough?," CEPR Discussion Papers 2842, C.E.P.R. Discussion Papers.
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  19. Charles Wyplosz, 2007. "Exchange Rate Arrangements in Asia: Do They Matter?," IHEID Working Papers 04-2007, Economics Section, The Graduate Institute of International Studies, revised 12 Aug 2004.
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