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Derivatives and Global Capital Flows: Applications to Asia

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  • Jan A. Kregel

Abstract

The role of derivatives contracts in explaining the existence of a number of puzzles associated with the Asian financial crisis is investigated. The shift to short-term commercial bank lending in a region that traditionally relied on direct investment, the allocation of resources to low-return uses in an area considered to be highly profitable, lax prudential supervision in systems that had introduced financial reforms early, and the comovement of asset prices and exchange rates, which was to have been eliminated by direct equity investments, are all linked to the characteristics of derivative contracts used to provide lending to Asia. Copyright 1998 by Oxford University Press.

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Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_246.

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Date of creation: Aug 1998
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Handle: RePEc:lev:wrkpap:wp_246

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  1. Stephen Brown & William Goetzmann & James Park, 1998. "Hedge Funds and the Asian Currency Crisis of 1997," Yale School of Management Working Papers, Yale School of Management ysm84, Yale School of Management, revised 01 Apr 2008.
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Cited by:
  1. Leo F. Goodstadt, 2009. "The Global Crisis: Fatal Decisions - Four Case Studies in Financial Regulation," Working Papers, Hong Kong Institute for Monetary Research 332009, Hong Kong Institute for Monetary Research.
  2. Burnside, Craig & Eichenbaum, Martin & Rebelo, Sergio, 2001. "Hedging and financial fragility in fixed exchange rate regimes," European Economic Review, Elsevier, Elsevier, vol. 45(7), pages 1151-1193.
  3. Leonardo Burlamaqui & Jan Kregel, 2003. "Towards a Political Economy of Competition in Finance and Development," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting], ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Gr a49, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  4. Ilene GRABEL, 2004. "Trip Wires And Speed Bumps: Managing Financial Risks And Reducing The Potential For Financial Crises In Developing Economies," G-24 Discussion Papers, United Nations Conference on Trade and Development 33, United Nations Conference on Trade and Development.
  5. Nahid Aslanbeigui & Gale Summerfield, 2000. "The Asian Crisis, Gender, and the International Financial Architecture," Feminist Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 6(3), pages 81-103.
  6. Kearney, Colm, 1999. "The Asian Financial Crisis," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), Economic and Social Research Institute (ESRI), vol. 1999(1-Februar), pages 29-55.
  7. Martin Mayer, 1998. "The Asian Disease: Plausible Diagnoses, Possible Remedies," Macroeconomics, EconWPA 9805015, EconWPA.
  8. Eric Tymoigne, 2010. "Detecting Ponzi Finance: An Evolutionary Approach to the Measure of Financial Fragility," Economics Working Paper Archive, Levy Economics Institute wp_605, Levy Economics Institute.
  9. Machiko Nissanke & Howard Stein, 2003. "Financial Globalization and Economic Development: Toward an Institutional Foundation," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 287-308, Spring.
  10. Ilene Grabel, 2003. "Predicting Financial Crisis in Developing Economies: Astronomy or Astrology?," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 243-258, Spring.
  11. Martin Mayer, 1998. "The Asian Disease: Plausible Diagnoses, Possible Remedies," Economics Working Paper Archive, Levy Economics Institute wp_232, Levy Economics Institute.

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