What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview
AbstractThe paper explores the view that the Asian currency and financial crises in 1997 and 1998 reflected structural and policy distortions in the countries of the region, even if market overreaction and herding caused the plunge of exchange rates, asset prices, and economic activity to be more severe than warranted by the initial weak economic conditions. The first part of the paper provides an overview of economic fundamentals in Asia on the eve of the crisis, with emphasis on current account imbalances, quantity and quality of financial overlending,' banking problems, and composition, maturity and size of capital inflows.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6833.
Date of creation: Dec 1998
Date of revision:
Publication status: published as (Published as "What Caused the Asian Currency and Financial Crisis?") Japan and the World Economy, Vol. 11 (1999): 305-373.
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Find related papers by JEL classification:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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