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What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview

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  • Giancarlo Corsetti
  • Paolo Pesenti
  • Nouriel Roubini

Abstract

The 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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File URL: http://www.nber.org/papers/w6833.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6833.

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Date of creation: Dec 1998
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Publication status: published as (Published as "What Caused the Asian Currency and Financial Crisis?") Japan and the World Economy, Vol. 11 (1999): 305-373.
Handle: RePEc:nbr:nberwo:6833

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