Capital Flows in Asia
AbstractThis paper characterizes the capital flows in Asia before and after the Asian currency crisis of 1997. Differences in foreign direct investment, portfolio investment, and bank lending are emphasized. There are common factors and idiosyncratic factors to the role of capital flows in the currency crises in different countries, especially Thailand, Indonesia, and Korea where IMF programs were needed. Some lessons from the currency crises are also drawn. Some representative models that explain a currency crisis are suggested, and lessons are very different depending on models that are believed to be applicable.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7134.
Date of creation: May 1999
Date of revision:
Publication status: published as Takatoshi Ito. "Capital Flows in Asia," in Sebastian Edwards, editor, "Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies" University of Chicago Press (2000)
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Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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Other versions of this item:
- NEP-ALL-1999-06-08 (All new papers)
- NEP-IFN-1999-06-08 (International Finance)
- NEP-PKE-1999-06-08 (Post Keynesian Economics)
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