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The East Asian Crisis: Investigating Causes and Policy Responses

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Author Info
Warwick J McKibbin ()
Will Martin

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Abstract

We use a forward looking modeling framework to capture some of the major interactions between asset markets and trade involved in the East Asian crisis and its aftermath. We take the primary cause of the crisis to be a fundamental reassessment of the profitability of investment in the region, and add secondary shocks resulting from the financial implications of responses to the initial shock. In this way, we can generate time profiles for the return of the countries of the region to economic health, and consider issues of contagion and policy response.

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File URL: http://rspas.anu.edu.au/economics/publish/papers/wp1998/eacris71.pdf
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Paper provided by Australian National University, Economics RSPAS in its series Departmental Working Papers with number 1998-06.

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Length: 62 pages
Date of creation: 29 Sep 1998
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Handle: RePEc:pas:papers:1998-06

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Wilson, Charles A, 1979. "Anticipated Shocks and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 87(3), pages 639-47, June. [Downloadable!] (restricted)
  2. Falvey, Rodney E & Gemmell, Norman, 1991. "Explaining Service-Price Differences in International Comparisons," American Economic Review, American Economic Association, vol. 81(5), pages 1295-309, December. [Downloadable!] (restricted)
  3. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December. [Downloadable!] (restricted)
  4. Dale W. Jorgenson & Peter J. Wilcoxen, 1990. "Environmental Regulation and U.S. Economic Growth," RAND Journal of Economics, The RAND Corporation, vol. 21(2), pages 314-340, Summer. [Downloadable!] (restricted)
  5. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April. [Downloadable!] (restricted)
  6. Corsetti, G. & Pesenti, P. & Roubini, N., 1998. "What Caused the Asian Currency and Financial Crisis?," Papers 343, Banca Italia - Servizio di Studi.
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  7. Feldstein, Martin, 1980. "Inflation and the Stock Market," American Economic Review, American Economic Association, vol. 70(5), pages 839-47, December. [Downloadable!] (restricted)
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  8. Kaminsky, Graciela L. & Leiderman, Leonardo, 1998. "High real interest rates in the aftermath of disinflation: is it a lack of credibility?," Journal of Development Economics, Elsevier, vol. 55(1), pages 191-214, February. [Downloadable!] (restricted)
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  9. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Fabrice Capoen & Jerome Creel & Pascal Cussy & Hélène Lenoble-Liaud, 2000. "How to manage speculative shocks: intra-European vs. International monetary coordination," Documents de Travail de l'OFCE 2000-01, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  2. Diwan, Ishac & Hoekman, Bernard, 1999. "Competition, Complementarity and Contagion in East Asia," CEPR Discussion Papers 2112, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. Rod Tyers, 2000. "Weathering the Asian Crisis: The Role of China," Finance Working Papers 426, East Asian Bureau of Economic Research. [Downloadable!]
  4. Pablo Bustelo & Clara Garcia & Iliana Olivie, 1999. "Global and Domestic Factors of Financial Crises in Emerging Economies: Lessons from the East Asian Episodes (1997-1999)," Working Papers 002, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales. [Downloadable!]
  5. Kirsanova, Tatiana & Menzies, Gordon & Vines, David, 2007. "Stiglitz Versus the IMF on the Asian Debt Crisis: An Intertemporal Model with Real Exchange Rate Overshooting," CEPR Discussion Papers 6318, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  6. Mardi Dungey & Renee Fry & Vance Martin & Brenda González-Hermosillo, 2004. "Empirical Modeling of Contagion: A Review of Methodologies," IMF Working Papers 04/78, International Monetary Fund. [Downloadable!]
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  7. Shaun Bond & Mardi Dungey & Renée Fry, 2006. "A Web Of Shocks: Crises Across Asian Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 32(3), pages 253-274, May. [Downloadable!] (restricted)
  8. Juthathip Jongwanich, 2006. "Exchange Rate Regimes, Capital Account Opening and Real Exchange Rates: Evidence from Thailand," Departmental Working Papers 2006-01, Australian National University, Economics RSPAS. [Downloadable!]
  9. Adrian Pagan, 1999. "The Getting of Macroeconomic Wisdom," CEPR Discussion Papers 412, Centre for Economic Policy Research, Research School of Social Sciences, Australian National University. [Downloadable!]
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