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The East Asian Crisis: Investigating Causes and Policy Responses

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  • Warwick J McKibbin

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  • Will Martin

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: https://crawford.anu.edu.au/acde/publications/publish/papers/wp1998/eacris71.pdf
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Bibliographic Info

Paper provided by The Australian National University, Arndt-Corden Department of Economics in its series Departmental Working Papers with number 1998-06.

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

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  1. Kaminsky, G.L. & Leiderman, L., 1996. "High Real Interest Rates in the Aftermath of Disinflation: Is It a Lack of Credibility," Papers 8-96, Tel Aviv.
  2. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
  3. Martin Feldstein, 1978. "Inflation and the Stock Market," NBER Working Papers 0276, National Bureau of Economic Research, Inc.
  4. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
  5. 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.
  6. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "What caused the Asian currency and financial crisis?," Japan and the World Economy, Elsevier, vol. 11(3), pages 305-373, October.
  7. 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.
  8. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April.
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Cited by:
  1. 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.
  2. 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.
  3. Creel, Jerome & Capoen, Fabrice & Cussy, Pascal & Lenoble-Liaud, Helene, 2003. "How to manage financial shocks: Intra-European vs. international monetary coordination," Journal of Macroeconomics, Elsevier, vol. 25(4), pages 431-455, December.
  4. 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.
  5. Rajan, Ramkishen S. & Sugema, Iman, 2000. "Government bailouts and monetary disequilibrium: common fundamentals in the Mexican and East Asian currency crises," The North American Journal of Economics and Finance, Elsevier, vol. 11(2), pages 123-135, December.
  6. Adrian Pagan, 1999. "The Getting of Macroeconomic Wisdom," CEPR Discussion Papers 412, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  7. Mardi Dungey & Renée Fry & Vance L. Martin, 2006. "Correlation, Contagion, and Asian Evidence," Asian Economic Papers, MIT Press, vol. 5(2), pages 32-72, June.
  8. Juthathip Jongwanich, 2006. "Exchange Rate Regimes, Capital Account Opening and Real Exchange Rates: Evidence from Thailand," Departmental Working Papers 2006-01, The Australian National University, Arndt-Corden Department of Economics.
  9. Diwan, Ishac & Hoekman, Bernard, 1999. "Competition, Complementarity and Contagion in East Asia," CEPR Discussion Papers 2112, C.E.P.R. Discussion Papers.
  10. Mardi Dungey & Renee Fry & Vance Martin & Brenda González-Hermosillo, 2004. "Empirical Modeling of Contagion," IMF Working Papers 04/78, International Monetary Fund.
  11. Naoyuki Yoshino & Sahoko Kaji & Tamon Asonuma, 2011. "Dynamic Effect of Change in Exchange Rate System -From the Fixed Exchange Rate Regime to the Basket-peg or Floating Regime," Keio/Kyoto Joint Global COE Discussion Paper Series 2011-026, Keio/Kyoto Joint Global COE Program.
  12. Pascal Cussy & Hélène Lenoble-Liaud & Fabrice Capoen & Jérôme Creel, 2000. "How to manage speculative shocks : intra-european vs. international monetary coordination," Sciences Po publications N° 2000-01, Sciences Po.
  13. Lin, Justin Yifu & Martin, William J., 2009. "The Financial Crisis and Its Impact on the Global Agricultural Landscape," 2009 Conference, August 16-22, 2009, Beijing, China 53208, International Association of Agricultural Economists.
  14. Duncan, Ronald C. & Yang, Yongzheng, 2000. "The impact of the Asian Crisis on Australia's primary exports: why it wasn't so bad," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 44(3), September.
  15. Kumar, Saten, 2009. "Further Evidence on Public Spending and Economic Growth in East Asian Countries," MPRA Paper 19298, University Library of Munich, Germany.
  16. repec:spo:wpecon:info:hdl:2441/2978 is not listed on IDEAS

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