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Private inflows when crises are anticipated: a case study of Korea (A comment)

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  • Reinhart, Carmen

Abstract

Comment: Michael Dooley and Inseok Shin make a compelling case that the Korean financial crisis of 1997 was not the consequence of a misaligned exchange rate and external imbalance, nor was it the classic first-generation credit-financed fiscal deficit stressed by Krugman (1979). The authors also cast doubt on explanations of the Korean crisis that rely exclusively on a liquiditycrisis/banking panic story, as in Goldfajn and Valdes (1995), or on earlier models with self-fulfilling expectations (see, for instance, Obstfeld, 1994). Instead, they argue that the Korean banking and currency crises had their origins in the financial liberalization that took place in the earlier part of the 1990s.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13353.

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Date of creation: 2001
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Handle: RePEc:pra:mprapa:13353

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Keywords: financial crisis Korea liberalization banking panic;

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  1. Maurice Obstfeld, 1994. "The Logic of Currency Crises," NBER Working Papers 4640, National Bureau of Economic Research, Inc.
  2. Michael P. Dooley, 1997. "A Model of Crises in Emerging Markets," NBER Working Papers 6300, National Bureau of Economic Research, Inc.
  3. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
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