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What caused the Asian currency and financial crisis?

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  • Corsetti, Giancarlo
  • Pesenti, Paolo
  • Roubini, Nouriel

Abstract

The paper examines the view that the Asian currency and financial crisis in 1997 and 1998 reflected structural and policy distortions in the countries of the region, even though market overreaction and herding caused the plunge of exchange rates, asset prices and economic activity to be more severe than was warranted by the initial weak economic conditions.
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Suggested Citation

  • 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.
  • Handle: RePEc:eee:japwor:v:11:y:1999:i:3:p:305-373
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    More about this item

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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