Derivatives and Global Capital Flows: Applications to Asia
The role of derivatives contracts in explaining the existence of a number of puzzles associated with the Asian financial crisis is investigated. The shift to short-term commercial bank lending in a region that traditionally relied on direct investment, the allocation of resources to low-return uses in an area considered to be highly profitable, lax prudential supervision in systems that had introduced financial reforms early, and the comovement of asset prices and exchange rates, which was to have been eliminated by direct equity investments, are all linked to the characteristics of derivative contracts used to provide lending to Asia. Copyright 1998 by Oxford University Press.
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Volume (Year): 22 (1998)
Issue (Month): 6 (November)
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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.:
- Stephen J. Brown & William N. Goetzmann & James M. Park, 1998.
"Hedge Funds and the Asian Currency Crisis of 1997,"
New York University, Leonard N. Stern School Finance Department Working Paper Seires
98-014, New York University, Leonard N. Stern School of Business-.
- Stephen Brown & William Goetzmann & James Park, 1998. "Hedge Funds and the Asian Currency Crisis of 1997," Yale School of Management Working Papers ysm84, Yale School of Management, revised 01 Apr 2008.
- Stephen J. Brown & William N. Goetzmann & James Park, 1998. "Hedge Funds and the Asian Currency Crisis of 1997," NBER Working Papers 6427, National Bureau of Economic Research, Inc.
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