The importance of banks, the quality of credit and the international financial order: reflections on the present crisis in South East Asia
This essay considers the present financial crisis in South Asia, and how the international system might be better protected from the recurrence of such crises. It argues that, as with all major events, there were many causes. The essay focusses on the general tendency for bank lending to be unstable, which it argues was an underlying condition fro the crisis. The instability constitutes a problem for central banks, banks and their supervisors, both in borrowing countries, and also in lending countries. The essay suggests a number of ways in which international instability might be mitigated. This instability is an aspect of the problem faced by all countries of avoiding over-speculative conditions in domestic financial markets in order to mitigate fluctuations and preserve stable growth.
Volume (Year): 51 (1998)
Issue (Month): 207 ()
|Contact details of provider:|| Web page: http://www.economiacivile.it|
|Order Information:||Web: http://www.economiacivile.it|
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.:
- Marcus Miller & Pongsak Luangaram, 1998.
"Financial crisis in East Asia: bank runs, asset bubbles and antidotes,"
National Institute Economic Review,
National Institute of Economic and Social Research, vol. 165(1), pages 66-82, July.
- Marcus Miller & Pongsak Luangaram, 1998. "Financial Crisis in East Asia: Bank Runs, Asset Bubbles and Antidotes," CSGR Working papers series 11/98, Centre for the Study of Globalisation and Regionalisation (CSGR), University of Warwick.
- Davidson, Paul, 1997. "Are Grains of Sand in the Wheels of International Finance Sufficient to Do the Job When Boulders Are Often Required?," Economic Journal, Royal Economic Society, vol. 107(442), pages 671-86, May.
- James Tobin, 1978.
"A Proposal for International Monetary Reform,"
Cowles Foundation Discussion Papers
506, Cowles Foundation for Research in Economics, Yale University.
- Wynne Godley, 1996. "Money, Finance and National Income Determination: An Integrated Approach," Economics Working Paper Archive wp_167, Levy Economics Institute.
- Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
- Manuel Agosin & Ricardo French-Davis, 1997. "Managing capital inflows in Chile," Estudios de Economia, University of Chile, Department of Economics, vol. 24(2 Year 19), pages 297-326, December.
- Goldberg, Michael D & Frydman, Roman, 1996. "Imperfect Knowledge and Behaviour in the Foreign Exchange Market," Economic Journal, Royal Economic Society, vol. 106(437), pages 869-93, July.
- repec:sae:niesru:v:165:y::i:1:p:66-82 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:psl:bnlqrr:1998:41. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti)
If references are entirely missing, you can add them using this form.