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Capital Flows in Asia

In: Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies

  • Takatoshi Ito

This paper characterizes the capital flows in Asia before and after the Asian currency crisis of 1997. Differences in foreign direct investment, portfolio investment, and bank lending are emphasized. There are common factors and idiosyncratic factors to the role of capital flows in the currency crises in different countries, especially Thailand, Indonesia, and Korea where IMF programs were needed. Some lessons from the currency crises are also drawn. Some representative models that explain a currency crisis are suggested, and lessons are very different depending on models that are believed to be applicable.

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This chapter was published in:
  • Sebastian Edwards, 2000. "Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies," NBER Books, National Bureau of Economic Research, Inc, number edwa00-1, March.
  • This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 6170.
    Handle: RePEc:nbr:nberch:6170
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