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Lessons from the Asian Crisis: A Central Banker's Perspective


  • Laurence H. Meyer

    (Member, Board of Governors of the Federal Reserve System)


This paper present a central banker's perspective on the Asian crisis. Central banks have two core missions: the pursuit of monetary policy to achieve broad macroeconomic objectives and the maintenance of financial stability, including the management of financial crises. The management of financial crises is closely connected to the regulation and supervision of the banking system, so it, as well as broader issues related to systemic risk in the financial sector, is included as part of the central banker's perspective. Central banks also often have or share with finance ministries control over exchange rate policy, including the choice of an exchange rate regime and the management of that regime. Therefore, the roles of exchange rate policy, macroeconomic policy, and bank supervision and regulation in the crises are examined and some lessons in each case are suggested. The author's interpretation of the sources of and appropriate policy responses to the crises among the Asian emerging economies draws heavily upon the work of Hyman P. Minsky.

Suggested Citation

  • Laurence H. Meyer, 2000. "Lessons from the Asian Crisis: A Central Banker's Perspective," Macroeconomics 0004023, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0004023 Note: Type of Document - Adobe Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 18; figures: included

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    References listed on IDEAS

    1. Domenico Delli Gatti & Mauro Gallegati & Hyman P. Minsky, 1994. "Financial Institutions, Economic Policy, and the Dynamic Behavior of the Economy," Economics Working Paper Archive wp_126, Levy Economics Institute.
    2. Frank Hahn, 1985. "Money and Inflation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262580624, July.
    3. John F. Henry & L. Randall Wray, 1998. "Economic Time," Macroeconomics 9811004, EconWPA.
    4. Ferri, Piero & Minsky, Hyman P., 1992. "Market processes and thwarting systems," Structural Change and Economic Dynamics, Elsevier, vol. 3(1), pages 79-91, June.
    5. Kregel, J A, 1995. "Neoclassical Price Theory, Institutions, and the Evolution of Securities Market Organisation," Economic Journal, Royal Economic Society, vol. 105(429), pages 459-470, March.
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    JEL classification:

    • E - Macroeconomics and Monetary Economics

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