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INTRODUCTION
Asprivatecapitalflowstodevelopingcountriessurgedinthe1990s,financialcrisesinemergingmarketeconomieshaveoccurredwithdisturbingandincreasingregularity.ThesuddencessationandthenreversalofcapitalflowstoMexicoin1994causedthefirsttremorsintheglobaleconomy,leadingtothedevaluationofthepesoanddeeprecession,withdirectspilloversintoArgentina(theTequilacrisis).ThemajorfinancialearthquakeinEastAsiasoonfollowed.ThecurrencycrisisinThailandwasrapidlytransmittedtoIndonesia,Malaysia,thePhilippines,andKorea,anditsimpactramifiedthroughouttheglobaleconomy.Sincethentheemergingmarketshaveexperiencedasteadyseriesofafter-shocks:in1998and1999capitalflowreversalsinducedcurrencydevaluationsinRussia(August1998)andBrazil(January1999),andmostrecentlyrecession,devaluation,anddefaultinArgentina(2002),andrecessionsandpaymentsproblemsinUruguayandEcuador(2002).BrazilandTurkey(asofthiswriting)stillhoverperilouslyclosetotheprecipiceofcrisis.Thoughtheregionhassincerecovered,EastAsia’scrisisremainsthemostsevereinitsdepthandregionalbreadth.
Nowsixyearsdistant,theEastAsiacrisishasprovidedatreasuretroveofstudiesthatilluminatevariouscausesofcrises,and,thoughtheydifferinemphasis,anemergingconsensuspointstofourmountingvulnerabilitiesinThailand,Indonesia,KoreaandMalaysia.1First,theglobaleconomyspawnedanunprecedentlylargesurgeinprivatecapitalflowsinthe1990s,especiallyshort-termflows,asderegulatedbanksintherichcountriesscannedtheglobeforhigherreturnopportunities,andEastAsialookedparticularlyattractivewithitslowdebtratios,rapidgrowth,andstableexchangerates(e.g.,seeWorldBank,[2000band2001]).Second,macroeconomicpoliciesinEastAsiatookadvantageofthisboomtofacilitatelargeinflowsofshort-term,unhedged,foreigncurrency-denominatedcapital,fuelingadomesticcreditboomand
The 1997 Banking Crisis in the East Asia1_经济学_高等教育_教育专区。The...It returned the fierce, the rapid spread, the profound lessons, let the ...
The financial crisis in East Asia in 1997-1998 led to financial distress of firms with different financial and ownership structures and happened across ...
The financial crisis in East Asia in 1997-1998 led to financial distress of firms with different financial and ownership structures and happened across ...
CRISIS AND CONTAGION IN EAST ASIA: NINE LESSONS* By Masahiro Kawai Chief Economist East Asia and Pacific Region World Bank Richard Newfarmer Economic ...
and Contagion in a Financially-Integrated World Lessons from East Asia’s ... both in degree of vulnerability and depth of crisis, support this ...
in percent of GDP Low-income East Asia excluding China East Asia excluding China Crisis-affected Crisis-affected China 0 10 20 30 40 50 China 0 10 ...
更多>>The financial crisis of East Asia in 1997 was largely unanticipated ... of the lessons we have learned, and of the policy implications one can ...
East Asia STUDY GUIDE - TypePad_其它考试_资格考试/认证_教育专区。Southeast...___Buddhism___ is used in times crisis like death or illness. Japan Note...
2000 Volatility and Contagion In a Financially-Integrated World: Lessons from...Crisis in East Asia: Bank runs asset bubbles and antidotes [J] From ...
13. If it had not been for the stabilizing effect of the Renminbi, the financial crisis in East Asia would have worsened. 14. If you had taken my...
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