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The Asian financial crisis : causes, cures, and systemic implications

Author: Morris Goldstein; Institute for International Economics (U.S.)
Publisher: Washington, DC : Institute for International Economics, ©1998.
Series: Policy analyses in international economics, 55.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
"The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that  Read more...
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Additional Physical Format: Online version:
Goldstein, Morris, 1944-
Asian financial crisis.
Washington, DC : Institute for International Economics, ©1998
(OCoLC)647511085
Document Type: Book
All Authors / Contributors: Morris Goldstein; Institute for International Economics (U.S.)
ISBN: 088132261X 9780881322613
OCLC Number: 39045039
Notes: "June 1998."
Description: xi, 77 pages : illustrations ; 23 cm.
Contents: 2 Origins of the Crisis 7 --
Financial-Sector Weaknesses 7 --
External-Sector Problems 14 --
Contagion 17 --
3 How to Fix It 23 --
Restructuring and Reform of Financial Sectors and Prudential Oversight in the ASEAN-4 Economies and South Korea 23 --
Exchange Rate Policies in Asia and Trade Policies in the G-7 26 --
Japan's Role 28 --
China's Role 30 --
IMF Rescue Packages 31 --
4 Halifax II Reforms 45 --
Moral Hazard and Debt Rescheduling 46 --
Prudential/Supervisory Standards 53 --
Transparency and Disclosure in International Financial Markets 57 --
IMF Surveillance 59 --
Risk Management in Global Financial Institutions 62 --
5 Lessons of the Asian Crisis and Concluding Remarks 65 --
Appendix List of Core Principles for Effective Banking Supervision 69.
Series Title: Policy analyses in international economics, 55.
Responsibility: Morris Goldstein.
More information:

Abstract:

"The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence." "In analyzing the origins of the crisis, the author emphasizes three interrelated sets of factors: financial sector weaknesses in Asian emerging economies along with easy global liquidity conditions; mounting concerns about external sector problems in these countries; and contagion of financial pressures from Thailand (both around and beyond the region)." "The discussion of policy initiatives to help end the crisis focuses, inter alia, on: restructuring and reform of financial sectors and prudential oversight in Asia itself; on fiscal policies and measures to deal with the bad loan problem in Japan; on exchange rate policy; and on the design and effectiveness of IMF-led official rescue packages. Book jacket."--Jacket.

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