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The East Asian Crisis

The East Asian Crisis »

Source: The East Asian Crisis : Macroeconomic Developments and Policy Lessons

Volume/Issue: 1998/128

Series: IMF Working Papers

Author(s): Kalpana Kochhar , Prakash Loungani , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1998

ISBN: 9781451935547

Keywords: crisis countries, exchange rate, asian crisis, exchange rates, contagion

This paper reviews macroeconomic developments during the first year of the crisis in east Asia and draws some preliminary policy lessons. The crisis is rooted in the interaction of large capital inflows and weak pr...

Explaining ASEAN-3’s Investment Puzzle A Tale of Two Sectors

Explaining ASEAN-3’s Investment Puzzle A Tale of Two Sectors »

Source: Explaining ASEAN-3's Investment Puzzle A Tale of Two Sectors

Volume/Issue: 2013/13

Series: IMF Working Papers

Author(s): Yong Sarah Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2013

ISBN: 9781475533736

Keywords: Tobin&;amp;#x2019;s Q, asian crisis, capital markets, pre-crisis, financial crisis

The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been...

Post-Crisis Exchange Rate Policy in Five Asian Countries

Post-Crisis Exchange Rate Policy in Five Asian Countries »

Source: Post-Crisis Exchange Rate Policy in Five Asian Countries : Filling in the "Hollow Middle"?

Volume/Issue: 2001/170

Series: IMF Working Papers

Author(s): Leonardo Hernández , and Peter Montiel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

ISBN: 9781451858426

Keywords: exchange rate policy, exchange rate, crisis countries, pre-crisis, post-crisis period, exchange rates

Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar view of exchange rate regimes and the "hollow middle" hypothesi...

Speculative Attacks in the Asian Crisis

Speculative Attacks in the Asian Crisis »

Source: Speculative Attacks in the Asian Crisis

Volume/Issue: 2001/189

Series: IMF Working Papers

Author(s): Zhiwei Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

ISBN: 9781451859614

Keywords: ACH, currency crisis, duration analysis, contagion, speculative attacks, asian crisis, currency crises, equation, Econometric Modeling,

This paper takes the Asian crisis as an example to show that the Autoregressive Conditional Hazard (ACH) model is a powerful tool for studying the time series features of speculative attacks. The ACH model proposes...

The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries

The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries »

Source: The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries

Volume/Issue: 2000/19

Series: IMF Working Papers

Author(s): Atish Ghosh , and Gabriela Basurto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2000

ISBN: 9781451843736

Keywords: Asia currency crisis, exchange rate, monetary model, monetary policy, money demand

Sharp exchange rate depreciations in the East Asian crisis countries (Indonesia, Korea, and Thailand) raised doubts about the efficacy of increasing interest rates to defend the currency. Using a standard monetary...

Why Was Asia Resilient? Lessons from the Past and for the Future

Why Was Asia Resilient? Lessons from the Past and for the Future »

Source: Why Was Asia Resilient? Lessons from the Past and for the Future

Volume/Issue: 2014/38

Series: IMF Working Papers

Author(s): Phakawa Jeasakul , Cheng Lim , and Erik Lundback

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2014

ISBN: 9781475540284

Keywords: Global financial crisis, resilience, financial and external vulnerabilities, banking, banking crisis, banking system, bank capital, loan classification, Financial Markets and the Macroeconomy, Asia including Middle East,

Asia proved to be remarkably resilient in the face of the global financial crisis, but why was its output performance stronger than that of other regions? The paper shows that better initial conditions-in the form...

Did Output Recover From the Asian Crisis?

Did Output Recover From the Asian Crisis? »

Source: Did Output Recover From the Asian Crisis?

Volume/Issue: 2003/48

Series: IMF Working Papers

Author(s): Valerie Cerra , and Sweta Saxena

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2003

ISBN: 9781451846751

Keywords: Crisis, Recovery, Hong Kong, Korea, recessions, asian crisis, recession, probability, probabilities, International Finance: Other

This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six Asian countrie...

Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation-with Reference to the Asian Financial Crisis

Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation-with Reference to the Asian Financial Crisis »

Source: Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation-with Reference to the Asian Financial Crisis

Volume/Issue: 1998/127

Series: IMF Working Papers

Author(s): Zhaohui Chen , and Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1998

ISBN: 9781451935998

Keywords: Asian crisis, credit crunch, financial intermediary, capital flow, capital inflow inertia, capital inflow, capital outflow, capital flows

This paper develops a model of private debt financing under inefficient financial intermediation. It suggests a mechanism that can generate the following sequence of events observed in the recent Asian crisis: A pe...

Mitigating the Social Costs of the Economic Crisis and the Reform Programs in Asia

Mitigating the Social Costs of the Economic Crisis and the Reform Programs in Asia »

Source: Mitigating the Social Costs of the Economic Crisis and the Reform Programs in Asia

Volume/Issue: 1998/7

Series: IMF Policy Discussion Papers

Author(s): Marijn Verhoeven , Sanjeev Gupta , Gerd Schwartz , Calvin McDonald , Željko Bogetic , and Christian Schiller

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1998

ISBN: 9781451971408

Keywords: Asia, Financial crisis, Social policy, Poverty, social safety nets, social impact, unemployment, disability, price increases, safety nets

This paper presents a preliminary analysis of the likely social impact of the economic crisis and the reform programs in three Asian countries-Indonesia, Korea, and Thailand. The focus is on likely changes in real...

Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia1

Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia1 »

Source: Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia

Volume/Issue: 1999/143

Series: IMF Working Papers

Author(s): Se-Jik Kim , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1999

ISBN: 9781451856323

Keywords: corporate leverage, bankruptcy, capital sales, east Asian crisis, output contractions, capital inflows, capital stock, bonds, gross domestic product, cost of capital

Different levels of corporate leverage are used in this paper to help explain the wide range of post-crisis output adjustment across East Asia. In the model developed here, highly leveraged firms facing a cutoff of...