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The Asian Financial Crisis: Causes, Cures and Systemic Implications / Edition 1
     

The Asian Financial Crisis: Causes, Cures and Systemic Implications / Edition 1

by Morris Goldstein, M. Goldstein, C. Fred Bergsten, Institute for International Economics Staff
 

ISBN-10: 088132261X

ISBN-13: 9780881322613

Pub. Date: 06/01/1998

Publisher: Peterson Institute for International Economics

The turmoil that rocked Asian markets after the middle of 1997 and that spread far afield was the third major currency crisis of the 1990s. Thailand, Indonesia, Malaysia, and South Korea suffered outright recessions in 1998. In an effort to contain the crisis, almost $120 billion was pledged in IMF-led official rescue packages. How could this happen to a group of

Overview

The turmoil that rocked Asian markets after the middle of 1997 and that spread far afield was the third major currency crisis of the 1990s. Thailand, Indonesia, Malaysia, and South Korea suffered outright recessions in 1998. In an effort to contain the crisis, almost $120 billion was pledged in IMF-led official rescue packages. How could this happen to a group of countries that has been so highly regarded in the 1990's by private international capital markets? How could the crisis be overcome, and what changes are necessary to prevent it from happening again?

Morris Goldstein provides the answers to these questions by first explaining how the Asian financial crisis arose and spread. He traces the crisis through its three interrelated origins: financial sector weaknesses; external sector problems; and the contagion that spread from Thailand to other countries. Goldstein then outlines what needed to be done in the ASEAN-4 economies, in Japan and China, and in the design of IMF-led official rescue packages to end the crisis. Goldstein's final remarks offer specific proposals for improving the international financial architecture.

Product Details

ISBN-13:
9780881322613
Publisher:
Peterson Institute for International Economics
Publication date:
06/01/1998
Series:
Policy Analysis in International Economics Series
Edition description:
New Edition
Pages:
100
Product dimensions:
5.90(w) x 8.90(h) x 0.30(d)
Age Range:
18 Years

Table of Contents

Prefacevii
Acknowledgmentsxi
1Introduction1
2Origins of the Crisis7
Financial-Sector Weaknesses7
External-Sector Problems14
Contagion17
3How to Fix It23
Restructuring and Reform of Financial Sectors and Prudential Oversight in the ASEAN-4 Economies and South Korea23
Exchange Rate Policies in Asia and Trade Policies in the G-726
Japan's Role28
China's Role30
IMF Rescue Packages31
4Halifax II Reforms45
Moral Hazard and Debt Rescheduling46
Prudential/Supervisory Standards53
Transparency and Disclosure in International Financial Markets57
IMF Surveillance59
Risk Management in Global Financial Institutions62
5Lessons of the Asian Crisis and Concluding Remarks65
AppendixList of Core Principles for Effective Banking Supervision69
References73

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