The Asian Financial Crisis: Causes, Contagion and Consequences

doi:10.1017/CBO9780511559587

The Asian Financial Crisis

Causes, Contagion and Consequences

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Edited by Pierre-Richard Agénor, The World Bank, Marcus Miller, University of Warwick, David Vines, University of Oxford, Axel Weber, Johann Wolfgang Goethe-Universität Frankfurt

Publisher:: Cambridge University Press
Online publication date:: February 2010
Print publication year:: 1999
Online ISBN:: 9780511559587
DOI:: https://doi.org/10.1017/CBO9780511559587

Subjects:: Economics, Economic Theory, Political Economy, Politics and International Relations
Series:: Global Economic Institutions (2)

36.99 (GBP)

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Presents the first theoretical analysis of the Asian financial crisis and draws out the general lessons of an event whose potential long term effects have been likened to those of the Crash of 1929. Part I presents a factual and analytic overview of what happened: the role of 'vulnerability'; the interconnection between currency crises and financial crises; and why crisis turned into collapse. Part II considers more detailed issues, including how the inflation of non-traded goods prices created vulnerability, welfare-reducing capital inflow owing to under-regulated financial markets, and the onset of speculative attacks. Part III assesses all aspects of contagion, in particular the role of geographic proximity. The final section addresses policy issues. Joseph Stiglitz argues that there is much that can be done to reduce the frequency of crises and to mitigate the severity of crises when they happen. The book finishes with a round-table discussion of policy issues.

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The Asian Financial Crisis

Causes, Contagion and Consequences

This Book has been cited by the following publications. This list is generated based on data provided by Crossref.

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Contents

Frontmatter
pp i-x

Contents
pp xi-xv

List of figures
pp xvi-xvii

List of tables
pp xviii-xx

Preface
pp xxi-xxii

List of conference participants
pp xxiii-xxv

Acknowledgements
pp xxvi-xxvi

List of abbreviations and acronyms
pp xxvii-xxviii

Introduction
pp 1-6

Part One - General Accounts
pp 7-8

1 - The role of macroeconomic and financial sector linkages in East Asia's financial crisis
pp 9-64

Discussion
pp 64-66

2 - The Asian crisis: lessons from the collapse of financial systems, exchange rates and macroeconomic policy
pp 67-110

Discussion
pp 110-111

3 - Are capital inflows to developing countries a vote for or against economic policy reforms?
pp 112-123

Discussion
pp 123-126

4 - The Asian crisis: an overview of the empirical evidence and policy debate
pp 127-163

Discussion
pp 163-164

Part Two - Theoretical Contributions
pp 165-166

5 - Capital markets and the instability of open economies
pp 167-190

Discussion
pp 190-194

6 - Volatility and the welfare costs of financial market integration
pp 195-225

Discussion
pp 225-229

7 - A theory of the onset of currency attacks
pp 230-255

Discussion
pp 256-262

Part Three - Contagion
pp 263-264

8 - Contagion: monsoonal effects, spillovers and jumps between multiple equilibria
pp 265-280

Discussion
pp 280-283

9 - Contagion and trade: why are currency crises regional?
pp 284-306

Discussion
pp 306-311

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The Asian Financial Crisis

Causes, Contagion and Consequences

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