Asian Financial Crisis, Volume 1: Financial, Structural, and by J. Jay Choi

By J. Jay Choi

This edited quantity is a suite of unique theoretical, empirical, institutional or policy-oriented articles on all dimensions of the Asian monetary quandary. a special function of this booklet is its multi-faceted, but in-depth articles on numerous dimensions of the Asian monetary trouble written by means of policy-makers and practitioners in addition to students around the globe. It comprises monetary, structural, cultural, and overseas dimensions of the Asian monetary quandary concerning its motives, results, regulations, and classes. As such, it bargains a superb one-stop selection of in-depth study articles at the subject. The booklet contains nineteen articles at the evaluate of the difficulty, overseas capital flows and situation, reform in monetary and commercial sectors, and cultural and post-crisis possibilities.

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Extra resources for Asian Financial Crisis, Volume 1: Financial, Structural, and International Dimensions (International Finance Review)

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In Indonesia and Thailand, domestic and external credits were channeled to non-traded goods sectors which usually contained high risk but do 1 0 a, - - Korea - \ Malaysia Thailand - - Philippines -5 -10 I -15 1987 I 1990 I 1991 I 1992 I 1993 I 1994 1995 1996Year Fig. 1. Savings-Investments Gap of the Crisis Countries. Sources: IMF, International Financial Statistics, various issues; DRI, World Markets Executive Overview, fourth quarter 1996. Origins and Policy Implications of the Asian Financial Crisis Table 2.

1. Overinvestment It would not be an easy task to define a certain level of investments by an economy as excessive or not. In the case of the Asian countries that had achieved high growth over the past decades or so, highly leveraged investment Origins and Policy Implications of the Asian Financial Crisis 47 strategy was viewed as a necessity to exploit the growth potentials of those economies. However, in retrospect, too much of their investment was channeled to the areas with the worries of over-competition, or to speculative activities, and these investments produced returns that could not justify their financing costs.

This has prompted an exodus of 30 JAMES W. DEAN investment funds to emerging markets. Attractive nominal rates of return in emerging markets partly reflected attractive real and risk-adjusted returns, but were partly illusory because they failed to take account of both exchange rate and default risk. Both types of risk were masked by implicit but widelycredited government guarantees: guarantees of exchange rate pegs, and guarantees to financial intermediaries. Imperfect financial intermediation was the result of government interference with banking at every level.

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