Lessons From The Asian Financial Crisis

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Lessons from the Asian Financial Crisis

Richard Carney
Lessons from the Asian Financial Crisis Book PDF

Author : Richard Carney
Publisher : Routledge
Page : 352 pages
File Size : 51,8 Mb
Release : 2009-01-13
Category : Political Science
ISBN : 9781134017256

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Lessons from the Asian Financial Crisis by Richard Carney Pdf

Nearly ten years after the Asian Financial Crisis, financial turmoil has reappeared – this time it is ravaging the world's wealthiest countries and dragging the global economy along for the ride. It forces one to reflect on the last major financial crisis to afflict the global economy, and to consider whether there are any similarities, and whether there are any lessons from that crisis that we can apply to the current one. Written by a distinguished group of individuals from government, the private sector, international organizations, and academia, this book provides an overview of developments in the main affected countries during the Asian Financial Crisis, as well as the lessons learned and corrective measures taken at the country, regional, and international levels. Importantly, attention is also paid to the areas where substantial improvements are needed. The current crisis heightens the relevance of these lessons. Lessons from the Asian Financial Crisis will be invaluable to those studying international relations, international finance, international economics and East Asian studies.

The Asian Financial Crisis

Wing Thye Woo,Jeffrey Sachs,Klaus Schwab
The Asian Financial Crisis Book PDF

Author : Wing Thye Woo,Jeffrey Sachs,Klaus Schwab
Publisher : MIT Press
Page : 300 pages
File Size : 48,6 Mb
Release : 2000
Category : Business & Economics
ISBN : 0262692457

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The Asian Financial Crisis by Wing Thye Woo,Jeffrey Sachs,Klaus Schwab Pdf

This book analyzes the Asian financial crisis of 1997-1999. In addition to the issues of financial system restructuring, export-led recovery, crony capitalism, and competitiveness in Asian manufacturing, it examines six key Asian economies--China, Indonesia, Japan, Korea, Malaysia, and Thailand. The book makes clear that there is little particularly Asian about the Asian financial crisis. The generic character of the crisis became clear during 1998, when it reached Russia, South Africa, and Brazil. The spread of the crisis reflects the rapid arrival of global capitalism in a world economy not used to the integration of the advanced and developing countries. The book makes recommendations for reform, including the formation of regional monetary bodies, the establishment of an international bankruptcy system, the democratization of international organizations, the infusion of public money to revive the financial and corporate sectors in Pacific Asia, and stronger supervision over financial institutions. The book emphasizes a mismatch in Pacific Asia between investment in physical hardware (e.g., factories and machinery) and in social software (e.g., scientific research centers and administrative and judiciary systems). In a world of growing international competitiveness, concerns over governance will weigh increasingly heavily on unreformed Asian countries. The long-term competitiveness of Asia rests on its getting its institutions right.

Liberalization, Growth, and the Asian Financial Crisis

Mohamed Ariff,Ahmed M. Khalid
Liberalization Growth and the Asian Financial Crisis Book PDF

Author : Mohamed Ariff,Ahmed M. Khalid
Publisher : Edward Elgar Publishing
Page : 552 pages
File Size : 45,7 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 1781952736

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Liberalization, Growth, and the Asian Financial Crisis by Mohamed Ariff,Ahmed M. Khalid Pdf

This work examines the effects of financial liberalization of the more advanced economies in Southeast Asia and analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example.

The Asian Financial Crisis 1995–98

Russell Napier
The Asian Financial Crisis 1995 98 Book PDF

Author : Russell Napier
Publisher : Harriman House Limited
Page : 259 pages
File Size : 54,7 Mb
Release : 2021-07-20
Category : Business & Economics
ISBN : 9780857199157

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The Asian Financial Crisis 1995–98 by Russell Napier Pdf

In the space of a few months, across Asia, a miracle became a nightmare. This was the Asian Financial Crisis of 1995–98. In this economic crisis hundreds of people died in rioting, political strong men were removed and hundreds of billions of dollars were lost by investors. This crisis saw the US dollar value of some Asian stock markets decline by ninety percent. Why did almost no one see it coming? The Asian Financial Crisis 1995–98 charts Russell Napier’s personal journey during that crisis as he wrote daily for institutional investors about an increasingly uncertain future. Relying on contemporaneous commentary, it charts the mistakes and successes of investors in the battle for investment survival in Asia from 1995–98. This is not just a guide for investors navigating financial markets, but also an explanation of how this crisis created the foundations of an age of debt that has changed the modern world.

Southeast Asia's Economic Crisis

Heinz Wolfgang Arndt,Hal Hill
Southeast Asia s Economic Crisis Book PDF

Author : Heinz Wolfgang Arndt,Hal Hill
Publisher : Institute of Southeast Asian Studies
Page : 198 pages
File Size : 54,6 Mb
Release : 1999
Category : Business & Economics
ISBN : 9813055898

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Southeast Asia's Economic Crisis by Heinz Wolfgang Arndt,Hal Hill Pdf

Southeast Asia is suddenly in crisis, the largest country - Indonesia - deeply so. This volume, comprising a set of specially commissioned papers, examines the origins, lessons, and future path of the crisis. Why didn't economists foresee the sudden and catastrophic events of 1997-98? How can seemingly robust and vigorous economies fall so far, so swiftly? Do we, in consequence, need to change the way we view the world? Is there anything to salvage of the "East Asian miracle"? Is Southeast Asia about to experience its own version of the "lost decade", analogous to that which afflicted much of Africa and Latin America in the 1980s?

The Asian Currency Crisis

Abdur R. Chowdhury,World Institute for Development Economics Research
The Asian Currency Crisis Book PDF

Author : Abdur R. Chowdhury,World Institute for Development Economics Research
Publisher : Unknown
Page : 74 pages
File Size : 40,5 Mb
Release : 1999
Category : Finance
ISBN : STANFORD:36105028979941

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The Asian Currency Crisis by Abdur R. Chowdhury,World Institute for Development Economics Research Pdf

What started in the summer of 1997 as a regional economic and financial crisis in East and Southeast Asia had developed into a global financial crisis within the span of a year. This crisis followed the crisis in the European Monetary System in 1992-3 and the Mexican peso crisis in 1994-5. However, unlike the previous two crises, the scale and depth of the Asian crisis surprised everyone. One obvious reason for this is East and Southeast Asia'strack record of economic success. Since the 1960s, no other group of countries in the world has produced more rapid economic growth or such a dramatic reduction in poverty. Given so many years of sustained economic performance the obvious question is: how could events in Asia unfold as they did?

Crisis and Recovery

Jong-Wha Lee
Crisis and Recovery Book PDF

Author : Jong-Wha Lee
Publisher : World Scientific Publishing Company
Page : 593 pages
File Size : 55,6 Mb
Release : 2016
Category : Business & Economics
ISBN : 981474963X

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Crisis and Recovery by Jong-Wha Lee Pdf

Crisis and Recovery: Learning from the Asian Experience is a collection of selected articles related to the Asian experience with two crises — the Asian financial crisis in 1997-98 and the global financial crisis of 2007-08 — written by Dr Jong-Wha Lee, former chief economist of the Asian Development Bank. These papers are grouped into three broad topics: Anatomy of Asian Growth and Crises, Asian Financial Crises: Responses and Lessons, and Global Financial Crisis and Challenges to Asia's Sustained Growth.The topics include the relation of the East Asia's development strategies with the 1997-98 Asian financial crisis, the causes of the Asian financial crisis, the desirability of IMF programs, the assessment of recovery and structural reforms, the process of spillovers of the global financial crisis to Asia, regional and global economic linkages, the role of China and the renminbi, and the long-term growth projections of Asian economies.The research collected in this book will be very useful for policymakers who want to learn from the Asian experience with the crises and it is a key contribution to ongoing research and policy debates on the future of Asian economies.

Financial Crises

Gerard Caprio,James A. Hanson,Robert E. Litan
Financial Crises Book PDF

Author : Gerard Caprio,James A. Hanson,Robert E. Litan
Publisher : Rowman & Littlefield
Page : 300 pages
File Size : 41,6 Mb
Release : 2005-12-06
Category : Business & Economics
ISBN : 9780815797968

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Financial Crises by Gerard Caprio,James A. Hanson,Robert E. Litan Pdf

A Brookings Institution Press and World Bank Group publication Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn. This important new volume emerges from the seventh annual conference on emerging markets finance, cosponsored and organized by the World Bank and the Brookings Institution. In the book, noted experts address the following questions: How effective were post-crisis policies in Latin America, Eastern Europe, and East and Central Asia? Where do international financial markets stand ten years after the worldwide debt crisis? How can the provision of financial services resume vigorously, yet safely? What are the viable policy options for reducing systemic financial vulnerability? What will the next emerging-market financial crisis look like? Will lessons learned from past experiences help to avoid future disasters? How can nations reform their pension systems to deal with retirement challenges in the 21st century?

Financial Sector Crisis and Restructuring

Carl-Johan Lindgren,Charles Enoch,Leslie Teo
Financial Sector Crisis and Restructuring Book PDF

Author : Carl-Johan Lindgren,Charles Enoch,Leslie Teo
Publisher : Unknown
Page : 103 pages
File Size : 49,9 Mb
Release : 1999
Category : Business & Economics
ISBN : 1557758719

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Financial Sector Crisis and Restructuring by Carl-Johan Lindgren,Charles Enoch,Leslie Teo Pdf

An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.

Crisis and Contagion in East Asia

Masahiro Kawai,Richard S. Newfarmer,Sergio L. Schmukler
Crisis and Contagion in East Asia Book PDF

Author : Masahiro Kawai,Richard S. Newfarmer,Sergio L. Schmukler
Publisher : World Bank Publications
Page : 60 pages
File Size : 48,5 Mb
Release : 2001
Category : Banks and banking
ISBN : 8210379456XXX

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Crisis and Contagion in East Asia by Masahiro Kawai,Richard S. Newfarmer,Sergio L. Schmukler Pdf

Currency and banking crises such as those originating in Mexico (1994), Thailand (1997), and the Russian Federation (1998) tend to be associated and often take place together across countries. The East Asian experience was a fruitful laboratory for examining key questions. For example: How did contagion occur so extensively, and why was it so devastating? Did policy responses to crises and contagion minimize their impact on the real economy? What type of international financial architecture is needed to prevent and manage crises and contagion?

The Asian Financial Crisis: Origins, Implications, and Solutions

William C. Hunter,George G. Kaufman,Thomas H. Krueger
The Asian Financial Crisis Origins Implications and Solutions Book PDF

Author : William C. Hunter,George G. Kaufman,Thomas H. Krueger
Publisher : Springer Science & Business Media
Page : 513 pages
File Size : 41,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461551553

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The Asian Financial Crisis: Origins, Implications, and Solutions by William C. Hunter,George G. Kaufman,Thomas H. Krueger Pdf

In the late 1990s, Korea, Thailand, Indonesia and Malaysia experienced a series of major financial crises evinced by widespread bank insolvencies and currency depreciations, as well as sharp declines in gross domestic production. This sudden disruption of the Asian economic `miracle' astounded many observers around the world, raised questions about the stability of the international financial system and caused widespread fear that this financial crisis would spread to other countries. What has been called the Asian crisis followed a prolonged slump in Japan dating from the early 1980s and came after the Mexican currency crisis in the mid-1990s. Thus, the Asian crisis became a major policy concern at the International Monetary Fund as well as among developed countries whose cooperation in dealing with such financial crises is necessary to maintain the stability and efficiency of global financial markets. This book collects the papers and discussions delivered at an October 1998 Conference co-sponsored by the Federal Reserve Bank of Chicago and the International Monetary Fund to examine the causes, implications and possible solutions to the crises. The conference participants included a broad range of academic, industry, and regulatory experts representing more than thirty countries. Topics discussed included the origin of the individual crises; early warning indicators; the role played by the global financial sector in this crisis; how, given an international safety net, potential risks of moral hazard might contribute to further crises; the lessons for the international financial system to be drawn from the Asian crisis; and what the role of the International Monetary Fund might be in future rescue operations. Because the discussions of these topics include a wide diversity of critical views and opinions, the book offers a particularly rich presentation of current and evolving thinking on the causes and preventions of international banking and monetary crises. The book promises to be one of the timeliest as well as one of the most complete treatments of the Asian financial crisis and its implications for future policymaking.

Surviving the New Millennium

Swee Hoon Ang
Surviving the New Millennium Book PDF

Author : Swee Hoon Ang
Publisher : McGraw-Hill Companies
Page : 296 pages
File Size : 49,5 Mb
Release : 2000
Category : Asia
ISBN : UCSC:32106015772020

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Surviving the New Millennium by Swee Hoon Ang Pdf

This book focuses on three main themes. First, it provides a macro perspective of the root causes of the Asian crisis. Second, it discusses the actions businesses have to take to prepare for the new millennium. And third, it identifies the indicators of the success of such efforts and the warning signs of the arrival of a new crisis.

Responding to Financial Crisis

Adam S. Posen,Rhee Changyong
Responding to Financial Crisis Book PDF

Author : Adam S. Posen,Rhee Changyong
Publisher : Peterson Institute for International Economics
Page : 362 pages
File Size : 40,6 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780881326741

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Responding to Financial Crisis by Adam S. Posen,Rhee Changyong Pdf

The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the con¬trast between Asia’s performance during the more recent crisis with its performance during its own crisis and the gap between what the United States and European Union leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabili¬zation policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must. Contributors include Simon Johnson, William R. Cline, Joseph E. Gagnon, Stephan Haggard, Masahiro Kawai, Peter Morgan, Donghyun Park, Arief Ramayandi, Kwanho Shin, Edwin M. Truman, Shahin Vallee, Changyong Rhee, and Lea Sumulong

Managing Financial and Corporate Distress

Charles Adams,Robert E. Litan,Michael Pomerleano
Managing Financial and Corporate Distress Book PDF

Author : Charles Adams,Robert E. Litan,Michael Pomerleano
Publisher : Rowman & Littlefield
Page : 516 pages
File Size : 49,7 Mb
Release : 2010-12-01
Category : Business & Economics
ISBN : 0815717296

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Managing Financial and Corporate Distress by Charles Adams,Robert E. Litan,Michael Pomerleano Pdf

A World Bank, International Monetary Fund, and Brookings Institution publication More than three years have elapsed since the East Asian financial crisis erupted, threatening economic and financial stability in the region and beyond. Although many of the region's economies have since staged a remarkable turnaround, much additional restructuring and reform is needed. Managing Financial and Corporate Distress: Lessons from Asia, stands out from other works on the East Asian crisis by moving beyond macroeconomic assessments to offer an institutional treatment of the microeconomic aspects of the corporate and bank restructuring. Contributors draw on their practical, hands-on expertise in various aspects of finance to provide complementary perspectives on how best to set in place strong and responsive institutions that might be able to resolve and avoid future crises in other emerging markets.

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

Mr.Phakawa Jeasakul,Cheng Hoon Lim,Mr.Erik J. Lundback
Why Was Asia Resilient Lessons from the Past and for the Future Book PDF

Author : Mr.Phakawa Jeasakul,Cheng Hoon Lim,Mr.Erik J. Lundback
Publisher : International Monetary Fund
Page : 48 pages
File Size : 48,8 Mb
Release : 2014-02-26
Category : Business & Economics
ISBN : 9781484321232

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Why Was Asia Resilient? Lessons from the Past and for the Future by Mr.Phakawa Jeasakul,Cheng Hoon Lim,Mr.Erik J. Lundback Pdf

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 of lower external and financial vulnerabilities—contributed significantly to Asia’s resilience. Key pre-crisis factors included moderate credit expansion, reliance on deposit funding, enhanced bank asset quality, reduced external financing, and improved current accounts. These improvements reflected the lessons from the Asian financial crisis in the late 1990s, which helped reshape both public policies and private sector behavior. For example, several countries stepped up their use of macroprudential policies, well before they were recognized as an essential component of the financial stability toolkit. They also overhauled financial regulations and strengthened oversight of financial institutions, which helped reduce risk-taking by households and firms before the global financial crisis. Looking ahead, Asia is in the process of adjusting to more volatile external conditions and higher risk premiums. By drawing the right lessons from its pre-crisis experiences, Asia’s economies will be better equipped to address new risks associated with increased cross-border capital flows and greater integration with the rest of the world.