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What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate / Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini.
- Format:
- Book
- Author/Creator:
- Corsetti, Giancarlo.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w6834.
- NBER working paper series no. w6834
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- What Caused the Asian Currency and Financial Crisis? Part II
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1998.
- Summary:
- The paper explores the view that the Asian currency and financial crises in 1997 and 1998 reflected structural and policy distortions in the countries of the region, even if market overreaction and herding caused the plunge of exchange rates, asset prices, and economic activity to be more severe than warranted by the initial weak economic conditions. The second part of the paper presents a reconstruction of the Asian meltdown -- from the antecedents in 1995-96 to the recent developments in the summer of 1998 -- in parallel with a survey of the debate on the strategies to recover from the crisis, the role of international intervention, and the costs and benefits of capital controls.
- Notes:
- Print version record
- December 1998.
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