Liberalization, Growth, and the Asian Financial Crisis PDF Download
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Author: Mohamed Ariff
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 552
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Book Description
Ariff (finance, Monash U., Australia) and Khalid (economics, National U. of Singapore) examine the effects of financial deregulation in the more advanced economies of southeastern Asia, and analyze the degree to which emerging and transitional economies of the region can benefit from their example. The currency crisis they attribute to simple weaknesses of the banking sector, and point out policies to avoid a similar episode in the future. Documenting the individual steps taken to deregulate the economies over a period of about two or three decades in several countries, they reveal that those countries that adopted such policies were rewarded with high growth and those unwilling to do so suffered poor growth and hence low social development. Therefore, they conclude, deregulation could not have led to the financial crisis, as so many have mistakenly suspected, and vulnerable poor countries should not hesitate to embrace it. Annotation copyrighted by Book News, Inc., Portland, OR
Author: Mohamed Ariff
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 552
Get Book Here
Book Description
Ariff (finance, Monash U., Australia) and Khalid (economics, National U. of Singapore) examine the effects of financial deregulation in the more advanced economies of southeastern Asia, and analyze the degree to which emerging and transitional economies of the region can benefit from their example. The currency crisis they attribute to simple weaknesses of the banking sector, and point out policies to avoid a similar episode in the future. Documenting the individual steps taken to deregulate the economies over a period of about two or three decades in several countries, they reveal that those countries that adopted such policies were rewarded with high growth and those unwilling to do so suffered poor growth and hence low social development. Therefore, they conclude, deregulation could not have led to the financial crisis, as so many have mistakenly suspected, and vulnerable poor countries should not hesitate to embrace it. Annotation copyrighted by Book News, Inc., Portland, OR
Author: Gregory W. Noble
Publisher: Cambridge University Press
ISBN: 9780521794220
Category : Business & Economics
Languages : en
Pages : 322
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Book Description
An examination of the political and economic causes and consequences of the Asian financial crises.
Author: H. Chang
Publisher: Springer
ISBN: 0230518621
Category : Business & Economics
Languages : en
Pages : 307
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Book Description
The financial crisis that hit a number of 'miracle' economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.
Author: Ms.Kalpana Kochhar
Publisher: International Monetary Fund
ISBN: 1451935544
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
This paper reviews macroeconomic developments during the first year of the crisis in east Asia and draws some preliminary policy lessons. The crisis is rooted in the interaction of large capital inflows and weak private and public sector governance. At the same time, macroeconomic adjustment in these countries has resulted in some surprising outcomes, including severe economic contractions, low inflation, and rapid external adjustment. The lessons for crisis resolution include the importance of tight monetary policy early on for exchange rate stabilization, flexible fiscal policy, and comprehensive structural reform. Crises are avoided by prudent macroeconomic policies, diligent bank supervision, transparent data dissemination, strong governance, and forward-looking policymaking, even in good times.
Author: Carl-Johan Lindgren
Publisher:
ISBN: 9781557758712
Category : Business & Economics
Languages : en
Pages : 103
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Book Description
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.
Author: Iwan J. Azis
Publisher: Edward Elgar Publishing
ISBN: 1783477946
Category : Business & Economics
Languages : en
Pages : 750
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Book Description
The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance, and the resultant higher frequency of financial crises, all eyes have shifted toward the current inad
Author: Seiichi Masuyama
Publisher: Institute of Southeast Asian Studies
ISBN: 9789812300058
Category : Business & Economics
Languages : en
Pages : 392
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Book Description
Financial systems in the East Asian region are commanding worldwide attention. Japan's financial sector, with an ailing banking system in the aftermath of a bubble economy, is undergoing a "Big Bang" deregulation, liberalization, and securitization. At the same time, the rehabilitation of Southeast Asian and Korean economies in the wake of the Asian financial crisis awaits restoration of their banking sectors. The region's bank-dominated and development finance-oriented financial systems are coming into friction with global capital markets that lack adequate architecture. In this volume, researchers from ten East Asian think- tanks analyse the financial systems in their respective economies. They survey the financial sector deregulation and liberalization that took place in the midst of economic booms and they evaluate the role of the financial systems in the region's current economic misfortunes. Together, the pieces in this volume lay the groundwork for understanding how financial systems in East Asia have evolved as the economies have grown more complex and capital markets have globalized, and how these systems must adapt to move beyond today's crisis to serve the region's economies in the future.
Author: Jomo Kwame Sundaram
Publisher: Hong Kong University Press
ISBN: 9789622094758
Category : Capital market
Languages : en
Pages : 276
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Book Description
This important book provides a cogent critique of the nature of Southeast Asian capitalism. It argues powerfully that the crises are due not to excessive regulation, but to too much financial liberalisation and a consequent undermining of monetary and fis
Author: Juthathip Jongwanich
Publisher: Flipside Digital Content Company Inc.
ISBN: 981478608X
Category : Business & Economics
Languages : en
Pages : 168
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Book Description
Ever since the East Asian financial crisis it has been recognized that emerging market economies are vulnerable to both excessive inflows of capital and sudden outflows. This book presents new research on the determinants and effects of capital flows as well as the effectiveness of capital control policies in dealing with volatile capital flows in emerging Asian countries. It examine three issues related to capital movements in Asia: (1) the key factors determining such mobility; (2) the impact of capital movements in a home country, especially on real exchange rates; and (3) the effectiveness of capital account policies.
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
ISBN: 1475561008
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
