How Does the Asian Crisis Affect the Interdependencies between Major Financial Markets in Asia and the Us? PDF Download
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Author: Leo H. Chan
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
Empirical studies support evidence of major financial markets affecting minor markets. During the Asian Crisis, however, major markets, such as the US and Japan, reacted to the problems in smaller markets such as Hong Kong and Singapore. In this paper we apply a VAR model to capture the changes in the dynamic relationship among stock markets in Hong Kong, Singapore, Japan and the US. A multivariate stochastic volatility model (SVM) is also utilized to study the correlations in volatility among these markets to determine the impacts of the Crisis. We find strong lead-effect of Hong Kong market returns over the US market returns during the Crisis. Our results also show strong overacting behavior among investors across these markets during the Crisis. We also find that the Crisis period was marked by higher volatilities and stronger spillover effects across these markets.
Author: Masahiro Kawai
Publisher: Oxford University Press
ISBN: 0199660956
Category : Business & Economics
Languages : en
Pages : 343
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Book Description
This book demonstrates how Asian countries tried to minimize the impact of the global financial crisis, identifies structural weaknesses in their economies, and discusses policy options for strengthening Asian economies to avoid future crises and promote sustainable growth in the long-term.
Author: Morris Goldstein
Publisher: Peterson Institute for International Economics
ISBN:
Category : Business & Economics
Languages : en
Pages : 104
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Book Description
The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.
Author: Richard Carney
Publisher: Routledge
ISBN: 113401726X
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
The contributors provide an overview of developments in the affected countries during the 1997 Asian financial crisis; lessons learned and corrective measures taken; lessons learned by regional and international actors; how domestic, regional, and international politics have affected the outcomes; the identification of potential future problems, and levels of preparedness.
Author: C. Harvie
Publisher: Springer
ISBN: 0333982940
Category : Business & Economics
Languages : en
Pages : 243
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Book Description
As witness to one of the world's great crises in recent times, academics and students, business people, national and international government analysts, policy makers and political leaders worldwide have been pre-occupied by an effort to adequately unravel or sufficiently understand the factors that have brought about the so-called Asian financial, currency or economic crisis and hopefully to find plausible cures or solutions to it. This book examines the impact of economic globalization in developing economies and it applies empirical studies of all of the major countries to theoretical perspectives on the crisis.
Author: William C. Hunter
Publisher: Springer Science & Business Media
ISBN: 1461551552
Category : Business & Economics
Languages : en
Pages : 513
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Book Description
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.
Author: T. J. Pempel
Publisher: Cornell University Press
ISBN: 0801479711
Category : Business & Economics
Languages : en
Pages : 280
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Book Description
This volume examines East Asian policy reactions to the global financial crisis of 2008-9 and the Asian financial crisis of 1997-98.
Author: Centre for Economic Policy Research (Great Britain)
Publisher: Centre for Economic Policy Research
ISBN: 9781898128366
Category : Asia
Languages : en
Pages : 84
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Book Description
Asset price volatility on world financial markets and foreign exchange markets has increased significantly since the Mexican peso crisis of December 1994. The Asian financial crisis, still underway, will leave significant costs in its wake. The notion that emerging markets can sort out their own problems if left to their own devices is no longer plausible, and policymakers cannot afford to adopt a laissez-faire attitude to this issue. The traditional IMF response of containment is a debatable solution. This report addresses these issues with emphasis on the important lessons that can be learned from the recent events in Asia.
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: Jehoon Park
Publisher: Edward Elgar Pub
ISBN: 9781781003909
Category : BUSINESS & ECONOMICS
Languages : en
Pages : 292
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Book Description
The expert contributors--both Asian and Western--illustrate that as G20 members, many Asian countries are now able to showcase their increasing powers and influence on global issues. Within this context, and via multidisciplinary economic and political science perspectives, the book deals with various issues such as World System analysis, the debate between the Washington Consensus and the Beijing Consensus, roles within the G20, and the contribution of 'middle' powers such as Korea and Australia. The application of European experiences to Asia is also considered, as are perspectives from the US. The book concludes that the key to resolving the current global economic crisis lies in how quickly a new global governance and monitoring system can be constructed, and that there are multiple roles for Asian countries to play in its development.
Author: Callum Henderson
Publisher: McGraw-Hill Companies
ISBN:
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
This up-to-the minute critique is packed with solid recommendations for investors, providing policy-level political analyses on the actions and reactions that have led to Asia's currency crisis.
