... lower base than the other three crisis countries A striking feature ofthefinancial profile oftheAsian corporates was the bias in the maturity structure of their debt toward the short term.1 ... mitigate the costs of such crises in the future (chapter 5) THEPOLITICALECONOMYOFTHEASIANFINANCIALCRISIS Institute for International Economics | http://www.iie.com Ⅲ Thecrisis showed the democracies ... define the nature ofthe region’s development model in the future: the restructuring ofthefinancial and corporate sectors and the redefinition ofthe social contract A central feature ofthe Asian...
... the reigning ideology offinancial globalization and the design ofthe international financial architecture The volume of literature and analyses on the root causes oftheAsian crisis, and the ... East Asia After theCrisis Meredith Jung-En Woo 53 Asia and the International Monetary Fund: Ten Years After theAsianCrisis David Burton 63 The Aftermath oftheAsianFinancial Crisis: From ... states that the lack of transparency and the weakness offinancial systems not necessarily lead to financialcrisis otherwise, what can explain the relative insulation from theAsiancrisis for...
... account ofthe divergent diagnoses of what caused theAsianfinancialcrisisTheAsiancrisis transformed the previously favorable opinions ofthe East Asian miracle to condemnation ofthe region’s ... come, theAsianfinancialcrisisof 1997-98 will symbolize for some the catastrophic effects of economic globalization Thecrisis heightened the determination ofthe region to strengthen its financial ... have, for the most part, removed themselves from the influence ofthe Fund The author writes ofthe process through which the authority and credibility ofthe Fund was further undermined in the Argentine...
... the severity ofthefinancialcrisis by inducing pro-cyclical responses When the economic health ofthe region was perceived to be good, money poured into the region Unlike much ofthe rest of ... in the mid-1980s and the banking crisis that followed, which led to a tightening of regulatory control with the Banking and Financial Institutions Act of 1989 At the beginning ofthe 1990s, there ... attitudes towards theAsiancrisis During the first year ofthe crisis, from mid-1997, the official American response seemed to be one of benign indifference However, by mid-1998, there was a growing...
... suffers the worst in terms ofthe immediate impacts ofthe crisis, as shown from the figures ofthe negative GDP growth, the currency depreciation, and the performance ofthe capital market The Indonesian ... at the center ofthe Indonesian experience during theAsianfinancialcrisisof 1997-98 His book, Bank Indonesia and the Crisis: An Insider’s View, published in 2005 by the Institute of Southeast ... Indonesia U.S $700 million.3 The basic differences in the arguments and theories about theAsiancrisis are hinged to the central question of whether the causes ofthecrisis originated domestically,...
... of this kind—and for the speed ofthe recovery By the last quarter of 1998 the East and Southeast Asian contagion was over, and the Meredith Jung-En Woo is professor ofpolitical science at the ... East Asian economies—especially the South Korean one—regardless ofthe causes ofthe crisis, and the officials ofthe IMF doing what they were expected to do, pressuring the distressed Asian ... stream of bad economic news that cast a pall over the otherwise crisp days of autumn The Thais will likely push the onset ofthecrisis back a few months to the early summer of 1997, when the currency...
... and financial globalization However, before considering the changes in Asia and at the IMF, it is important to briefly review thecrisis itself R eviewing theCrisisTheAsianfinancialcrisis ... and the University of Manchester, and holds a Ph.D in economics from the University of Western Ontario | 63 | David Burton were at the root ofthecrisis Other ingredients that contributed to the ... Asia and the International Monetary Fund: Ten Years After theAsianCrisis As a result of these changes at both the national and regional level, the strength and resilience of Asia’s financial...
... each other, and that the expansion of freedom consists of reducing government “intervention” in the natural functioning of markets After the shock oftheAsian and other financial crises ofthe ... if they wish to | 80 | The Aftermath oftheAsianFinancialCrisis On the other hand, the negative results are substantial First, the FSAP and the ROSCs have tended to amount to a checklist They ... Standards (SDDS), and was also to be the primary enforcer of many of | 78 | The Aftermath oftheAsianFinancialCrisisthe standards, through the formal mechanisms of structural conditionality, contingent...
... financial actors, to the effect of marginalizing the preferences of developing country states and their private financial actors.22 Conclusion Post -Asian financial crisis, the international financial ... controls There should be no revival ofthe G7 push to insert the goal of promoting free capital mobility in the Articles of Agreement ofthe IMF in the 1990s, or to give the IMF jurisdiction over the ... the Mexican debacle of 1994-95 the “first financialcrisisofthe twentyfirst century.” TheAsiancrisis was more serious and surprising than events in Mexico insofar as theAsian economies were...
... Years After: The Lasting Impact oftheAsianFinancialCrisis M ark Weisbrot T he Asianfinancial crisis, which began ten years ago, was in many ways a formative event at the end ofthe 20th century ... the most important avenues of influence for the United States in developing countries The IMF’s Failure in theAsianCrisisThe IMF’s failure in theAsiancrisis was profound and publicized as ... act as a lender of last resort, when such a lender was most needed In theAsian crisis, this would have been toward the beginning ofthe crisis, which began with the devaluation ofthe Thai baht...
... After: The Lasting Impact oftheAsianFinancialCrisis provided no help Instead, together with the World Bank, the Fund drained a net $4 billion, or a sizeable percent of GDP, out oftheeconomy ... well as the progress and outcome ofthe implementation ofthe ABMI The website also includes Asian bond indicators and an Asian bond monitor Throughout the various activities ofthe ABMI, the private ... ASEAN and East Asia Worapot M anupipatpong I n the ten years that have passed since the onset oftheAsianfinancialcrisisof 1997-1998, each ofthe crisis- affected countries in East Asia—Indonesia,...
... from the region They also greatly compromised the ability of these economies to withstand the shock ofthe large-scale outflow of foreign capital A politicaleconomyofthecrisis Behind the complex ... the yen in the months before the crisis, the currencies ofthecrisis countries rose in comparison with the yen also In some cases thecrisis countries followed the dollar very closely; in others ... signs of serious strain in the late 1980s, when the bubble economyofthe 1980s – the speculative boom that generated hundreds of billions of dollars in bad debt – burst.43 Since the collapse of the...
... investigation of many facets oftheAsianfinancialcrisis Consistent with the previous list of 21 questions regarding the causes oftheAsianfinancial crisis, here goes another 21 regarding the potential ... pertaining to theAsianfinancialcrisis Research Questions on theAsianFinancialCrisis (1) Was theAsianfinancialcrisis predictable? (2) How did thecrisis spread? (3) Is the pattern of internal ... for the crisis? (10) What is the role of capital markets in the crisis? (11) Was thecrisisfinancial or real? (12) Was the cause ofthecrisis domestic or international? (13) Was the cause of the...
... requires the explicit consent ofthe secretary ofthe treasury in consultation with the president ofthe United States, two thirds ofthe governors ofthe Federal Reserve System, and two thirds ofthe ... IMF (1997b) In addition, the impact ofthecrisis on Japan depends, as noted earlier, on whether one includes (as part ofthe crisis) the depreciation ofthe yen against the US dollar and European ... that case, the very presence ofthe clause may be taken by the market as a signal of a greater intention to renegotiate In view ofthe importance of debt rescheduling in theAsian crisis, the G-10...
... investigate the role of these connections in causing and resolving financial institutions’ distress Furthermore, the general causes ofthe East Asianfinancialcrisis have been the subject of intense ... on thepoliticaleconomyof dealing with financial intermediary distress This also provides some insights on the causes ofthe East Asianfinancialcrisis as well as on the appropriateness of ... loss of confidence in the East Asian countries, aggravating thefinancialcrisisThe rest ofthe paper is organized as follows: section provides the motivation and reviews the literature on financial...
... interpreted as the effect ofthefinancialcrisis on the supply of loans We observe the same level of magnitude for the DD estimates of consumer and mortgage loans In Panel D of Table 4, we present ... after the end ofthe sample period While both banks recorded profits for the first half of 2008 and gave a positive outlook for the remainder ofthe year, they publicly acknowledged losses after the ... number of observations is reported in brackets The DD estimate is in bold The acceptance rates of both types of banks before the start ofthefinancialcrisis in August 2007 are shown in the first...
... effects ofthe global financialcrisis in emerging market economies Some ofthe existing research analyses the effects of pre -crisis conditions on the behaviour of credit To date, however, all of these ... after the bankruptcy of Lehman Brothers Taking into account the characteristics ofthe evolution of real credit, the variable under analysis in the rest of this paper is defined as the change in the ... currency is another source of a currency mismatch In either of these two examples, a s harp depreciation ofthe local currency might severely impede thefinancial position ofthe debtor In the first...
... concentration The Big Four’s dominance ofthe audit market was the direct focus ofthe Lords’ inquiry and one ofthe key issues in the EC Green Paper The ‘systemic risk’ posed by such an oligarchy and the ... or not the company was a going concern The Lords devoted a lot of time to the issue of going concern in the audit of banks and the particular issue of whether auditors should have allowed their ... never had such a high political profile In the UK, Brussels and the US the global financialcrisis has sparked a series of high-level inquiries into the role and effectiveness of audit, while in...