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The Asian Financial Crisis : Origins, Implications, and Solutions - William C. Hunter

The Asian Financial Crisis

Origins, Implications, and Solutions

By: William C. Hunter (Editor), George G. Kaufman (Editor), Thomas H. Krueger (Editor)

Hardcover

Published: 31st May 1999
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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.

Acknowledgements
Preface
Opening Remarks
The IMF and the Asian Crisis: A View from the Executive Board
The Asian Financial Crisis
Origins of the Asian Crisis
What Caused the Recent Asian Currency Crisis?
Origins of the Crisis in Asia
Thoughts on the Origins of the Asian Crisis: Impulses and Propagation Mechanisms
Origins of the Asian Crisis: Discussion
Causes and Implications of the Asian Crisis - The Role of the Financial Sector, Domestic Policies, and Contagion
Precarious Credit Equilibria: Reflections on the Asian Financial Crisis
Causes and Implications of the Asian Crisis: An Indonesian View
The Korean Banking Crisis: Picking up the Pieces
Asian Currency Crisis
Causes and Implications of the Asian Crisis
The Yen and Boom - Bust Cycle in East Asia
Causes and Implications of the Asian Crisis: The Role of Financial Sector, Domestic Policies, and Contagion
Response to the Crisis - Overview and Case Studies
Asian Crisis: Causes and Remedies
Korea''s Financial Sector Reforms
Whither Thailand
Comment on `Asian Crisis: Causes and Remedies''
The East Asian Financial Crisis: A Year Later
Removing Financial Bottlenecks to Labor Productivity in Thailand
Containing the Risks of Future Crisis endash; Strengthening the Regulatory Framework
What''s Wrong with the IMF? What Would Be Better?
Containing the Risks of Future Crises: Strengthening the Regulatory Framework
Banking Fragility, Effectiveness, and Regulation in Less-Developed Countries
Comments on `What''s Wrong with the IMF?'' and `Containing the Risks''
Commentary on `What''s Wrong with the IMF?'' and `Containing the Risks''
Early Warning Indicators, Transparency, and Market Response
Improving Transparency in Asian Banking Systems
Early Warning Indicators of Financial Crises
The Asian Crises: A New Breed or Deacute;jagrave; Vu?
The Inevitable Perils of a Precocious Giant
Banks and the Asian Crisis
The Signals Approach to Early Warning of Currency Crisis: Does It Work and Is There a Better Way?
Will Greater Disclosure and Transparency Prevent the Next Banking Crisis?
Moral Hazard and the Role of International Rescue Programs
Moral Hazard is Avoidable
Moral Hazard
Moral Hazard and the Role of International Rescue Programs
Moral Hazard and the Role of International Rescue Programs
The Future Role of the International Monetary Fund in International Rescue Operations
Bailing in the Private Sector
Does the IMF Have a Future? What Should It Be?
Comment on `Bailing in the Private Sector'' and `Does the IMF Have a Future?''
Less is More in the New International Financial Architecture
Assessing IMF''s Crisis Prevention and Management Record
Lessons from the Crisis for the International Financial System
Lessons for the International Financial System
Lessons from the Crisis
An Analysis of Financial Crisis: Lessons for the International Financial System
Lessons from the Asian Crisis
An Analysis of Financial Crisis
Lessons from the Asian Crisis for the International Financial System
Summary
Conference Summary
Conference Program
Contributors
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780792384724
ISBN-10: 0792384725
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 526
Published: 31st May 1999
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.5 x 15.5  x 3.18
Weight (kg): 0.94