What caused the Asian currency and financial crisis?
What caused the Asian currency and financial crisis?
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DOI：
10.1016/s0922-1425(99)00019-5
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发表时间：
1999-10-01
影响因子：
1.3
通讯作者：
Roubini, N
中科院分区：
文献类型：
--
作者：
Corsetti, G;Pesenti, P;Roubini, N
本文件探讨了这样一种观点，即1997年和1998年的亚洲货币和金融危机反映了该区域各国的结构和政策扭曲，尽管市场反应过度和羊群效应导致汇率、资产价格和经济活动的暴跌，其严重程度超过了最初疲软的经济条件所允许的程度。本文第一部分概述亚洲在金融危机前夕的经济基本情况，重点是经常账户失衡、金融“过度借贷”的数量和质量、银行问题以及资本流入的构成、期限和规模。本文的第二部分介绍了亚洲金融危机的重建，从1995-1996年的前身到1999年初的最新发展，同时调查了关于从危机中复苏的战略、国际干预的作用以及资本管制的成本和收益的辩论。(C)1999 Elsevier Science B. V.保留所有权利。JEL分类：F31; F33; F34; F36; G15; G18。
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 first part of the paper provides an overview of economic fundamentals in Asia on the eve of the crisis, with emphasis on current account imbalances, quantity and quality of financial 'overlending', banking problems, and composition, maturity and size of capital inflows. The second part of the paper presents a reconstruction of the Asian crisis from the antecedents in 1995-1996 to the recent developments in early 1999 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. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: F31; F33; F34; F36; G15; G18.