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The Asian Financial Crisis

The Asian Financial Crisis
Causes, Contagion and Consequences

$180.00 (C)

Part of Global Economic Institutions

Pierre-Richard Agénor, Marcus Miller, David Vines, Axel A. Weber, Pedro Alba, Amar Bhattacharya, Stijn Claessens, Swati Ghosh, Leonardo Hernandez, Sule Ozler, Jenny Corbett, Christopher Bliss, Michael P. Dooley, Kenneth Kletzer, Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini, Richard Portes, Philippe Aghion, Philippe Bacchetta, Abhijit Banerjee, Gianluca Femminis, Joshua Aizenman, John Driffill, Stephen Morris, Hyun Song Shin, Jonathan P. Thomas, Paul Masson, Reuven Glick, Andrew K. Rose, Mark P. Taylor, Ishac Diwan, Bernard Hoekman, Joseph Stiglitz, Phillip Turner, Charles A. Goodhart
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  • Date Published: January 2000
  • availability: Available
  • format: Hardback
  • isbn: 9780521770804

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About the Authors
  • The first theoretical analysis of the Asian Financial Crisis--perhaps the single most important economic event of the 1990s--starts by presenting a factual and analytic overview of what happened. It goes on to consider why crisis turned into collapse, speculative attacks, and contagion and finishes with a round table discussion of policy issues. The distinguished contributors are from organizations including IMF, the World Bank and the Bank for International Settlements. This is vital reading for policy professionals as well as researchers and graduate students in a wide range of disciplines.

    • The first theoretical analysis of the major economic event since the Oil Crisis
    • An all-star intenational group of economists and saleable authors including Aghion, Stiglitz and Goodhart
    • Explains what policy lessons can be drawn so as to make crises less frequent and to reduce the severity of crises when they happen
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    Product details

    • Date Published: January 2000
    • format: Hardback
    • isbn: 9780521770804
    • length: 448 pages
    • dimensions: 229 x 152 x 29 mm
    • weight: 0.83kg
    • contains: 47 tables
    • availability: Available
  • Table of Contents

    List of figures
    List of tables
    Preface
    Acknowledgements
    Introduction Pierre-Richard Agénor, Marcus Miller, David Vines and Axel A. Weber
    Part I. General Accounts:
    1. The role of macroeconomic and financial sector linkages in East Asia's financial crisis Pedro Alba, Amar Bhattacharya, Stijn Claessens, Swati Ghosh and Leonardo Hernandez
    Discussion Sule Ozler
    2. The Asian crisis: lessons from the collapse of financial systems, exchange rates and macroeconomic policy Jenny Corbett and David Vines
    Appendix: Thailand, a stylised chronology
    Discussion Christopher Bliss
    3. Are capital inflows to developing countries a vote for or against economic policy reforms? Michael P. Dooley
    Discussion Kenneth Kletzer
    4. The Asian crisis: an overview of the empirical evidence and policy debate Giancarlo Corsetti, Paolo Pesenti, and Nouriel Roubini
    Appendix
    Discussion Richard Portes
    Part II. Theoretical Contributions:
    5. Capital markets and the instability of open economies Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee
    Appendix 1: solving the model in the Leontief case
    Appendix 2: why full financial liberalisation - unlike foreign direct investment - may destabilise an emerging market economy
    Discussion Gianluca Femminis
    6. Volatility and the welfare costs of financial market integration Pierre-Richard Agénor and Joshua Aizenman
    Discussion John Driffill
    7. A theory of the onset of currency attacks Stephen Morris and Hyun Song Shin
    Discussion Jonathan P. Thomas
    Part III. Contagion:
    8. Contagion: monsoonal effects, spillovers and jumps between multiple equilibria Paul Masson
    Discussion Axel A. Weber
    9. Contagion and trade: why are currency crises regional? Reuven Glick and Andrew K. Rose
    Appendix
    Discussion Mark P. Taylor
    10. Competition, complementarity and contagion in East Asia Ishac Diwan and Bernard Hoekman
    Appendix
    Discussion Jenny Corbett and David Vines
    Part IV. Policy Responses:
    11. Coping with crises: is there a 'silver bullet'? Amar Bhattacharya and Marcus Miller
    12. Must financial crises be this frequent and this painful? Joseph Stiglitz
    13. Round table discussion Richard Portes, Phillip Turner and Charles A. Goodhart
    Index.

  • Editors

    Pierre-Richard Agénor, The World Bank

    Marcus Miller, University of Warwick

    David Vines, University of Oxford

    Axel Weber, Johann Wolfgang Goethe-Universität Frankfurt

    Contributors

    Pierre-Richard Agénor, Marcus Miller, David Vines, Axel A. Weber, Pedro Alba, Amar Bhattacharya, Stijn Claessens, Swati Ghosh, Leonardo Hernandez, Sule Ozler, Jenny Corbett, Christopher Bliss, Michael P. Dooley, Kenneth Kletzer, Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini, Richard Portes, Philippe Aghion, Philippe Bacchetta, Abhijit Banerjee, Gianluca Femminis, Joshua Aizenman, John Driffill, Stephen Morris, Hyun Song Shin, Jonathan P. Thomas, Paul Masson, Reuven Glick, Andrew K. Rose, Mark P. Taylor, Ishac Diwan, Bernard Hoekman, Joseph Stiglitz, Phillip Turner, Charles A. Goodhart

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