The Asian financial crisis : causes, contagion and consequences

Abstract

List of figures List of tables Preface Acknowledgements Introduction Pierre-Richard Agenor, 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 Agenor 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.

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