Capital flows, credit transmission and the currency crisis in Southeast Asia

Abstract

CAPITAL FLOWS, CREDIT TRANSMISSION AND THE CURRENCY CRISIS IN SOUTHEAST ASIA Ramkishen S. Rajan and Iman Sugema The capital outflow and accompanying bust in Southeast Asia in 1997 and 1998 was preceded by a prolonged boom period. This boom was fuelled primarily by large scale capital inflows all through the early 1990s, a significant proportion of which was intermediated through the domestic banking sector. Motivated by this observation, along with the recognition of the importance of the credit (bank lending) transmission channel in the crisishit Southeast Asian economies, this paper explores the boom and bust cycle of capital inflows to and reversals from these economies

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