The Asian currency crisis / Gerald Tan

Author(s): Tan, Gerald
Location:
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Subjects: Currency question--East Asia
Currency question--Southeast Asia
Financial crises--East Asia
Financial crises--Southeast Asia
East Asia--Economic conditions
Southeast Asia--Economic conditions
Formats: Print
Material Type: Books
Language: English
Audience: Unspecified
Published: Singapore : Times Academic Press, 2000
LC Classification: H, HG
Physical Description: xi, 283 p. : ill. ; 23 cm
Table of Contents: Preface
Ch. 1. Introduction 1
The significance of the Asian currency crisis
The end of the Asian economic miracle?
The debate about Asian values
The debate about appropriate economic policies
Ch. 2. The East Asian "Miracle" 17
Rapid economic growth, 1965-85
Economic slowdown, 1985-96
The Krugman thesis
Irrelevance of the Krugman thesis to the Asian currency crisis
Ch. 3. The Asian Currency Crisis - Causes 51
Large current account deficits
Short-term foreign capital inflows
Growth of money supply
Investment in speculative and unproductive assets
Large foreign debts relative to reserves
Fixed exchange rates-loans unhedged against foreign exchange risk
Triggers of the currency crisis
The spread of the Asian currency crisis
The contagion effect
Financial liberalization with fixed exchange rates
Poorly supervised, and weak, banking systems
Poor credit culture
Mismatch of assets and liabilities of the banking sector
Weak corporate structure
Crony capitalism
Inadequate bankruptcy and foreclosure laws
The role of currency speculators
Globalization and its consequences
The causes of the Asian currency crisis
Ch. 4. The Asian Currency Crisis - Consequences 99
Rapid depreciation of currencies
From currency crisis to financial crisis
From financial crisis to social and political crisis
Some positive impact
Thailand, Indonesia and Malaysia
South Korea and Hong Kong
Singapore, Philippines and Taiwan
ASEAN and APEC
Ch. 5. National Responses 155
Responses to the currency crisis
Indonesia
Malaysia
South Korea
Hong Kong SAR
Singapore
Ch. 6. International Responses 205
The USA and the EU
IMF rescue packages
Rescue packages for Thailand, Indonesia and South Korea
The World Bank and the Asian Development Bank
China and the Renminbi
Japan's response to the currency crisis
Ch. 7. Paths to recovery 231
Conditions for economic recovery
Signs of economic recovery
A false dawn?
Reform of banking systems
Dealing with corporate debt
Reform of bankruptcy laws
Slower world trade
South Korea and Thailand
Malaysia and Indonesia
Ch. 8. Conclusion 255
The Asian currency crisis in retrospect
Lessons for the future
Bibliography 267
Index 273
Notes: LCCN: 99506202
ISBN: 9812101578
Includes bibliographical references (p. 267-272)
OCLC Number: 44491217
ISBN/ISSN: 9812101578