Download or read book East Asian Equity Markets Financial Crises and the Japanese Currency written by Yin-Wong Cheung and published by . This book was released on 2007 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper studies the interactions between the U.S. and four East Asian markets. The focus is on the change in the information structure/flow between these markets triggered by the 1997 Asian financial crisis. It is shown that the information structure during the crisis period was different from that in the non-crisis periods. While the U.S. market led the four East Asian markets before, during, and after the crisis, it was Granger-caused by these markets during the financial crisis period but not in the postcrisis sample. Further, in accordance with concerns reported in the market, the Japanese currency is found to have affected these equity markets during the crisis period. The Japanese yen effect, however, disappeared in the post-crisis sample. The Japanese currency effect is quite robust as it is found from both local currency and U.S. dollar return data and in the presence of Japanese stock returns.
Download or read book East Asia s Financial Systems written by Seiichi Masuyama and published by Institute of Southeast Asian Studies. This book was released on 1999 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial systems in the East Asian region are commanding worldwide attention. Japan's financial sector, with an ailing banking system in the aftermath of a bubble economy, is undergoing a "Big Bang" deregulation, liberalization, and securitization. At the same time, the rehabilitation of Southeast Asian and Korean economies in the wake of the Asian financial crisis awaits restoration of their banking sectors. The region's bank-dominated and development finance-oriented financial systems are coming into friction with global capital markets that lack adequate architecture. In this volume, researchers from ten East Asian think- tanks analyse the financial systems in their respective economies. They survey the financial sector deregulation and liberalization that took place in the midst of economic booms and they evaluate the role of the financial systems in the region's current economic misfortunes. Together, the pieces in this volume lay the groundwork for understanding how financial systems in East Asia have evolved as the economies have grown more complex and capital markets have globalized, and how these systems must adapt to move beyond today's crisis to serve the region's economies in the future.
Download or read book Studies On Financial Markets In East Asia written by Masayuki Susai and published by World Scientific. This book was released on 2011-01-31 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book will be an important addition to the limited number of books that discuss finance and accounting issues in East Asian countries. While presenting recent empirical studies on finance and accounting in East Asian economies, it also reveals the underlying reasons for remarkable economic growth and emerging performance of the financial markets in the East Asian countries. It introduces newly developed financial products, institutions, governance mechanism, banking policy changes and their implications in the East Asian economies, and discusses the way forward for these economies with recommendations for policy implications. It also contains suggestions for other developing countries trying to achieve rapid growth.
Download or read book Monetary and Financial Cooperation in East Asia written by Masahiro Kawai and published by OUP Oxford. This book was released on 2015-04-02 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis and the Eurozone crisis have led to a profound rethink in East Asia about the international monetary system and regional monetary and financial integration. After the East Asian crisis of 1997, deeper regional cooperation was seen as the way to avoid reliance on the IMF and the rest of the world. Steps were taken, but they were limited because of disagreements reflecting regional rivalries. Still, integration into the global financial system and Europe's regional process were seen as objectives to be adapted to East Asia, as detailed in an overview chapter. The crises have shaken this strategy but also revealed the pre-existing deep disagreements. This book presents contributions by scholars from different countries. Each one was invited to describe the vision of their policymakers. The traidtional rivalry between China and Japan, the region's largest economies, reveals Chinese confidence into its rising power and Japanese growing doubts about its ability to weigh on the debate. For opposite reasons, both display a declining interest into regional cooperation. Korea and the ASEAN countries do not wish to choose between the regional powers but remain attached to regional cooperation and integration. They look for pragmatic solutions that recognize the value-chain characteristic of trade. Additional contributions by US and European scholars provide evaluations of the global and Eurozone crises and of their relevance for East Asian integration.
Download or read book Two Crises Different Outcomes written by T. J. Pempel and published by Cornell University Press. This book was released on 2015-05-06 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two Crises, Different Outcomes examines East Asian policy reactions to the two major crises of the last fifteen years: the global financial crisis of 2008–9 and the Asian financial crisis of 1997–98. The calamity of the late 1990s saw a massive meltdown concentrated in East Asia. In stark contrast, East Asia avoided the worst effects of the Lehman Brothers collapse, incurring relatively little damage when compared to the financial devastation unleashed on North America and Europe. Much had changed across the intervening decade, not least that China rather than Japan had become the locomotive of regional growth, and that the East Asian economies had taken numerous steps to buffer their financial structures and regulatory regimes. This time Asia avoided disaster; it bounced back quickly after the initial hit and has been growing in a resilient fashion ever since. The authors of this book explain how the earlier financial crisis affected Asian economies, why government reactions differed so widely during that crisis, and how Asian economies weathered the Great Recession. Drawing on a mixture of single-country expertise and comparative analysis, they conclude by assessing the long-term prospects that Asian countries will continue their recent success.
Download or read book The Asian Currency Crisis written by Gerald Tan and published by Cavendish Square Publishing. This book was released on 2000 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a fascinating account of the financial disaster which overtook Southeast Asia in 1997. The author explains the causes, events, reactions, and effects of the Asian currency crisis. Starting with the crash of the Thai baht, Professor Tan traces the chain of events and details the economic, social and political consequences in the countries involved, plus the responses of the major economic institutions like the World Bank and IMF are described. He also includes a chapter on the Asian economic miracle in the years before the crash, and asks whether that sort of growth is sustainable anyway. The final chapters deal with the lessons to be learned and the possible paths to recovery. This book is essential reading for anyone in the fields of finance, economics, or politics, but it is also interesting and accessible to the lay reader with an interest in world economies.
Download or read book The Dynamics of Asian Financial Integration written by Michael Devereux and published by Taylor & Francis. This book was released on 2011-05-03 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks. Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces. The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. Chapters look into three broad aspects of regional and global financial market integration: (i) measurement of regional and global financial integration, (ii) understanding dynamics of regional financial integration versus global financial integration, and (iii) welfare implications from regional financial market integration amid financial globalization. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.
Download or read book East Asian Financial and Currency Crisis written by Rameshwar Tandon and published by . This book was released on 2005 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How Asia Got Rich written by Edith Terry and published by Routledge. This book was released on 2015-05-20 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within a few short months in 1997, Asian economies that had been considered not only healthy but "miraculous" suddenly fell off a precipice as investors withdrew massively first from Asian currencies and, in rapid order, from equity markets across the region. On October 27 1997, the turmoil in Asian markets spooked Wall Street in the largest single-day decline in history, a drop of 550 points. It was predicted that the Asian crash could drive the US trade deficit from $191 billion to $300 billion by 1998, creating huge new tensions in relations with some of the largest US trading partners. These wrenching changes, following a generation of success, raise numerous questions about the steps that led to the crisis, its likely outcome and the limits and constraints of "Asian capitalism". Edith Terry presents a blow-by-blow account of the crisis, beginning with the 1996 collapse of the Bangkok Bank of Commerce. In her overview, she links the fall of the Asian miracle with the theme of globalization, arguing that the crisis demonstrates the urgency of dismantling restraints to trade, investment, and financial services, and that the United States should take leadership in pushing for new and sweeping reform through the World Trade Organization and in bilateral negotiations with its trading partners. The final section of the book deals with the rise of the "Asian miracle" - how the myth was created, who created it, why it succeeded for so long - and is informed by analysis of the Japanese prototype.
Download or read book The Asian Financial Crisis Origins Implications and Solutions written by William C. Hunter and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the late 1990s, Korea, Thailand, Indonesia and Malaysia experienced a series of major financial crises evinced by widespread bank insolvencies and currency depreciations, as well as sharp declines in gross domestic production. This sudden disruption of the Asian economic `miracle' astounded many observers around the world, raised questions about the stability of the international financial system and caused widespread fear that this financial crisis would spread to other countries. What has been called the Asian crisis followed a prolonged slump in Japan dating from the early 1980s and came after the Mexican currency crisis in the mid-1990s. Thus, the Asian crisis became a major policy concern at the International Monetary Fund as well as among developed countries whose cooperation in dealing with such financial crises is necessary to maintain the stability and efficiency of global financial markets. This book collects the papers and discussions delivered at an October 1998 Conference co-sponsored by the Federal Reserve Bank of Chicago and the International Monetary Fund to examine the causes, implications and possible solutions to the crises. The conference participants included a broad range of academic, industry, and regulatory experts representing more than thirty countries. Topics discussed included the origin of the individual crises; early warning indicators; the role played by the global financial sector in this crisis; how, given an international safety net, potential risks of moral hazard might contribute to further crises; the lessons for the international financial system to be drawn from the Asian crisis; and what the role of the International Monetary Fund might be in future rescue operations. Because the discussions of these topics include a wide diversity of critical views and opinions, the book offers a particularly rich presentation of current and evolving thinking on the causes and preventions of international banking and monetary crises. The book promises to be one of the timeliest as well as one of the most complete treatments of the Asian financial crisis and its implications for future policymaking.
Download or read book Financial Liberalization and the Asian Crisis written by H. Chang and published by Springer. This book was released on 2001-06-11 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis that hit a number of 'miracle' economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.
Download or read book The Asian Financial Crisis and the Architecture of Global Finance written by Gregory W. Noble and published by Cambridge University Press. This book was released on 2000-09-11 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of the political and economic causes and consequences of the Asian financial crises.
Download or read book Financial Markets and Policies in East Asia written by Gordon De Brouwer and published by Routledge. This book was released on 2003-09-02 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the financial crisis in East Asia could be said to be on the wane in some countries, the reconstruction process in the aftermath and the debate about the financial policies best suited to the region still rages on. This book examines both of these processes in authoritative detail. It includes critical assessment of: * the post-crisis state of financial markets * the banking and corporate restructuring process, with special focus on Indonesia * the policy debates currently going on in East Asia, including monetary policy; exchange rate systems and the scope for financial cooperation * East Asia's debt and equity markets The well-respected contributors including Claudio Borio, Hae Wang Chung, Guy Debelle, Reuven Glick, Robert McCauley and Eisuke Sakakibara, have produced a book that will be influential around the world.
Download or read book Politics and Markets in the Wake of the Asian Crisis written by Mark Beeson and published by Routledge. This book was released on 2003-09-02 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors to this book argue vigorously that processes of globalisation are driven by complex political forces and that it is not enough to look at economic factors in isolation.
Download or read book Destructive Creativity Of Wall Street And The East Asian Response written by Michael Siam-heng Heng and published by World Scientific. This book was released on 2009-05-04 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current financial crisis provides a valuable occasion for the world to re-examine the grand statements of wisdom which dominate the financial world for a long time. The impact is extremely serious as a result of the convergence of a number of factors such as huge current account deficits of the United States, globalization, deregulation, loose monetary policy, and excessive liquidity. This book seeks to address the critical issues in deregulation, derivatives, leveraging, remuneration systems, and rating agencies.This book will also examine Asia's response and why Asian economies have been less affected by the global financial crisis. Are corporate governance, culture, management styles or even a state-led model the main reasons? Would the Asian sovereign funds help to be the last line of defense against the excesses of the crisis? Is the US$80 billion Asian crisis fund envisaged as the first instance of a coordinated East Asian response to the crisis and would this truly underpin the creation of an East Asian regional order? This book reaffims the need for banks and financial institutions to provide value-adding services, exercise prudence and due diligence and pay due regard for societal interest.
Download or read book Are Financial Sector Weaknesses Undermining the East Asian Miracle written by Stijn Claessens and published by World Bank Publications. This book was released on 1997 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: IFC Technical Paper No. 3. Inflation plagues many of the developing countries in which the International Finance Corporation (IFC) operates. To date, however, little is known about the impact of inflation on the financial statements of firms in developing countries. The authors of this study have developed a simple algorithm, based on the method of inflation accounting used in Brazil, and have applied it to the accounts of listed companies in Turkey for the period 1982-90. The paper documents an inflation-induced bias in financial statements and introduces a methodology for adjusting corporate financial statements for inflation effects.
Download or read book The Asian Financial Crisis written by Morris Goldstein and published by Peterson Institute for International Economics. This book was released on 1998 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.
