Download or read book Financial Sector Crisis and Restructuring written by Carl-Johan Lindgren and published by . This book was released on 1999 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
Download or read book Imf And The Asian Financial Crisis written by Peter Guangping Zhang and published by World Scientific. This book was released on 1998-10-20 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund (IMF) features prominently in today's media. Its visible and contentious involvement in the Asian crisis have attracted inordinate media attention both good and bad. On one end of the scale, it has been portrayed as an institutionalized financial messiah, whose mere presence is able to resurrect emaciated economies and restore the public's confidence. However, at the same time it is also regarded as a Western-dominated financial bludgeon whose measures are aimed to break open developing economies for foreign pickings.Such disparate and extreme opinions are often underscored by a common want of understanding of the primary aims and functions of the IMF. Despite the IMF's prominence and its crucial participation in resuscitating these ailing Asian economies, its exact functions and operations remain an enigma to many. This book provides an easily digestible overview of the institution and its half-century of development, with an emphasis on its more current role in Asia. With the relentless trend towards a more integrated and developed global economy, the IMF's relevance will no doubt be accentuated. This institution's increasing visibility in world economic and social affairs will make knowledge about the organization and its activities an indispensable asset.
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 The Asian Financial Crisis written by Morris Goldstein and published by Peterson Institute. This book was released on 1998 with total page 236 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.
Download or read book Asian Financial crises written by International Monetary Fund and published by International Monetary Fund. This book was released on 2001-01-16 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the origins, implications, and solutions for the Asian financial crisis. From the perspective of a member of the Executive Board of the IMF, as Asian problems were building, the IMF overlooked weaknesses in bank and corporate balance sheets in much of Asia: the IMF was unaware of the extraordinary leverage of Korean companies, which in some cases reached a ratio of 600/1 debt to equity. The IMF did not focus on the weak accounting and disclosure practices of banks and nonbanks or generous rollovers of banks to their key clients.
Download or read book The Korean Financial Crisis of 1997 A Strategy of Financial Sector Reform written by Mr.Angel J. Ubide and published by International Monetary Fund. This book was released on 1999-03-01 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: After years of strong performance, Korea’s economy entered a crisis in 1997, owing largely to structural problems in its financial and corporate sectors. These problems emerged in the second half of that year, when the capital inflows that had helped finance Korea’s growth were reversed, as foreign investors—reeling from losses in other Southeast Asian economies—decided to reduce their exposure to Korea. This paper focuses on the sources of the crisis that originated in the financial sector, the measures taken to deal with it, and the evolution of key banking and financial variables in its aftermath.
Download or read book The Asian Financial Crisis written by Shalendra Sharma and published by Manchester University Press. This book was released on 2018-07-30 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: This electronic version has been made available under a Creative Commons (BY-NC-ND) open access license. The Asian financial crisis of 1997-98 shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. What went wrong and how did the Asian economies long considered 'miracles' respond? How did the United States, Japan and other G-7 countries respond to the crisis? What role did the IMF play?. Why did China, which suffers many of the same structural problems responsible for the crisis remain conspicuously insulated from the turmoil raging in its midst?. What explains the remarkable recovery now underway in Asia? In what fundamental ways did the Asian crisis serve as a catalyst to the current thinking about the "new international financial architecture"?. This book provides answers to all the above questions and more, and gives a comprehensive account of how the international economic order operates, examines its strengths and weaknesses, and what needs to be done to fix it.
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 110 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.
Download or read book Financial Crises Explanations Types and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Download or read book The East Asian Crisis written by Ms.Kalpana Kochhar and published by International Monetary Fund. This book was released on 1998-09-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews macroeconomic developments during the first year of the crisis in east Asia and draws some preliminary policy lessons. The crisis is rooted in the interaction of large capital inflows and weak private and public sector governance. At the same time, macroeconomic adjustment in these countries has resulted in some surprising outcomes, including severe economic contractions, low inflation, and rapid external adjustment. The lessons for crisis resolution include the importance of tight monetary policy early on for exchange rate stabilization, flexible fiscal policy, and comprehensive structural reform. Crises are avoided by prudent macroeconomic policies, diligent bank supervision, transparent data dissemination, strong governance, and forward-looking policymaking, even in good times.
Download or read book The Asian Financial Crisis written by Eddy Lee and published by International Labour Organization. This book was released on 1998 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the social impact of the Asian financial crisis which began in July 1997. Several countries experienced an economic shock of unprecedented severity after decades of uninterrupted growth. The severe rise in unemployment and its repercussions in the worst-affected countries (Thailand, Republic of Korea and Indonesia) overwhelmed the underdeveloped systems of social protection. Higher unemployment and inflation combined to push many people into poverty. A central policy message is that current programmes of policy and institutional reform following the crisis, should include a basic rethinking of the social dimension of the future model of development. The author also argues for the introduction of unemployment insurance, the expansion of social assistance and the strengthening of active labour market policies.
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 Asia Crisis written by Mr.Andrew Berg and published by International Monetary Fund. This book was released on 1999-10-01 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tells the story of the Asian financial crisis by addressing four questions: What were the causes of the crisis, how did the crisis unfold, what were the policy responses, and what have been the outcomes? The paper takes the view that none of these questions can be understood without appreciating the fundamental vulnerabilities that left authorities without effective tools to counter sudden capital outflows. The pattern of output decline suggests that these vulnerabilities, particularly weaknesses in domestic financial systems, played a larger role than tight monetary policy in determining outcomes.
Download or read book A Comparison of the Behaviour of the IMF in the Asian and European Financial Crises written by Maria Krummenacher and published by . This book was released on 2013-08 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Politics - International Politics - Topic: Globalization, Political Economics, grade: 1,0, University of Potsdam (Wirtschafts- und Sozialwissenschaftliche Fakultat), language: English, abstract: This paper will deal with the behaviour of the International Monetary Fund during the financial crises in Asia of the 1990s and the current financial crisis in Europe. The main interest lies in whether the political environment in Europe with the third party European Union (EU) and the institutions of the euro area causes a different incentive and power structure leading to a different behaviour on the part of the IMF in the European crisis when compared to the Asian crisis. In Asia, the IMF was confronted with a more or less conventional regional financial crisis and it put together an individual programme for every country asking for help. In Europe on the other hand the EU represents a new, supranational, sovereign institution that has power over its member states and has become the linchpin when dealing with the European financial crisis. My thesis is that the EU-institutions (most notably the Council of the European Union, the European Commission and the European Central Bank) took over the role the IMF had in the Asian crisis and now act as the authorities that link the financial aid to conditionalities while the IMF is marginalized into the simple task of providing financial assistance What the paper doesn t want to do: No assessment of the failure or success of the IMFs rescue packages for the Asian and European countries will be given. This goes beyond the initial interest and in case of the European crisis it is too early to assess as the crisis is still ongoing. Furthermore, the paper will abstract from the differences between the crises in Asia and Europe in terms of economic difficulties (exchange rate crisis, crisis of the financial sector, debt crisis). I think this is reasonable considering the focus does not
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 Lessons from the Asian Financial Crisis written by Richard Carney and published by Routledge. This book was released on 2009-01-13 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nearly ten years after the Asian Financial Crisis, financial turmoil has reappeared – this time it is ravaging the world's wealthiest countries and dragging the global economy along for the ride. It forces one to reflect on the last major financial crisis to afflict the global economy, and to consider whether there are any similarities, and whether there are any lessons from that crisis that we can apply to the current one. Written by a distinguished group of individuals from government, the private sector, international organizations, and academia, this book provides an overview of developments in the main affected countries during the Asian Financial Crisis, as well as the lessons learned and corrective measures taken at the country, regional, and international levels. Importantly, attention is also paid to the areas where substantial improvements are needed. The current crisis heightens the relevance of these lessons. Lessons from the Asian Financial Crisis will be invaluable to those studying international relations, international finance, international economics and East Asian studies.
Download or read book Shutdown written by Adam Tooze and published by Penguin. This book was released on 2021-09-07 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book’s great service is that it challenges us to consider the ways in which our institutions and systems, and the assumptions, positions and divisions that undergird them, leave us ill prepared for the next crisis."—Robert Rubin, The New York Times Book Review "Full of valuable insight and telling details, this may well be the best thing to read if you want to know what happened in 2020." --Paul Krugman, New York Review of Books Deftly weaving finance, politics, business, and the global human experience into one tight narrative, a tour-de-force account of 2020, the year that changed everything--from the acclaimed author of Crashed. The shocks of 2020 have been great and small, disrupting the world economy, international relations and the daily lives of virtually everyone on the planet. Never before has the entire world economy contracted by 20 percent in a matter of weeks nor in the historic record of modern capitalism has there been a moment in which 95 percent of the world's economies were suffering all at the same time. Across the world hundreds of millions have lost their jobs. And over it all looms the specter of pandemic, and death. Adam Tooze, whose last book was universally lauded for guiding us coherently through the chaos of the 2008 crash, now brings his bravura analytical and narrative skills to a panoramic and synthetic overview of our current crisis. By focusing on finance and business, he sets the pandemic story in a frame that casts a sobering new light on how unprepared the world was to fight the crisis, and how deep the ruptures in our way of living and doing business are. The virus has attacked the economy with as much ferocity as it has our health, and there is no vaccine arriving to address that. Tooze's special gift is to show how social organization, political interests, and economic policy interact with devastating human consequences, from your local hospital to the World Bank. He moves fluidly from the impact of currency fluctuations to the decimation of institutions--such as health-care systems, schools, and social services--in the name of efficiency. He starkly analyzes what happened when the pandemic collided with domestic politics (China's party conferences; the American elections), what the unintended consequences of the vaccine race might be, and the role climate change played in the pandemic. Finally, he proves how no unilateral declaration of 'independence" or isolation can extricate any modern country from the global web of travel, goods, services, and finance.
