Economics
Papers on the Asian Crisis
This is an incomplete reference list of economic papers/books that are related to the current Asian crisis. If you have work related to the crisis but it is not listed here, please follow the steps given at the bottom of this page to have your papers included here. [Formats of your file acceptable: Word, Wordperfect, Tex, Latex, Scientific Word, .pdf, .dvi, and .ps. If you use Word or Wordperfect, please use common fonts such as Times New Roman. If you use Tex, Latex, or Scientific Word, please include all macros and styles files, or you can convert your files into .dvi format first.]
If you have the knowledge that any of the links given below are wrong or outdated, or any of the papers have been published or updated, please kindly let me know.
More information about this crisis: economics papers on Asian growth , a survey on currency crises and capital control, statistical data of several countries, Asian home page, and 2 Seattle conferences on the crisis.
(Last update: December 19, 2002)
Abonyi, George, 1999. "Thailand: From Financial Crisis to Economic Renewal," Institute of Southeast Asia Studies.
Abrams, Richard K. and Paulina Beato, 1998. "The Prudential Regulation and Management of Foreign Exchange Risk," IMF Working Paper WP/98/37.
Aizenman, Joshua, and Andrew Powell, 1997. "The Volatility and Financial Intermediation," NBER Working Paper No. 6320.
Axilrod, Stephen H., 1997"Transformations to Open Market Operations," IMF Economic Issues No. 5.
Bacchetta, Philippe and Eric van Wincoop, 1998. "Capital Flows to Emerging Markets," NBER Working Paper No. 6530.
Basile, Amy and Joseph P. Joyce, 1998. "Asset bubbles, monetary policy and bank lending in Japan," mimeographed.
Bekaert, Geert and Campbell R. Harvey, 1997. "Foreign Speculators and Emerging Equity Markets," NBER Working Paper No. 6312.
Berg, Andrew and Jeffrey Sachs, 1998. "The Debt Crisis: Structural Explanations of Country Performance," NBER Working Paper No. 2607.
Berger, Allen N. and Robert DeYoung, 1997. "Problem Loans and Cost Efficiency in Commercial Banks," FRB Discussion Paper.
Black, Stanley W., 1996. "Issues in Korean Exchange Rate Policy," NBER Working Paper No. 5747.
Blejer, Mario I and Liliana Schumacher, 1998. "Central Bank Vulnerability and the Credibility of Commitments - A Value-at-Risk Approach to Currency Crises," IMF Working Paper WP/98/65.
Brooks, Ray, Mariano Cortes, Francesca Fornasari, Benoit Ketchekmen, and Ydahlia Metzgen, 1998. "External Debt Histories of Ten Low-Income Developing Countries-Lessons from Their Experience," IMF Working Paper WP/98/72.
Brown, Stephen J.,William N. Goetzmann and James Park, 1998. "Hedge Funds and the Asian Currency Crisis of 1997," NBER Working Paper No. 6427.
Bruno, Michael, and William Easterly, 1995. "Inflation Crises and Long-Run Growth," NBER Working Paper No. 5209.
Buiter, Willem H., Giancarlo Corsetti, and Paolo A. Pesenti, 1995. "A Center-Periphery Model of Monetary Coordination and Exchange Rate," NBER Working Paper No. 5140.
Calomiris, Charles W., 1998. "The IMFfs Imprudent Role as Lender of Last Reesort," Cato Journal, Vol. 17, No. 3.
Calvo, Guillermo A. and Carlos Vegh, 1998. "Inflation Stabilization and Balance of Payments Crises in Developing Countries," J. Taylor and M. Woodford, eds., Handbook of Macroeconomics (North-Holland).
Calvo, Guillermo A. and Enrique G. Mendoza, 1997. "Rational Herd Behavior and the Globalization of Securities Markets," Duke Economics Working Paper No. 97-26.
Calvo, Guillermo A., 1998. "Balance of Payments Crises in Emerging Markets - Large Capital Inflows and Sovereign Governments," mimeographed, University of Maryland.
Calvo, Guillermo A., 1996. "Varieties of Capital-Market Crises," mimeographed, University of Maryland.
Calvo, Guillermo A. and Enrique Mendoza, 1997. "Rational Contagion and the Globalization of Securities Markets," mimeographed.
Caramazza, Francesco and Jahangir Aziz, 1998. "Fixed or Flexible? Getting the Exchange Rate Right in the 1990s," IMF Economic Issues No. 13.
Cassard, Marcel and David Folkerts-Landau, 1997. "Risk Management of Sovereign Assets and Liabilities," IMF Working Paper WP/97/166.
Cavallari, Lilia and Giancarlo Corsetti, 1998. "Arbitrage Mechanism Leading to Currency Crises: A Theoretical Perspective," mimeographed, Yale University.
Chan-Lau, Jorge and Zhaohui Chen, 1998. "Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation," IMF Working Paper, WP/98/127.
Chang, Roberto and Andres Velasco, 1998. "Financial Fragility and the Exchange Rate Regime," NBER Working Paper No. 6469.
Chari, V. V. and Patrick Kehoe, 1997. "Hot Money," NBER Working Paper No. 6007.
Chen, Chih Kwan, 1998. "The Super Low Interest Rates in Japan and the Anomalies of the World Economy," mimeographed.
Chen, Zhiqi, "The Real Consequences of a Currency Crisis," presented at a workshop in Hong Kong on "International Trade, Factor Mobility, and Asia," July 27-31, 1998.
Chinn, Menzie D. and Willian Maloney, 1996. "Financial and Capital Account Liberalization in the Pacific Basin: Korea and Taiwan," NBER Working Paper No. 5814.
Chinn, Menzie D., 1998. "Measuring Misalignment: PPP and East Asian Currencies in the 1990's," mimeographed.
Chinn, Menzie D., 1997. "The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real," NBER Working Paper No. 6108.
Chinn, Menzie D., "Before the Fall: Were East Asian Currencies Overvalued?," mimeographed, 1998.
Chou, W.L. and Y.C. Shih, 1995. "Long-Run Real Exchange Rates in the Four Little Dragons," Journal of International Trade and Development, Vol. 4, Issue 2:184-92.
Chung-Hua Institution for Economic Research, 1997. The Asian Currency Crisis: The Taiwan Experience, Taiwan.
Cull, Robert, 1998. "The Effect of Deposit Insurance on Financial Depth - A Cross-Country Analysis," World Bank Working Paper No. 1875.
DemirgE-Kunt, Asli and Enrica Detragiache, 1997. "The Determinants of Banking Crises: Evidence from Industrial and Developing Countries," World Bank Working Paper No. 1828.
Diamond, Douglas W. and Philip H. Dybvig, 1983. "Banks Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, Vol. 91: 401-419.
Diao, Xinshen, Wenli Li, and Erinc Yeldan, 1998. "Challenges and Choices in Post-Crisis East Asia: Simulations of Investment Policy Reform in an Intertemporal, Global Model," mimeographed.
Diehl, Markus and Rainer Schweickert, 1998. "Currency Crises: Is Asia Different?," Kiel Discussion Paper 309.
Dooley, Michael P., 1997. "A Model of Crises in Emerging Markets," NBER Working Paper No. 6300.
Dooley, Michael P., 1994. "A Retrospective on the Debt Crisis," NBER Working Paper No. 4963.
Dornbusch, Rudiger, 1998. "Capital Controls: an Idea Whose Time is Gone," mimeographed, MIT.
Dornbusch, Rudiger, 1998. "Asian Crisis Themes," mimeographed, MIT.
Dornbusch, Rudiger, 1998. "After Asia: New Directions for the International Financial System," mimeographed, MIT.
Dornbusch, Rudiger, 1996. "Currency Crises in the Aftermath of Reform," mimeographed, MIT.
Drazen, Allan, 1998. "Political Contagion in Currency Crises," mimeographed.
Dziobek, Claudia and Ceyla Pazarbasioglu, 1997. "Lessons from Systemic Bank Restructuring: A Survey of 24 Countries," IMF Working Paper WP/97/161.
Eichengreen, Barry and Andrew K. Rose, 1998."Staying Afloat When the Wind Shifts," NBER Working Paper No. 6370.
Eichengreen, Barry, Andrew K. Rose and Charles Wyplosz, 1998. "Contagious Currency Crises: First Tests," Scandinavian Journal of Economics, Vol. 4, 463-484.
Eichengreen, Barry, Andrew K. Rose, and Charles Wyplosz, 1994. "Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration," NBER Working Paper No. 4898.
Enoch, Charles, 1998. "Transparency in Central Bank Operations in the Foreign Exchange Market," Papers on Policy Analysis and Assessments PPAA/98/2.
Faruqee, Hamid, 1992. "Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications," IMF Staff Papers 39, 706-17.
Feldstein, Martin, 1991. "Reducing the Risk of Economic Crisis," NBER Working Paper No. 3620.
Fernald, John G., Hali J. Edison and Prakash Loungani, 1998. "Was China the First Domino? Assessing Links between China and the Rest of Emerging Asia," Federal Reserve Board International Finance discussion Paper No. 604.
Filardo, Andrew J., 1994. "Business Cycle Phases and Their Transitional Dynamics," Journal of Business and Economic Statistics, 299-308.
Fischer, Stanley, 1987. "Resolving the International Debt Crisis," NBER Working Paper No. 2373.
Flick, Reuven and Ramon Moreno, 1994. "Capital Flows and Monetary Policy in East Asia," Pacific Basin Working Paper No. PB94-08, San Francisco: Federal Reserve Bank of San Francisco, Center for Pacific Basin Monetary and Economics Studies.
Flood, Robert P. and Nancy P. Marion, 1996. "Speculative Attacks: Fundamentals and Self-Fulfilling Prophecies, " NBER Working Paper No. 5789.
Flood, Robert P. and Nancy P. Marion, 1997. "Policy Implications of Second-Generation Crisis Models," IMF Working Paper WP/97/16.
Flood, Robert P., Peter M. Garber and Charles Kramer, 1995. "Collapsing Exchange Rate Regimes: Another Linear Example, " NBER Working Paper No. 5318.
Flood, Robert, and Nancy P. Marion, 1998. "Perspectives on the Recent Currency Crisis Literature," NBER Working Paper No. 6380.
Folkerts-Landau, David et al., 1997. "International Capital Markets Developments, Prospects, and Key Policy Issues," IMF World Economic And Financial Surveys.
Frankel, Jeffrey A. and Andrew K. Rose, 1994. "A Survey of Empirical Research on Nominal Exchange Rates," NBER Working Paper No. 4865.
Frankel, Jeffrey A., 1998. "The Asian Model, the Miracle, the Crisis and the Fund," mimeographed.
Friedman, Benjamin M., 1990. "Views on the Likelihood of Financial Crisis," NBER Working Paper No. 3407.
Froot, Kenneth, David S. Schaferstein and Jeremy Stein, 1992. "Herd on the Street: Informational Inefficiencies in a Model with Short-Term Speculation," Journal of Finance, Vol. 47: 1461-1484.
Gapinski, James H., 1999. "The Asian Currency Crisis, Productivity Growth, and International Competitiveness," Mimeo., Florida State University
Garber, Peter M. and Lars E.O. Svensson, 1994. "The Operation and Collapse of Fixed Exchange Rate Regimes," NBER Working Paper No. 4971.
Garcia-Herrero, Alicia, 1997. "Monetary Impact of a Banking Crisis and the Conduct of Monetary Policy," IMF Working Paper WP/97/124.
Ghosh, Atish R., Anne-Marie Gulde and Holger C. Wolf, 1998. "Currency Boards: The Ultimate Fix?," IMF Working Paper WP/98/8.
Ghosh, Atish R., Jonathan D. Ostry, Anne-Marie Gulde and Holger C. Wolf, 1997. "Does the Exchange Rate Regime Matter for Inflation and Growth?," IMF Economic Issues No. 2.
Gil-Diaz, Francisco, 1998. "The Origin of Mexicofs 1994 Financial Crisis," Cato Journal, Vol. 17, No. 3.
Glick, Reuven and Michael Hutchison, 1990. "Financial Liberalization in the Pacific Basin: Implications for Real Interest Rate Linkages," Journal of the Japanese and International Economies, Vol. 4: 36-48.
Goldberg, Linda S., and Michael W. Klein, 1997. "Foreign Direct Investment, Trade and Real Exchange Rate Linkages", NBER Working Paper No. 6344.
Goldfajn, Ilan and Rodrigo O. Valdes, 1997. "Are Currency Crises Predictable?," IMF Working Paper WP/97/159.
Goldfajn, Ilan and Rodrigo O. Valdes, 1997. "Capital Flows and the Twin Crises: the Role of Liquidity," IMF Working Paper WP/97/87.
Goldfajn, Ilan and Rodrigo O. Valdes, 1996. "The Aftermath of Appreciations," NBER Working Paper No. 5650.
Goldstein, Morris, 1998. The Asian Financial Crisis: Causes, Cures, and Systemic Implications, Washington, D.C.: Institute for International Economics.
Goldstein, Morris and Philip Turner, 1996. "Banking Crises in Emerging Economies: Origins and Policy Options," BIS Economic Paper No. 46.
Greenspan, Alan, 1998. "Money and Capital Flows in a Global Economy," Cato Journal, Vol. 17, No. 3.
Griffith-Jones, Stephany, 1997. "Regulatory Challenges for Source Countries of Surges in Capital Flows," mimeographed.
Hanke, Steve H., 1998. "How to Establish Monetary Stability in Asia," Cato Journal, Vol. 17, No. 3.
Henderson, Callum, 1998. Asia Falling?, Singapore: McGraw-Hill Book, Co.
Jochum, Christian and Laura Kodres, 1998. "Does the Introduction of Futures on Emerging Market Currencies Destabilize the Underlying Currencies?," IMF Working Paper WP/98/13.
Johnston, R. Barry, Salim M. Darbar and Claudia Echeverria, 1997. "Sequencing Capital Account Liberalization - Lessons from the Experiences in Chile, Indonesia, Korea, and Thailand," IMF Working Paper WP/97/157.
Joyce, Joseph P., 1999. "The Lessons of Asia: IMF Policies and Financial Crises," Mimeo., Wellesley College.
Kaminsky, Graciela and Carmen Reinhart, 1998. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," mimeographed.
Kaminsky, Graciela, Saul Lizondo and Carmen M. Reinhart, 1998. "Leading Indicators of Currency Crises," IMF Staff Papers.
Karunaratne, Neil Dias, "The Economic Miracle and Crisis in Asia-5: Rival Theories, the IMF Bailout & Policy Lessons," Mimeographed (forthcoming in Intereconomics).
Kletzer, Ken and Mark Spiegel, 1996. "Speculative Capital Inflows and Exchange Rate Targetting in the Pacific Basin: Theory and Evidence," mimeographed.
Knight, Malcolm, and Fabio Scacciavillani, 1998. "Current Accounts ? What is Their Relevance for Economic Policymaking?," IMF Working Paper WP/98/71.
Krueger, Anne O., 1997. "Whither the World Bank and the IMF?," NBER Working Paper No. 6327.
Krugman, Paul, 1979. "A Model of Balance of Payments Crises," Journal of Money, Credit, and Banking, Vol. 11: 311-325.
Krugman, Paul, 1992. Currencies and Crisis, Cambridge, Mass.: MIT Press.
Krugman, Paul, 1997. "Currency Crises," mimeographed, MIT.
Krugman, Paul, 1998. "What Happened to Asia," mimeographed, MIT.
Lee, Jang-Yung, 1997. "Sterilizing Capital Inflows," IMF Economic Issues 7.
Lee, Seung Jung, 1997. "The Financial Crisis in Korea," mimeographed, Yale University.
Li, Joanne. "A Threshold Cointegration Model of the Integration of Asian Stock Markets," presented at a workshop in Hong Kong on "International Trade, Factor Mobility, and Asia," July 27-31, 1998.
Liu, Ligang, Marcus Noland, Sherman Robinson and Zhi Wang, 1998. "Asian Competitive Devaluations," Institute for International Economics Working Paper 98-02.
Mauro, Paolo, 1997. "Why Worry About Corruption?," IMF Economic Issues No. 6.
Mckibbin, Warwick J., 1998. "The Crisis in Asia - An Empirical Assessment," Brookings Discussion Papers in International Economics No. 136.
McKinnon, Ronald, 1998. "Exchange Rate Coordination for Surmounting the East Asian Currency Crises," mimeographed.
McKinnon, Ronald I. and Huw Pill, 1998. "International Overborrowing: A Decomposition of Credit andCurrency Risks," mimeographed.
Meigs, A. James, 1998. "Lessons for Asia from Mexico," Cato Journal, Vol. 17, No. 3.
Mendoza, Enrique G. and Martú Uribe, 1997. "The Syndrome of Exchange-Rate-Based Stabilizations and the Uncertain Duration of Currency Pegs," Duke Economics Working Paper No. 97-30.
Meltzer, Allan H., 1998. "Asian Problems and the IMF," Cato Journal, Vol. 17, No. 3.
Milesi-Ferretti, Gian Maria and Assaf Razin, 1997. "Sharp Reductions in Current Account Deficits: An Empirical Analysis," IMF Working Paper WP/97/168, 1997.
Milesi-Ferretti, Gian Maria and Assaf Razin, 1996. "Current Account Sustainability," Princeton Studies in International Finance No. 81.
Milesi-Ferrett, Gian Maria and Assaf Razin, 1996. "Sustainability of Persistent Current Account Deficits," NBER Working Paper No. 5467.
Milesi-Ferretti, Gian Maria and Assaf Razin, 1996. "Current Account Sustainability - Selected East Asian and Latin American Experiences," IMF Working Paper WP/96/110.
Mishkin, Frederic S., 1996. "Understanding Financial Crises: A Developing Country Perspective," NBER Working Paper No. 5600.
Mishkin, Frederic S., 1994. "Preventing Financial Crises: An International Perspective," NBER Working Paper No. 4636.
Mishkin, Frederic S., 1991. "Anatomy of a Financial Crisis," NBER Working Paper No. 3934.
Moreno, Ramon, 1996. "Models of Currency Speculation: Implications and East Asian Evidence," FRBSF Economic Letter.
Niskanen, William A., 1998. "Capital Mobility, Inflation, and Harmonization," Cato Journal, Vol. 17, No. 3.
Obstfeld, Maurice, 1986. "Rational and Self-Fulfilling Balance of Payments Crises," American Economic Review, Vol. 76: 72-81.
Obstfeld, Maurice, 1994. "The Logic of Currency Crises," NBER Working Paper No. 4640.
Obstfeld, Maurice, 1996. "Models of Currency Crises with Self-Fulfilling Features," European Economic Review, 40, 1037-1047.
Obstfeld, Maurice and Kenneth Rogoff, 1995. "Exchange Rate Dynamics Redux," Journal of Political Economy, Vol. 103: 624-660.
Obstfeld, Maurice and Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates, " NBER Working Paper No. 5191.
Osband, Kent, 1991. "Economic Crisis in a Shortage Economy," IMF Working Paper WP/91/38.
Pill, Huw and Mahmood Pradhan, 1995. "Financial Indicators and Financial Change in Africa and Asia," IMF Working Paper WP/95/123.
Pyun, Chong Soo and William T. Smith, "The IMF Program in the Asian Currency Crisis: A Theoretical Analysis," presented at a workshop in Hong Kong on "International Trade, Factor Mobility, and Asia," July 27-31, 1998.
Radelet, Steven and Jeffrey Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," mimeographed, Harvard Institute for International Development.
Radelet, Steven and Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," mimeographed, Harvard Institute for International Development.
Ramos, Alberto, 1998. "Government Expenditure Arrears ? Securitization and Other Solutions," IMF Working Paper WP/98/70.
Reinhart, Carmen M. and R. Todd Smith, 1997. "Temporary Capital Controls," mimeographed, 1997.
Reinhart, Carmen M. and R. Todd Smith, 1997. "Too Much of a Good Thing: The Macroeconomic Effects of Taxing Capital Inflows," mimeographed.
Reisen, Helmut and Hélèn Yèches, 1993. "Time-Varying Estimates on the Openness of the Capital Account in Korea and Taiwan," Journal of Development Economics, Vol. 41: 285-305.
Reisen, Helmut, 1998. "Sustainable and Excessive Current Account Deficits," OECD Technical Papers No. 132, OECD Development Centre.
Rigobon, Roberto, 1998. "Informational Speculative Attacks: Good News is No News," mimeographed, MIT.
Rodrik, Dani, 1998. "Who Needs Capital-Account Convertibility?," mimeographed, Harvard University.
Rodrik, Dani, 1997. "Globalization, Social Conflict and Economic Growth," mimeographed.
Rodrik, Dani, 1995. "Trade Strategy, Investment, and Exports: Another Look at East Asia," NBER Working Paper No. 5339.
Roubini, Nouriel, Giancarlo Corsetti and Paolo Pesenti, 1998. "What Caused the Asian Currency and Financial Crisis?," mimeographed.
Rowthorn, Robert and Ramana Ramaswamy, 1997. "Deindustrialization ? Its Causes and Implications," IMF Economic Issues No. 10.
Sachs, Jeffrey, 1988. "Conditionality, Debt Relief, and the Developing Country Debt Crisis," NBER Working Paper No. 2644.
Sachs, Jeffrey, 1983. "Theoretical Issues in International Borrowing," Princeton Studies in International Finance No. 54.
Sachs, Jeffrey, Aaron Tornell and Andres Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," Brookings Papers on Economic Activity, Vol. 1: 147-215.
Schwartz, Anna J., 1998. "International Financial Crises: Myths and Realities," Cato Journal, Vol. 17, No. 3.
Sharma, Shalendra D., 1998. "The IMF and Asia's Financial Crisis: Bitter Medicine for Sick Tigers," forthcoming in Survival: IISS Quarterly, Vol. 40, No.2.
Shoven, John B., Scott B. Smart, and Joel Waldfogel, 1991. "Real Interest Rates and the Savings and Loan Crisis: The Moral Hazard," NBER Working Paper No. 3754.
Smith, William T. and Chong Soo Pyun, 1998. "The IMF Program in the Asian Currency Crisis: A Theoretical Analysis," mimeographed.
Takagi, Shinji, 1996. "The Yen and Its East Asian Neighbors, 1980-95," NBER Working Paper No. 5720.
Tan, Jose Antonio R., III, 1998. "Contagion Effects during the Asian Financial Crisis: Some Evidence from Stock Price Data," mimeographed.
Tanzi, Vito and Hamid Davoodi, 1998. "Roads to Nowhere: How Corruption in Public Investment Hurts Growth," IMF Economic Issues No. 12.
Tanzi, Vito, 1998. "Corruption Around the World - Causes, Consequences, Scope, and Cures," IMF Working Paper WP/98/63.
Tseng, Wanda and Robert Corker, 1991. "Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries," IMF Occasional Paper, No. 84.
Uctum, Merih, 1999. "Pricing-to-Market: The Japanese Experience with a Falling Yen and the Asian Crisis," mimeographed.
Vegh, Carlo and Amartya Lahiri, 1997. "Krugman Balance of Payments Crises: Are They for Real?,'' mimeographed, UCLA.
Wade, Robert and Frank Veneroso, 1998. "The Asian Crisis: The High Debt Model vs. The Wall Street-Treasury-IMF Complex," mimeographed, the Russell Sage Foundation.
Wallace, Laura ed., 1996. "Deepening Structural Reform in Africa: Lessons from East Asia," proceedings of IMF seminar.
World Bank, 1999. Global Economic Prospects and the Developing Countries,
Wyplosz, Charles, 1998. "Globalized Financial Markets and Financial Crises," mimeographed.
Yeager, Leland B., 1998. "How to Avoid International Financial Crises," Cato Journal, Vol. 17, No. 3.
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This page was last revised on March 16, 2008.