The Asian Financial Crisis: An East Asian Perspective

Jesus P. Estanislao, George N. Manzano and Gloria Pasadilla

Asian-Pacific Economic Literature, 2000, vol. 14, issue 1, 11-22

Abstract: Two views dominate the academic discussion of the root cause of the Asian crisis: the ‘panic‐illiquidity’ view and the ‘moral hazard‐structural’ view. This paper traces the factors that contributed to the build‐up of financial vulnerabilities across the affected economies and compares these two accounts of the crisis. The paper argues that the two views are complementary in that policy prescriptions derived from one that disregard the prescriptions from the other would be incomplete. It summarises the medium and long‐term post‐crisis policy directions at the national, regional and international levels.

Date: 2000
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