The East Asian Economic Crisis: A Japanese Perspective

Kazuo Ueda

International Finance, 1998, vol. 1, issue 2, 327-338

Abstract: This paper argues that, apart from exchange‐rate aspects, the East Asian economic crisis has looked very similar to a domestic banking crisis arising from boom and bust cycles in bank lending and capital investment. One of the key determinants of the boom‐bust cycle in East Asia was the sharp appreciation of the yen against the dollar between the mid‐1980s and the mid‐1990s, and its subsequent depreciation. Real investment and speculative financial capital within and into East Asia responded too much to the yen movements. The paper also discusses factors behind large medium‐term movements in the yen–dollar rate.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:bla:intfin:v:1:y:1998:i:2:p:327-338

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