The Sustainability of Current Account Deficits and Currency Crises in Selected East Asian and Latin American Economies

Hong Kee Kim
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Hong Kee Kim: Hannam University

Korean Economic Review, 2000, vol. 16, 43-57

Abstract: The Asian financial crisis in 1997 embarrassed both economists and policy makers alike. The width and depth of the underlying currency crises were unprecedented. The cause of the these currency crises has yet to be established. The countries that experienced the currency crises all ran large current account deficits, which might suggest that large current account deficits caused the currency crises. However it is neither optimal nor possible to balance the current account deficits in the countries that experienced currency crises were sustainable or not.

Keywords: currency crisis; sustainability of current account deficit; intertemporal budget constraint; cointegration (search for similar items in EconPapers)
JEL-codes: F3 F4 (search for similar items in EconPapers)
Date: 2000
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