The Performance of East Asian Economies and Financial Markets since the 1997 Financial Crisis

Chunchi Wu (), Chun-nan Chen and Yan He
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Chunchi Wu: Syracuse University, USA
Chun-nan Chen: National Cheng Kung University, Taiwan, R.O.C
Yan He: San Francisco State University, USA

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2003, vol. 06, issue 02, 113-140

Abstract: This paper documents the economic and financial recovery of East Asia based on its real GDP, export, currency value and stock performance since the 1997 financial crisis. A macroeconomic model is used to estimate the chain effect of international trade on Asian recovery. It is found that the U.S. economy had a significant impact on the recovery of this region through close international trade relationship. Two major factors appear to explain the recent rapid recovery: (1) strong U.S. economic growth and currency value, and (2) the current account surplus and net inflow in foreign direct investment of crisis-hit countries.

Keywords: Asian financial crisis; contagion; recovery (search for similar items in EconPapers)
JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (2)

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DOI: 10.1142/S021909150300102X

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