The Asian Financial Crisis

A. S. Bhalla and D. M. Nachane

Chapter 4 in Market or Government Failures?, 2001, pp 65-91 from Palgrave Macmillan

Abstract: Abstract Economic reality has a way of confounding economic oracles and sooth­sayers; and even the traditional circumspection of the ‘on the one hand… on the other’ variety with which economists are prone to cloak their predictions, is often an inadequate defence against the stealthy but inexorable march of events. The most recent and forceful manifestation of the profession’s helplessness in anticipating economic catastrophes is the Asian crisis, which has struck some of the hitherto most rapidly growing economies of the world (see Table 4.1) with a vengeance, which was as harsh as it was unexpected. Neither economists, nor policymakers, nor any from the newly emerging breed of fashionable ‘market analysts’ had even an inkling of the danger looming around the corner. Krugman (1994) is perhaps an exception, but he was hinting at a slowdown in East Asian growth rather than anticipating a crisis, and certainly not on the scale that has actually occurred.

Keywords: Capital Inflow; Asian Economy; Asian Financial Crisis; Real Effective Exchange Rate; Asian Crisis (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1057/9780230629202_4

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