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The Asian Liquidity Crisis

A. Velasco and Roberto Chang ()

Working Papers from C.V. Starr Center for Applied Economics, New York University

Abstract: A country's financial system is internationally illiquid if its potential short term obligations in foreign currency exceed the amount of foreign currency it can have access to in short notice. This condition may be crucial for the existence of financial crises and/or exchange rate collapses (Chang and Velasc 1998a, b). In this paper we argue that the 1997-98 crises in Asia were in fact a consequence of international illiquidity.

Keywords: LIQUIDITY; BANKS; CURRENCIES; MONETARY CRISIS (search for similar items in EconPapers)
JEL-codes: E5 F3 G2 (search for similar items in EconPapers)
Pages: 59 pages
Date: 1998
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