Asia's Financial Crisis: Lessons and Policy Responses

Ramon Moreno, Gloria Pasadilla and Eli Remolona

Working Papers from Economisch Institut voor het Midden en Kleinbedrijf-

Abstract: This paper argues that fundamental weaknesses in Asian financial systems that had been masked by rapid growth were at the root of East Asia's 1997 currency and financial crisis. These weaknesses were caused by the lack of incentives for effective risk management created by implicit or explicit government guarantees against failure. The weakness of the financial sector was accentuated by large capital inflows, which were partly encouraged by pegged exchange rates.

Keywords: ASIA; FINANCIAL MARKET; FINANCIAL POLICY (search for similar items in EconPapers)
JEL-codes: G15 (search for similar items in EconPapers)
Pages: 26 pages
Date: 1998
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:fth:midkle:98-02

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