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Is East Asia Safe from Financial Crises?

Charles Wyplosz ()

No 02-2007, IHEID Working Papers from Economics Section, The Graduate Institute of International Studies

Abstract: This paper looks at the measures taken by East Asian countries since the 1997-8 crisis to reduce the odds of a new crisis. It finds that odds are low, but far from zero. Much progress has been done to deal with the vulnerabilities that have been identified so far, but some remain. The massive accumulation of foreign exchange reserves is raising the threshold at which markets would trigger speculative attacks, but the threshold is still well within reach of international markets. Efforts at building a regional defense system are slow and unlikely to come to fruition in the near future.

Keywords: International Economics; Exchange Rates; Currency rises; Foreign exchange reserves (search for similar items in EconPapers)
JEL-codes: F33 F36 (search for similar items in EconPapers)
Pages: 28
Date: 2007-01
New Economics Papers: this item is included in nep-ifn and nep-sea
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Forthcoming in: B. Eichengreen, Y.C.Park and C. Wyplosz (eds) , China, Asia and the World Economy: New Powers, New Problems, Oxford University Press.

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