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Capital Flows in Asia

Takatoshi Ito ()

No 7134, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper characterizes the capital flows in Asia before and after the Asian currency crisis of 1997. Differences in foreign direct investment, portfolio investment, and bank lending are emphasized. There are common factors and idiosyncratic factors to the role of capital flows in the currency crises in different countries, especially Thailand, Indonesia, and Korea where IMF programs were needed. Some lessons from the currency crises are also drawn. Some representative models that explain a currency crisis are suggested, and lessons are very different depending on models that are believed to be applicable.

Date: 1999-05
New Economics Papers: this item is included in nep-ifn and nep-pke
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Published as Capital Flows in Asia , Takatoshi Ito. in Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies , Edwards. 2000

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