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Author : Sweta Chaman Saxena
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.:/5 (318 download)
Download or read book Essays on Exchange Rate Dynamics and Currency Crises in Asia written by Sweta Chaman Saxena and published by . This book was released on 2000 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : R. Rajan
Publisher : Springer
ISBN 13 : 0230234194
Total Pages : 258 pages
Book Rating : 4.2/5 (32 download)
Download or read book Exchange Rates, Currency Crisis and Monetary Cooperation in Asia written by R. Rajan and published by Springer. This book was released on 2009-03-26 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia.
Author : Abdur R. Chowdhury
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.F/5 ( download)
Download or read book The Asian Currency Crisis written by Abdur R. Chowdhury and published by . This book was released on 1999 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: What started in the summer of 1997 as a regional economic and financial crisis in East and Southeast Asia had developed into a global financial crisis within the span of a year. This crisis followed the crisis in the European Monetary System in 1992-3 and the Mexican peso crisis in 1994-5. However, unlike the previous two crises, the scale and depth of the Asian crisis surprised everyone. One obvious reason for this is East and Southeast Asia'strack record of economic success. Since the 1960s, no other group of countries in the world has produced more rapid economic growth or such a dramatic reduction in poverty. Given so many years of sustained economic performance the obvious question is: how could events in Asia unfold as they did?
Author : R. Rajan
Publisher : Palgrave Macmillan
ISBN 13 : 9781349315628
Total Pages : 175 pages
Book Rating : 4.3/5 (156 download)
Download or read book Emerging Asia written by R. Rajan and published by Palgrave Macmillan. This book was released on 2011-01-01 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book on the different aspects of international economic policy covers financial crises, reserve accumulation, capital flows and currency wars as well as issues relating to foreign direct investment and developments in China and India.
Author : Gerald Tan
Publisher : Cavendish Square Publishing
ISBN 13 :
Total Pages : 300 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Asian Currency Crisis written by Gerald Tan and published by Cavendish Square Publishing. This book was released on 2000 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a fascinating account of the financial disaster which overtook Southeast Asia in 1997. The author explains the causes, events, reactions, and effects of the Asian currency crisis. Starting with the crash of the Thai baht, Professor Tan traces the chain of events and details the economic, social and political consequences in the countries involved, plus the responses of the major economic institutions like the World Bank and IMF are described. He also includes a chapter on the Asian economic miracle in the years before the crash, and asks whether that sort of growth is sustainable anyway. The final chapters deal with the lessons to be learned and the possible paths to recovery. This book is essential reading for anyone in the fields of finance, economics, or politics, but it is also interesting and accessible to the lay reader with an interest in world economies.
Author : Dilara Tas
Publisher :
ISBN 13 :
Total Pages : 198 pages
Book Rating : 4.:/5 (437 download)
Download or read book Essays on Exchange Rate Risk, Asset Returns and Trade Flows in East Asian Emerging Market Economies written by Dilara Tas and published by . This book was released on 2008 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the dynamic relationship between stock returns and exchange rates, as well as the effect of time-varying exchange rate risk on Asian financial capital markets and trade flows in the pre- and post-Asian crisis periods. As an introduction to the dissertation, we discuss the East Asian emerging market economies' common features and their economic indicators. We also examine the 1997 crisis period, its potential causes, and effects to the region and the world markets.
Author : Sahminan
Publisher :
ISBN 13 :
Total Pages : 170 pages
Book Rating : 4.:/5 (318 download)
Download or read book Three Essays on the Dynamics of International Finance in Southeast Asia written by Sahminan and published by . This book was released on 2005 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Manuel F. Montes
Publisher :
ISBN 13 :
Total Pages : 140 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Asian Crisis Turns Global written by Manuel F. Montes and published by . This book was released on 1999 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: In August 1998, the Asian currency crisis that had started in mid-1997 metastasized into a global financial crisis with the devaluation of the rouble and a declaration of a Russian Government default on its internal debt. Is this the first wave of such crises the world will see in the future? One common feature among the countries that have fallen victim to the crisis is that they were all "darlings of international finance". Before the financial crisis of 1997, international investors poured money into the stock markets of the East Asian economies, Latin America, Russia, and Eastern Europe. That the crisis afflicted the very countries that depended most heavily on the international economy for their economic growth suggests the importance of the international dimension -- this is the focus of this book. Even though, from the outside, the currency collapses looked similar, the analysis also identifies the important differences in domestic causes as it spread through the different economies.
Author : Sammo Kang
Publisher :
ISBN 13 :
Total Pages : 105 pages
Book Rating : 4.:/5 (248 download)
Download or read book Essays on Real Exchange Rates and Currency Crises written by Sammo Kang and published by . This book was released on 2000 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yun Zheng
Publisher :
ISBN 13 :
Total Pages : 144 pages
Book Rating : 4.:/5 (18 download)
Download or read book Essays on the Impact of the Asian Crisis on Exchange Rates written by Yun Zheng and published by . This book was released on 2008 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Shalendra D. Sharma
Publisher :
ISBN 13 :
Total Pages : 426 pages
Book Rating : 4.3/5 (91 download)
Download or read book The Asian Financial Crisis written by Shalendra D. Sharma and published by . This book was released on 2003 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian financial crisis of 1997-98 shook the foundations of the global economy. What began as a localized currency crisis soon engulfed the entire Asian region. What went wrong and how did the Asian economies, long considered "miracles," respond? How did the United States, Japan and other G-7 countries react to the crisis? What role did the IMF play? Why did China remain conspicuously insulated from the turmoil raging in its midst? What lessons can be learnt from the crisis by other emerging economies? This book provides answers to all the above questions and more. It gives a comprehensive account of how the international economic order operates, examines its strengths and weaknesses, and what needs to be done to fix it.
Author : Kozo Kunimune
Publisher :
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.:/5 (318 download)
Download or read book Overcoming Asia's Currency and Financial Crises written by Kozo Kunimune and published by . This book was released on 2004-03 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kam Hon Chu
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (129 download)
Download or read book Contagion Effects, Informational Effects, and Economic Fundamentals written by Kam Hon Chu and published by . This book was released on 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops an empirical framework to determine if the Asian currency crisis was contagious, and if so, whether the contagion was warranted or unwarranted. By applying a monetary-portfolio model to monthly data for 1991-1998, our results show that short-run variations in exchange rates were largely unexplained by macroeconomic fundamentals. The regime shift in our model suggests that informational effects had a major impact. For example, the collapse of the Thai baht released information for economic agents to reassess the stability of other currencies. Moreover, there were excessive correlations between exchange rates, even after controlling for the influence of fundamentals. All these indicate that the Asian currency crisis was contagious. However, further analysis of the residuals and classification of economies based on cluster analysis together indicate that the Thai baht crisis spread to economies with similar economic conditions. This finding supports the hypothesis of warranted contagion, i.e. the spread of a crisis is not entirely random and dependent on fundamentals.
Author : Juanxiu Liu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (757 download)
Download or read book Exchange Rate Regime and Exchange Rate Performance written by Juanxiu Liu and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is intended to be part of a vigorous debate currently going on in the international community of exchange rate regime, monetary policy and related core issues in East Asian economies. From different angles and aspects, this thesis contributes to the related literature, and provides fresh theoretical arguments and comprehensive study on the exchange rate regime and exchange rate performance in East Asia. This thesis firstly investigates the performance and characteristics of exchange rate regimes in a group of East Asian economies during the 1990s. The determination of local currency, the flexibility of exchange rate regime, as well as the regional coordination of exchange rate management have been thoroughly examined. This thesis then considers the implications of exchange rate regimes on the monetary policy. It examines whether the adoption of new exchange rate regime has affected monetary autonomy, concerning the sensitivity of domestic interest rates to international interest rates under different currency regimes, from the cases of the selected East Asian economies during 1994-2004. One of the aspects of the choices of exchange rate regime is its implications for the magnitude of exchange rate volatility and the transmission of this volatility into other countries in the region. This thesis thus carries out an empirical investigation on the exchange rate volatility and cross-country contagion/spillover effect within foreign exchange markets for a group of East Asian countries in the context of the 1997/98 financial crisis. In addition, this thesis provides an investigation on the measurement of foreign exchange market pressure and currency crisis proneness, as well as examines interrelations between exchange market pressure and monetary policy. The post-crisis interactions among EMP, domestic credit growth, and the interest rate differential between domestic and foreign interest rates, in particular, have been investigated for a representative group of East Asian countries. Finally, this thesis provides further evidence on the relationship between stock prices and exchange rates, from the typical case of Hong Kong, to realise what kind of causality prevailed over the period 1995-2001. Based on the high frequency weekly data, both long-run and short-run dynamics between stock prices and exchange rates in Hong Kong are addressed. Various forms of evidence and empirical techniques are extensively applied and fully evaluated for the specific questions addressed in this research. These practical methodologies include Ordinary Least Square (OLS), Generalised Method of Movements (GMM), Generalised Autoregressive Conditional Heteroskedasticity (GARCH), Exponential GARCH (EGARCH), Vector Autoregressions (VAR) and their Impulse Response Functions (IRF), Unit Root Tests, Cointegration, and Granger Causality Tests. All kinds of data sets and sample periods employed in this research provide an interesting comparison to the existing related studies. The main findings and key ideas drawn from this research have important implications for policy markers on the exchange rate management. The study on specific research topics and the comprehensive and thorough applications of various econometric methodologies provide valuable insight in characteristics and patterns of East Asian foreign exchange markets.
Author : Masahiro Kawai
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (129 download)
Download or read book Implications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia written by Masahiro Kawai and published by . This book was released on 2016 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: More effort should be made to develop a framework for international monetary coordination, not only to maintain stable exchange rates among the U.S. dollar, the Japanese yen, and the euro, but to minimize the risk of currency and financial crises in emerging economies in East Asia and elsewhere.Kawai and Akiyama examine the implications of the East Asian currency crisis for exchange rate arrangements in the region's emerging market economies. They focus on the roles of the U.S. dollar, the Japanese yen, and the euro in the emerging East Asian economies' exchange rate policies. They claim that these economies are particularly susceptible to large exchange rate fluctuations because they have been pursuing financial deregulation, opening markets, and liberalizing capital accounts, and because they face increased risk of sudden capital flow reversals, with attendant instability in their financial system and foreign exchange market.Kawai and Akiyama find that the dollar's role as the dominant anchor currency in East Asia was reduced during the recent currency crisis but has become prominent again since late 1998. It is too early for conclusions, but the economies seem likely to maintain more flexible exchange rate arrangements, at least officially.At the same time, these economies presumably will continue to prefer to maintain exchange rate stability without fixed rate commitments. They are better off choosing a balanced currency basket system in which the yen and the euro play a more important role than before.The ASEAN countries have a special incentive to avoid harmful fluctuations in exchange rates within the region, which could suddenly alter their international price competitiveness and make prospective free trade agreements unsustainable. So they may stabilize their exchange rates against similar currency baskets, to ensure intraregional exchange rate stability.This paper - a product of the Office of the Chief Economist, East Asia and Pacific Region - is part of a larger effort in the region to study financial market development, capital flows, and exchange rate arrangements in East Asia. The authors may be contacted at [email protected] or [email protected].
Author : Masahiro Kawai
Publisher : Edward Elgar Publishing
ISBN 13 : 0857933353
Total Pages : 321 pages
Book Rating : 4.8/5 (579 download)
Download or read book Monetary and Currency Policy Management in Asia written by Masahiro Kawai and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
Author : Paul Krugman
Publisher : University of Chicago Press
ISBN 13 : 0226454649
Total Pages : 367 pages
Book Rating : 4.2/5 (264 download)
Download or read book Currency Crises written by Paul Krugman and published by University of Chicago Press. This book was released on 2007-12-01 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no universally accepted definition of a currency crisis, but most would agree that they all involve one key element: investors fleeing a currency en masse out of fear that it might be devalued, in turn fueling the very devaluation they anticipated. Although such crises—the Latin American debt crisis of the 1980s, the speculations on European currencies in the early 1990s, and the ensuing Mexican, South American, and Asian crises—have played a central role in world affairs and continue to occur at an alarming rate, many questions about their causes and effects remain to be answered. In this wide-ranging volume, some of the best minds in economics focus on the historical and theoretical aspects of currency crises to investigate three fundamental issues: What drives currency crises? How should government behavior be modeled? And what are the actual consequences to the real economy? Reflecting the latest thinking on the subject, this offering from the NBER will serve as a useful basis for further debate on the theory and practice of speculative attacks, as well as a valuable resource as new crises loom.
