Economic turmoil in Asia: a reinterpretation
By: Sen, Sunanda.
Material type:
ArticlePublisher: 1999Description: p.2071-080.Subject(s): Economic recession
In:
Economic and Political WeeklySummary: Most analyses of the recent south-east Asian crisis focus on non-performing fundamentals or on self-fulfilling panics in the financial sector. This article traces the crisis to real sector deceleration, which was apparent a year before the crisis; and to the built-in instabilities in the deregulated financial system. As credit flows continued in spite of real sector slow-down, the system became vulnerable to sudden collapse in asset prices. Corrective measures by monetary authorities failed in deregulated financial markets. - Reproduced
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Articles
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Indian Institute of Public Administration | Volume no: 34, Issue no: 30 | Available | AR42181 |
Most analyses of the recent south-east Asian crisis focus on non-performing fundamentals or on self-fulfilling panics in the financial sector. This article traces the crisis to real sector deceleration, which was apparent a year before the crisis; and to the built-in instabilities in the deregulated financial system. As credit flows continued in spite of real sector slow-down, the system became vulnerable to sudden collapse in asset prices. Corrective measures by monetary authorities failed in deregulated financial markets. - Reproduced
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