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The East Asian Economic Crisis: A Japanese Perspective

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  • Kazuo Ueda

Abstract

This paper argues that, apart from exchange‐rate aspects, the East Asian economic crisis has looked very similar to a domestic banking crisis arising from boom and bust cycles in bank lending and capital investment. One of the key determinants of the boom‐bust cycle in East Asia was the sharp appreciation of the yen against the dollar between the mid‐1980s and the mid‐1990s, and its subsequent depreciation. Real investment and speculative financial capital within and into East Asia responded too much to the yen movements. The paper also discusses factors behind large medium‐term movements in the yen–dollar rate.

Suggested Citation

  • Kazuo Ueda, 1998. "The East Asian Economic Crisis: A Japanese Perspective," International Finance, Wiley Blackwell, vol. 1(2), pages 327-338, December.
    • Handle: RePEc:bla:intfin:v:1:y:1998:i:2:p:327-338
    DOI: 10.1111/1468-2362.00015
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    Cited by:

    1. Kang, Sammo & Kim, Soyoung & Wang, Yunjong & Yoon, Deok Ryong, 2003. "Exchange Rate and Output Dynamics Between Japan and Korea," Discussion Paper Series 26297, Hamburg Institute of International Economics.
    2. Yung Chul Park & Yunjong Wang, 2002. "What Kind of International Financial Architecture for an Integrated World Economy?," Asian Economic Papers, MIT Press, vol. 1(1), pages 91-128.
    3. Yung Chul PARK & Yunjong WANG, 2001. "Reform Of The International Financial System And Institutions In Light Of The Asian Financial Crisis," G-24 Discussion Papers 12, United Nations Conference on Trade and Development.

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