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The Asian Crisis: Causes and Consequences

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  • Frederick I. Nixson
  • Bernard Walters

Abstract

This paper reviews the explanations and the consequences of the Asian crisis. Two major competing explanations are identified. These place the roots of the crisis either in the affected economies or within the international capital market. We locate these explanations within alternative paradigms about the effectiveness of market coordination. The consequences of the crisis are discussed in terms of the impact on unemployment and poverty, growth and trade. The role of the International Monetary Fund is also considered and its evaluation is shown to depend on which model of explanation is thought most plausible. A number of concluding comments complete the discussion.

Suggested Citation

  • Frederick I. Nixson & Bernard Walters, 1999. "The Asian Crisis: Causes and Consequences," Manchester School, University of Manchester, vol. 67(5), pages 496-523, September.
    • Handle: RePEc:bla:manchs:v:67:y:1999:i:5:p:496-523
    DOI: 10.1111/1467-9957.00171
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    Cited by:

    1. Katsushi S. Imai & Raghav Gaiha & Ganesh Thapa & Samuel Kobina Annim, 2013. "Financial Crisis In Asia: Its Genesis, Severity And Impact On Poverty And Hunger," Journal of International Development, John Wiley & Sons, Ltd., vol. 25(8), pages 1105-1116, November.
    2. Kirkpatrick, Colin & Tennant, David, 2002. "Responding to Financial Crisis: The Case of Jamaica," World Development, Elsevier, vol. 30(11), pages 1933-1950, November.
    3. Özgür Arslan-Ayaydin & Chris Florackis & Aydin Ozkan, 2014. "Financial flexibility, corporate investment and performance: evidence from financial crises," Review of Quantitative Finance and Accounting, Springer, vol. 42(2), pages 211-250, February.
    4. Mah, Jai S., 2006. "Economic restructuring in post-crisis Korea," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(4), pages 682-690, August.
    5. Jai S. Mah, 2003. "The Restructuring in the Post-Crisis Korean Economy," Working papers 2003-46, University of Connecticut, Department of Economics.

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