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The Asian financial crisis and the role of the IMF: A survey

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  • Elaine Hutson
  • Colm Kearney

Abstract

This paper begins with a commentary on the unfolding of the Asian crisis, and includes summary information on the effect of the crisis on the rate of economic growth and unemployment in the region. A review of current thinking on the causes of the crisis follows. This review evaluates whether the Asian crisis was caused primarily by weaknesses in the affected economies, such as inappropriate exchange rate policies and inadequate financial regulation, or by international market failures. The paper concludes with a critical analysis of the International Monetary Fund's role in the crisis.

Suggested Citation

  • Elaine Hutson & Colm Kearney, 1999. "The Asian financial crisis and the role of the IMF: A survey," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 4(3), pages 393-412.
    • Handle: RePEc:taf:rjapxx:v:4:y:1999:i:3:p:393-412
    DOI: 10.1080/13547869908724690
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    References listed on IDEAS

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    1. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "Paper tigers?: A model of the Asian crisis," European Economic Review, Elsevier, vol. 43(7), pages 1211-1236, June.
    2. Ito, Takatoshi & Ogawa, Eiji & Sasaki, Yuri Nagataki, 1998. "How Did the Dollar Peg Fail in Asia?," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 256-304, December.
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    Cited by:

    1. Thomas D. Willett & Ekniti Nitithanprapas & Isriya Nitithanprapas & Sunil Rongala, 2004. "The Asian Crises Reexamined," Asian Economic Papers, MIT Press, vol. 3(3), pages 32-87.
    2. Behrooz Gharleghi & Asghar Afshar Jahanshahi, 2020. "The way to sustainable development through income equality: The impact of trade liberalisation and financial development," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(4), pages 990-1001, July.

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