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The Asian Crisis: an Alternative View

Author

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  • Kumar, R.
  • Debroy, B.

Abstract

The paper argues that the macro focus of the literature on the Asian crises is not helpful in understanding the causes of the crises. The actual causes lie deeper in the operation of the real, that is, the corporate sector. In this context, the paper analyzes the micro behavior of individual firms.

Suggested Citation

  • Kumar, R. & Debroy, B., 1999. "The Asian Crisis: an Alternative View," Papers 59, Asian Development Bank.
    • Handle: RePEc:fth:asdbed:59
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    References listed on IDEAS

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    1. Maurice Obstfeld, 1998. "The Global Capital Market: Benefactor or Menace?," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 9-30, Fall.
    2. Mr. Michael Sarel, 1997. "Growth and Productivity in Asean Countries," IMF Working Papers 1997/097, International Monetary Fund.
    3. Morris Goldstein, 1998. "The Asian Financial Crisis," Policy Briefs PB98-1, Peterson Institute for International Economics.
    4. George Soros, 1999. "The International Financial Crisis," Challenge, Taylor & Francis Journals, vol. 42(2), pages 58-76, March.
    5. Stiglitz, Joseph E & Uy, Marilou, 1996. "Financial Markets, Public Policy, and the East Asian Miracle," The World Bank Research Observer, World Bank, vol. 11(2), pages 249-276, August.
    6. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    7. Osama J. A. R. Abu Shair, 1997. "The Role of the State in Development," Palgrave Macmillan Books, in: Privatization and Development, chapter 2, pages 13-34, Palgrave Macmillan.
    8. Ms. Carmen Reinhart & Mr. Mohsin S. Khan, 1995. "Capital Flows in the APEC Region," IMF Occasional Papers 1995/015, International Monetary Fund.
    9. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
    10. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 1-24.
    11. Mr. Howard Lee & Ms. Liliana Rojas-Suárez & Mr. Steven Riess Weisbrod, 1992. "Bank Risk and the Declining Franchise Value of the Banking Systems in the United States and Japan," IMF Working Papers 1992/045, International Monetary Fund.
    12. Susan M. Collins & Barry P. Bosworth, 1996. "Economic Growth in East Asia: Accumulation versus Assimilation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 135-204.
    13. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
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    Citations

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    Cited by:

    1. Ali, Amjad, 2022. "Determining Pakistan's Financial Dependency: The Role of Financial Globalization and Corruption," MPRA Paper 116097, University Library of Munich, Germany.
    2. Kang-Kook Lee & James Crotty, 2001. "Economic Performance in Post-Crisis Korea: A Critical Perspective on Neo-Liberal Restructuring," Working Papers wp23, Political Economy Research Institute, University of Massachusetts at Amherst.
    3. Agustinus, Prasetyantoko & Luhur, Fajar-Marta, 2008. "Indonesia’s Ponzi Economy: Does Financial Crisis Give a Lesson," MPRA Paper 6776, University Library of Munich, Germany.
    4. Prasetyantoko, Agustinus, 2008. "Financing Policies and Firm Vulnerability in Indonesia," MPRA Paper 6533, University Library of Munich, Germany.
    5. Kanai, Michio & Titapiwatanakun, Boonjit, 2000. "Integrated Report of the Project "Effects of Trade Liberalization on Agriculture in Selected Asian Countries with Special Focus on CGPRT Crops"," Working Papers 32713, United Nations Centre for Alleviation of Poverty Through Secondary Crops' Development in Asia and the Pacific (CAPSA).
    6. Auboin, Marc, 2004. "The trade, debt and finance nexus: at the cross-roads of micro- and macroeconomics," WTO Discussion Papers 6, World Trade Organization (WTO), Economic Research and Statistics Division.

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    More about this item

    Keywords

    FINANCIAL CRISIS ; ASIA ; INTERNATIONAL ECONOMY;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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