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Bubbles, Monetary Policy and the Asian Currency Crisis

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  • Raul V. Fabella

    (School of Economics, University of the Philippines Diliman)

Abstract

We propose a life cycle of bubbles (from a quiescent stable state to a bubble to its collapse) where the role of monetary management is crucial. We claim that the policy of liberalizing short-term capital and private foreign borrowing (which is a deflationary expansionary monetary policy with stable (pegged exchange rates) combined to precipitate and deepen the Asean bubbles and create unsustainable short- and unhedged forex exposures.

Suggested Citation

  • Raul V. Fabella, 1998. "Bubbles, Monetary Policy and the Asian Currency Crisis," UP School of Economics Discussion Papers 199805, University of the Philippines School of Economics.
    • Handle: RePEc:phs:dpaper:199805
    as

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