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Working Paper
Crisis, contagion, and country funds: effects on East Asia and Latin America
Schmukler, Sergio L.; Frankel, Jeffrey A. (1996)
Spillovers effects, from one country or region to other countries and regions, have attracted renewed attention in the aftermath of the Mexican crisis of December 1994. This paper uses data on closed-end country funds to study how a negative shock in Mexican equities is transmitted to Asia and Latin America, and to particular countries within each region. Country funds allow us to study the transmission to other fund net asset values (NAVs) and prices, which are traded in local stock markets in New York, respectively. The evidence indicates that shocks such as the Mexican crisis produce ...
Pacific Basin Working Paper Series , Paper 96-04

Journal Article
How do currency crises spread?
Rose, Andrew K.; Glick, Reuven (1998)
FRBSF Economic Letter

Journal Article
The impact of the Asia crisis on U.S. industry: an almost-free lunch?
Harrigan, James (2000-09)
Despite predictions to the contrary, the Asia crisis had only modest overall effects on the United States. The expected surge in import volumes did not materialize and the drop in demand for U.S. exports was not enough to slow the nation's robust economy. Nevertheless, these overall effects could have masked other, larger effects in particularly vulnerable U.S. industries. To examine this possibility, the author conducts a sector-level analysis of the turmoil's impact. He concludes that, with the exception of the steel industry, imports from Asia do not compete directly with U.S. products. ...
Economic Policy Review , Issue Sep , Pages 71-81

Working Paper
Capital controls during financial crises: the case of Malaysia and Thailand
Reinhart, Carmen M.; Edison, Hali J. (2000)
This study examines the impact capital controls had in Malaysia (1998-1999) and Thailand (1997). We aim to assess the extent to which the capital controls were effective in delivering the outcomes that motivated their imposition. We conclude that in Thailand the controls did not deliver much of what was intended--although, one does not observe the counterfactual. By contrast, in the case of Malaysia the controls did align closely with the priors of what controls are intended to achieve: greater interest rate and exchange rate stability and more policy autonomy.
International Finance Discussion Papers , Paper 662

Working Paper
Was there a boom in money and credit prior to East Asia's recent currency crisis?
Moreno, Ramon (1998)
This paper assesses the relationship between money and credit and episodes of sharp depreciation in East Asia by (i) examining growth rates of money and credit variables around depreciation episodes; (ii) estimating the impact of money and credit variables on the probability of a share depreciation episode using logit models; (iii) evaluating the signals contained in money and credit variables prior to episodes of sharp currency depreciation. Reserve money grew rapidly prior to the 1997 currency crisis in East Asia. However, signs of a money or credit boom based on other indicators were ...
Pacific Basin Working Paper Series , Paper 98-05

Journal Article
Statement to Congress, January 30, 1998, (recent financial crisis in Asia)
Greenspan, Alan (1998-03)
Federal Reserve Bulletin , Issue Mar

Working Paper
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin
Kasa, Kenneth (1998)
This paper estimates a linearized, stochastic version of Kiyotaki and Moore's (1997) credit cycle model, using land price data from Hong Kong, Japan, and Korea. It is shown that the welfare costs of borrowing constraints are positively related to the persistence of (de-trended) land price fluctuations. When the residual demand curve for land is inelastic and the steady state share of land held by the constrained sector is less than 30 percent, welfare costs are less than 1 percent of GDP in all countries. However, the costs of borrowing constraints rise quickly as the constrained sector ...
Pacific Basin Working Paper Series , Paper 98-04

Conference Paper
Recent crises in post-crisis perspective
Meltzer, Allan H. (1999)
Proceedings , Paper 630

Journal Article
Statement to Congress, March 3, 1998, (global financial system and the current Asian crisis).
Greenspan, Alan (1998-05)
Federal Reserve Bulletin , Issue May

Conference Paper
Risk pricing at financial institution in pre-crisis Thailand: implications for modeling the Thai crisis
Opiela, Timothy P. (2001)
Proceedings , Paper 726

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