Search Results
Showing results 1 to 10 of approximately 75.
(refine search)
Journal Article
The credit risk-contingency system of an Asian development bank
This article offers a new method for the evaluation of financial institutions, one that combines socioeconomic survey data with appropriate accounting standards. A government-operated development bank in Thailand is found to be offering a risk-contingency or insurance system while being regulated as a more standard, loan-generating bank. Farmer clients experiencing adverse shocks receive indemnities that improve their well-being. With proper provisioning and accounts, that welfare gain could be weighed against premia or government subsidies.
Journal Article
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin
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 (detrended) 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 GDP in all countries. However, the strained sector becomes more important and as the elasticity of ...
Newsletter
Analysis of financial crisis in Asia
Journal Article
Paper tigers? How the Asian economies lost their bite
Until mid-1997, the tigers of Southeast Asia were the envy of the economic kingdom. So what happened? It's not a simple "tail" to tell.
Speech
The Asian financial crisis ten years later: assessing the past and looking to the future
Speech to the Asia Society of Southern California, Los Angeles, California, February 6, 2007
Journal Article
The Asian crisis' effect on Latin America
Journal Article
Understanding recent crises in emerging markets
The world economy is going through a difficult and dangerous period. The recent Brazilian currency meltdown is one more in a series of events that includes the Asian crises of 1997-98 and the Mexican crash in 1994, and there is uncertainty about whether other emerging economies will be infected with the Brazilian virus. ; Dealing with crises in emerging economies is, therefore, an urgent matter. However, what to do about these crises is a source of heated debate. According to the author of this article, much of the confusion arises from the fact that accumulated knowledge about crises in ...
Journal Article
Could we have learned from the Asian financial crisis of 1997–98?
Economists drew a number of lessons from the Asian financial crisis of 1997?98 for preventing such episodes or mitigating their effects. Some of those are similar to lessons drawn from the global financial crisis of 2007?09. But differences in economic development and sophistication of the financial systems of East Asian countries compared with those of the United States and Western Europe made it difficult to apply the lessons of the earlier crisis.