The Asian Financial Crisis: Causes, Cures, and Systemic Implications (Policy Analyses in International Economics) [Paperback]

Morris Goldstein (Author)

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Review

"A first-rate piece of work...an excellent and comprehensive discussion of why the Asian crisis occurred and what would be the appropriate policy responses." -- Frederic S. Mishkin, A Barton Hepburn Professor of Economics, Graduate School of Business, Columbia University.

From the Back Cover

The turmoil that has rocked Asian foreign exchange and equity markets over the past 10 months and that has spread far afield is the third major currency crisis of the 1990s. Thailand, Indonesia, and South Korea are now expected to suffer deep recessions in 1998 and forecast growth rates in the rest of emerging Asia are either negative or well below their pre-crisis level. In an effort to contain the crisis, almost $120 billion has been pledged in IMF-led official rescue packages.

How could happen to a group of countries that has been so highly regarded in the 1990s by private international capital markets? How can the crisis be overcome and what changes are necessary to prevent it from happening again? Morris Goldstein provides the answers to these questions by first explaining how the Asian financial crisis arose and spread. He traces the crisis through its three interrelated origins: financial-sector weaknesses; external-sector problems; and the contagion that spread from Thailand to other countries. Goldstein then outlines what needs to be done in the ASEAN-4 economies, in Japan and China, and in the design of IMF-led official rescue packages to end the crisis. Goldstein's final remarks offer specific proposals for improving the international financial architecture.

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Product Details

• Paperback: 77 pages
• Publisher: Institute for International Economics (June 1998)
• Language: English
• ISBN-10: 088132261X
• ISBN-13: 978-0881322613
• Product Dimensions: 8.8 x 6 x 0.3 inches
• Shipping Weight: 4.8 ounces
• Average Customer Review: 3.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #669,146 in Books (See Top 100 in Books)

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7 of 15 people found the following review helpful:

3.0 out of 5 stars The essential causes are the systemic crises, May 2, 1999

By A Customer

This review is from: The Asian Financial Crisis: Causes, Cures, and Systemic Implications (Policy Analyses in International Economics) (Paperback)

After reading this book,I don't agree with the opinions of the writer,at least part of them.Through my experience in the Suotheast Asian financial Crises,this cause is only secondary one among numbers of them. Most of the west economic analysers consider that the causes of Asian Financial Crises are Capital Flows.It flew into the vulnerable economic countries and destoried their state economy. But I think that the real causes are rooted in their economic frame system.With rapid economic rate,all Southeast countries didn't care about their domestic economy turn to multi-economic frame. For a long time,Aisan countries depended on export-oriented economic, this made them effcted by the international situation greatly. So,I consider that the Crises' coming is right at its time.This is the accumulation of Asian economic shortcomings.It must come,just for the time. For a assumption: if one country's economic system frame is as well as the West such as USA or the Eurapean countries,how can the Capital flow in and destory its economy? The "Capital Flows"is just an outside reason.The essential causes are the systemic crises.