A country's financial system is internationally illiquid if its potential short term obligations in foreign currency exceed the amount of foreign currency it can have access to in short notice. This condition may be crucial for the existence of financial crises and/or exchange rate collapses (Chang and Velasco 1998a, b). In this paper we argue that the 1997-98 crises in Asia were in fact a consequence of international illiquidity. This follows from an analysis of empirical indicators of illiquidity as well as other macroeconomic statistics. We trace the emergence of illiquidity to financial liberalization, the shortening of the foreign debt structure, and the currency denomination of assets versus liabilities. We explain how financial crise...
Before the currency crisis of 1997-1998, East Asian financial intermediaries borrowed heavily in int...
Stability of an exchange rate can be achieved through a variety of currency policy regimes. While a ...
Before the currency crisis of 1997-1998, East Asian financial intermediaries borrowed heavily in int...
This paper presents an analytical framework for understanding the East Asian crises. We argue that v...
The study deals with the Asian currency crises, in which the causes and consequences of the crisis a...
The study deals with the Asian currency crises, in which the causes and consequences of the crisis a...
The East Asian crisis highlights the importance of liquidity for smooth functioning of the banking s...
The East Asian crisis highlights the importance of liquidity for smooth functioning of the banking s...
The East Asian crisis highlights the importance of liquidity for smooth functioning of the banking s...
The book deals with the 1997 Asian currency crisis and analyses the causes and consequences of the c...
What started in the summer of 1997 as a regional economic and financial crisis in East and Southeast...
Before the currency crisis of 1997-1998, East Asian financial intermediaries borrowed heavily in int...
The next section will examine two cases of true currency crisis. I argue that currency crises need n...
This paper argues that a principal cause of the 1997 Asian currency crisis was large prospective def...
This paper argues that a principal cause of the 1997 Asian currency crisis was large prospective def...
Before the currency crisis of 1997-1998, East Asian financial intermediaries borrowed heavily in int...
Stability of an exchange rate can be achieved through a variety of currency policy regimes. While a ...
Before the currency crisis of 1997-1998, East Asian financial intermediaries borrowed heavily in int...
This paper presents an analytical framework for understanding the East Asian crises. We argue that v...
The study deals with the Asian currency crises, in which the causes and consequences of the crisis a...
The study deals with the Asian currency crises, in which the causes and consequences of the crisis a...
The East Asian crisis highlights the importance of liquidity for smooth functioning of the banking s...
The East Asian crisis highlights the importance of liquidity for smooth functioning of the banking s...
The East Asian crisis highlights the importance of liquidity for smooth functioning of the banking s...
The book deals with the 1997 Asian currency crisis and analyses the causes and consequences of the c...
What started in the summer of 1997 as a regional economic and financial crisis in East and Southeast...
Before the currency crisis of 1997-1998, East Asian financial intermediaries borrowed heavily in int...
The next section will examine two cases of true currency crisis. I argue that currency crises need n...
This paper argues that a principal cause of the 1997 Asian currency crisis was large prospective def...
This paper argues that a principal cause of the 1997 Asian currency crisis was large prospective def...
Before the currency crisis of 1997-1998, East Asian financial intermediaries borrowed heavily in int...
Stability of an exchange rate can be achieved through a variety of currency policy regimes. While a ...
Before the currency crisis of 1997-1998, East Asian financial intermediaries borrowed heavily in int...