By Pierre-Richard Agénor, Marcus Miller, David Vines, Axel Weber
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Additional resources for The Asian Financial Crisis: Causes, Contagion and Consequences (Global Economic Institutions)
In turn, such asset price increases and attendant increases in ﬁnancial wealth can further contribute to a consumption boom – that is, private capital ﬂows can contribute to a consumption boom and macroeconomic overheating indirectly as well. In fact, capital ﬂows have tended to move very much in tandem with domestic macroeconomic cycles – particularly in Indonesia, Korea and Malaysia. 5). 23 Notes: a Correlation coeﬃcient between private capital ﬂows and changes in excess demand pressures 1990–6.
In addition, there was some deterioration in economic fundamentals during 1995–6, in particular, widening current account deﬁcits and slowdowns in productivity and export growth, although this started from strong initial conditions. Nonetheless, these trends may have led to growing perceptions among investors about a misalignment of exchange rates, in particular in Thailand, where the export slowdown in 1996 was very sharp and protracted. 2 Increasing banking fragility Financial liberalisation, through decreasing reserve requirements, resulting increases in ﬁnancial savings and surges in foreign capital inﬂows, led throughout East Asia to increases in monetary aggregates.
Oﬀset coeﬃcients were calculated for Indonesia and Thailand, using the approach of Cumby and Obstfeld (1981).
The Asian Financial Crisis: Causes, Contagion and Consequences (Global Economic Institutions) by Pierre-Richard Agénor, Marcus Miller, David Vines, Axel Weber