By Pierre-Richard Agénor, Marcus Miller, David Vines, Axel Weber

ISBN-10: 0521770807

ISBN-13: 9780521770804

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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).

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The Asian Financial Crisis: Causes, Contagion and Consequences (Global Economic Institutions) by Pierre-Richard Agénor, Marcus Miller, David Vines, Axel Weber


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