By Takatoshi Ito, Anne O. Krueger
The quantity of capital flows among commercial and constructing nations has grown dramatically long ago decade and has develop into an incredible factor in an international that's more and more "globalized." right here Takatoshi Ito and Anne O. Krueger, prime specialists in this subject, have assembled a bunch of students who handle sorts of capital flows—bank lending, bonds, direct overseas investment—and the results they carry for monetary functionality. With its specific specialise in the Asian monetary crises, this paintings provides a brand new version for coverage makers in all places in pondering the function of personal capital flows.
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Extra resources for Regional and Global Capital Flows: Macroeconomic Causes and Consequences (National Bureau of Economic Research East Asia Seminar on Economics)
Eichengreen, Barry, Andrew K. Rose, and Charles Wyplosz. 1996. Contagious currency crises: First tests. Scandinavian Journal of Economics 98 (4): 463–84. Eichengreen, Barry, and Charles Wyplosz. 1993. The unstable EMS. Brookings Papers on Economic Activity, issue no. 1: 51–143. Feldstein, Martin. 1998. Refocusing the IMF. Foreign Aﬀairs 77 (2): 20–33. Fischer, Stanley. 1998. The IMF and the Asian crisis. Forum Funds Lecture, 20 March. Los Angeles: UCLA. Flood, Robert, and Peter Garber. 1984. Collapsing exchange-rate regimes: Some linear examples.
1998. The IMF and the Asian crisis. Forum Funds Lecture, 20 March. Los Angeles: UCLA. Flood, Robert, and Peter Garber. 1984. Collapsing exchange-rate regimes: Some linear examples. Journal of International Economics 17: 1–13. Flood, Robert, and Nancy Marion. 1999. Perspectives on the recent currency crisis literature. International Journal of Finance and Economics 4 (1): 1–26. Goldfajn, Ilan, and Rodrigo O. Valdes. 1997. Capital ﬂows and the twin crises: The role of liquidity. IMF Working Paper no.
For most of the Asian countries in our sample (Korea, Indonesia, Hong Kong, Taiwan, Malaysia, Thailand) there are two available estimates of NPL in 1996: one from the 1997 BIS Annual Report, the other from Jardine Fleming (http://www. com). 8 percent, whereas the latter is based on data from the third quarter of 1997, when nonperforming loans are already reﬂecting the consequences of the currency crises on the ﬁnancial conditions of banks and corporate ﬁrms (for instance, Korean nonperforming loans are estimated to be 16 percent).