Академический Документы
Профессиональный Документы
Культура Документы
• These inflows
equivalent 1990-1996
– Korea: 2.5% of GDP
– Thailand: 10%
– Indonesia: 3.5%
La rge capi tal inf lo ws
Period average
Source: International Financial Statistics ( IMF)
Although the moral hazard/asset bubble view is not the full story
of the cause of the crises, it is surely a leading contender as a
primary cause.
How do w e res ol ve baf fling nat ure
of the AFC :
The problem was off the government balance sheet. The fact that
government guarantees of the financial institutions was at best
implicit, made these liabilities invisible until after the fact. Even
the implicit guarantees of the US S&Ls in the 1980s was not a
visible government liability until they actually failed.
The boom and bust cycles of the asset market preceded the
currency crisis because the financial crisis was the real cause of
the whole process with currency fluctuations a result rather than a
cause of the AFC.