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East Asian currency and financial crises: lessons from vulnerability, crisis and collapse

Corbett, Jennifer; Vines, David


This paper presents an analytical framework for understanding the East Asian crises. We argue that vulnerability was created by the boom and bust incurred under pegged exchange rates, and by liberalisation in the presence of a bank-based financial regime with implicit promises of bail-out. These vulnerabilities were interconnected. Negative shocks precipitated both currency devaluation and financial crisis, and the latter created obligations for the government to bail out the financial sector....[Show more]

CollectionsANU Research Publications
Date published: 1999
Type: Working/Technical Paper


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