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Rethinking vulnerability to currency crises: comments on Athukorala and Warr

McLeod, Ross


This paper re-examines Athukorala and Warr’s ex post investigation of several Asian countries’ vulnerability to balance of payments crises. It argues that their focus on ‘mobile capital’ is flawed in two important aspects. It also questions their ideas about exchange rate ‘overvaluation’, and argues that their case that this is a meaningful indicator of vulnerability is unconvincing. The finding that rapid finance sector growth seems to have been a precursor to crisis is followed up with a...[Show more]

CollectionsANU Research Publications
Date published: 2003
Type: Working/Technical Paper


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