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The Asian financial crisis of 1997-98 was one of the most dramatic economic events of recent times, which raised many questions regarding the appropriate policy response to financial crises. This paper reviews the experience of this crisis, focusing on the overall strategy of crisis management...
Persistent link: https://www.econbiz.de/10005263845
This paper assesses financial integration in Asia in terms of risk-sharing benefit versus financial-contagion cost. We … discount factors. Risk sharing is low in Asia, and varies across time and countries, whereas contagion risks are more … differentials. Asia, therefore, can potentially enhance risk sharing without raising contagion risk. …
Persistent link: https://www.econbiz.de/10009369441
The unprecedented rise in nonperforming assets during the recent Asian financial crisis severely tested the limit and capacity of the existing asset management infrastructure, leading policymakers to consider new approaches to resolve them. This paper examines two such approaches—the creation...
Persistent link: https://www.econbiz.de/10005826132
This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six Asian countries into permanent and transitory components. While growth recovered fairly quickly...
Persistent link: https://www.econbiz.de/10005604941
The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic …
Persistent link: https://www.econbiz.de/10011142140
This Selected Issues paper reviews the extent to which growth in Ethiopia has translated into higher living standards. A key feature of the economic strategy has been an explicit commitment to poverty reduction and structural transformation. This is underpinned by the vision of a...
Persistent link: https://www.econbiz.de/10011244172
Economic adjustment and reform programs, including those supported by international financial institutions (IFIs), must cope with informational asymmetries and special interest politics. This presents a particularly serious issue when IFIs make structural economic reforms a condition for...
Persistent link: https://www.econbiz.de/10005768733
International financial assistance (loans and grants) can potentially raise recipients' welfare in two ways, by affecting a direct resource transfer and by facilitating efficiency-enhancing reforms. In practice, barriers to reform limit the potential of assistance to deliver these two dividends....
Persistent link: https://www.econbiz.de/10005769075
This paper assesses the implementation of IMF-supported programs using measures of program interruptions, compliance with conditionality, and the share of committed funds disbursed. The econometric model allows an evaluation of the importance for program implementation of political conditions in...
Persistent link: https://www.econbiz.de/10005605139
This Summary Report describes Afghanistan's Interim National Development Strategy (I-ANDS). It assesses the overall policy objectives, analyzes the context of and constraints to the achievement of those objectives, summarizes the government's key strategies and programs, and also reviews...
Persistent link: https://www.econbiz.de/10011242459