Increasing capital inflows and sustained interest rate spreads were important features in East Asia prior to the crisis of 1997-98. But why did capital inflows fail to eliminate interest rate differentials? Why were inflows associated with rising domestic interest rates that then perpetuated the...

The 1990s have witnessed three broad periods of severe turbulence in international financial markets. The turmoil in Brazil, East Asia (Indonesia, Malaysia, South Korea, Thailand and the Philippines) and Russia in 1997-99 was preceded by the Mexican-Tequila crisis in 1994-95 and the virtual...

To what extent and within what time frame did countries in East Asia recover from the 1997-98 crisis, and, if there has been a recovery, can it be sustained? Drawing on the available evidence, this paper attempts to answer these questions. By implication, however, it also has something to say...

To what extent and within what time frame did countries in East Asia recover from the 1997-98 crisis, and, if there has been a recovery, can it be sustained? Drawing on the available evidence, this paper attempts to answer these questions. By implication, however, it also has something to say...

Given its potentially global significance and the attention that there tends to be towards things that go wrong, it is hardly surprising that most of the literature dealing with economic events in East Asia during recent years has concentrated on the crisis period of 1997 and 1998. This work has...