KOKUSAI KEIZAI
Online ISSN : 1884-4359
Print ISSN : 0387-3943
ISSN-L : 0387-3943
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Volume 2008, Issue 59
Displaying 1-7 of 7 articles from this issue
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  • Asian Financial Crisis and the IMF
    Hirohisa Kohama
    2008 Volume 2008 Issue 59 Pages 5-29
    Published: October 20, 2008
    Released on J-STAGE: July 06, 2012
    DOIhttps://doi.org/10.5652/kokusaikeizai.2008.59_5
    JOURNAL FREE ACCESS
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    We, economists, must derive lessons from history. What are the lessons of the Asian financial crisis and its contagion for the future crises? I am expecting the different type of crises in the future. Economists of academics, international organizations like IMF, and research institutions are capable to understand and analyze the past experiences. But they have made mistakes. Managing Director of the IMF called the Asian financial crisis in the late 1990s a “21st century type crisis.” But IMF conditionality for Thailand was based on the old-fashioned Washington Consensus. Economists should be flexible for the future crises.
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  • [title in Japanese]
    [in Japanese]
    2008 Volume 2008 Issue 59 Pages 30-32
    Published: October 20, 2008
    Released on J-STAGE: July 06, 2012
    DOIhttps://doi.org/10.5652/kokusaikeizai.2008.59_30
    JOURNAL FREE ACCESS
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  • Regional Monetary Cooperation in East Asia
    Eiji Ogawa
    2008 Volume 2008 Issue 59 Pages 33-56
    Published: October 20, 2008
    Released on J-STAGE: July 06, 2012
    DOIhttps://doi.org/10.5652/kokusaikeizai.2008.59_33
    JOURNAL FREE ACCESS
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    This paper focuses on the regional monetary cooperation in East Asia for both management and prevention of currency crisis to investigate how the regional monetary cooperation has been developing since the Asian Currency Crisis in 1997 and what kind of problems are left for East Asian countries. It is pointed out that the Chiang Mai Initiative has not yet enough effective functions of the surveillance process for currency crisis prevention. Surveillance over exchange rates is necessary in order that the Chiang Mai Initiative should be more effective for currency crisis prevention. A regional currency unit is explained for the effective surveillance.
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  • [title in Japanese]
    [in Japanese]
    2008 Volume 2008 Issue 59 Pages 57-58
    Published: October 20, 2008
    Released on J-STAGE: July 06, 2012
    DOIhttps://doi.org/10.5652/kokusaikeizai.2008.59_57
    JOURNAL FREE ACCESS
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  • Asian Currency Crisis and Poverty
    A Survey
    Yasuyuki Sawada
    2008 Volume 2008 Issue 59 Pages 59-72
    Published: October 20, 2008
    Released on J-STAGE: July 06, 2012
    DOIhttps://doi.org/10.5652/kokusaikeizai.2008.59_59
    JOURNAL FREE ACCESS
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    We review the existing studies that examined how the Asian Financial Crisis in 1997 affected household poverty. While the poor in rural areas are insulated from the shocks created by the crisis, their risk coping abilities are limited. On the other hand, the rich in urban areas are affected by the crisis but they can diversify the negative impact using a wide variety of risk coping devices. Hence, overall impacts of the currency crisis on poverty are not necessary clear because such impacts depend on the relative magnitudes of the shocks from the crisis and the effectiveness of risk coping.
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  • [title in Japanese]
    [in Japanese]
    2008 Volume 2008 Issue 59 Pages 73-75
    Published: October 20, 2008
    Released on J-STAGE: July 06, 2012
    DOIhttps://doi.org/10.5652/kokusaikeizai.2008.59_73
    JOURNAL FREE ACCESS
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  • Foreign Capital Inflow and Twin Crises
    Satoko Okuyama
    2008 Volume 2008 Issue 59 Pages 76-94
    Published: October 20, 2008
    Released on J-STAGE: July 06, 2012
    DOIhttps://doi.org/10.5652/kokusaikeizai.2008.59_76
    JOURNAL FREE ACCESS
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    This paper employs a model to explain how short-term foreign capital flows caused the Asian currency crises of 1997 to develop rapidly into severe banking crises in several countries. During the Asian Crisis, the common pattern in different countries was that the outflow of foreign-currency denominated deposits coincided with a sharp depreciation of the domestic currency. Huge payouts for withdrawn foreign deposits soon produced a liquidity crisis for the banking sector. The model presented in this paper shows that if banks experience a sharp increase in short-term, foreign-currency denominated debt, then both the financial system and the value of the domestic currency become extremely fragile.
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