Understanding the financial crisis in Asia

Chowdhry, B and Goyal, A (2000) Understanding the financial crisis in Asia. Pacific-Basin Finance Journal, 8 (2). pp. 135-152. ISSN 0927-538X

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The financial crisis of East Asia in 1997 was largely unanticipated and was characterized by sharp falls in asset prices and currency values in several countries simultaneously. Many empirical models have been developed to predict the occurrence of such crisis. However, the out-of-sample performance of these models is disappointing. Most theoretical explanations of the crisis emphasize the role of banking sector and revolve around models of moral hazard or self-fulfilling runs on liquidity. Empirical tests of the models are, however, rare. Much work remains to be done to explain the contagion, and the effects of equity capital flows.

Item Type: Article
Additional Information: The research article was published by the author with the affiliation of UCLA Anderson School
Subjects: Finance
Date Deposited: 03 Aug 2023 20:19
Last Modified: 03 Aug 2023 20:19
URI: https://eprints.exchange.isb.edu/id/eprint/1813

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