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Journal articles on the topic '1997 Asian financial crisis'

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Published: 4 June 2021

Last updated: 1 February 2022

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1

Raz, Arisyi F., Tamarind P. K. Indra, Dea K. Artikasih, and Syalinda Citra. "GLOBAL FINANCIAL CRISES AND ECONOMIC GROWTH : EVIDENCE FROM EAST ASIAN ECONOMIES." Buletin Ekonomi Moneter dan Perbankan 15, no. 2 (December 27, 2012): 35–54. http://dx.doi.org/10.21098/bemp.v15i2.420.

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As economies become more integrated in the midst of globalization, financial crisis that occurs in one country can easily transmit to other countries, becoming global financial catastrophe in a short period of time. In such event, strong economic fundamentals are particularly important to defend a country from the contagious effect of the crisis. As evidence, due to the fragile economic fundamentals and lacking government credibility, East Asian economies were easily attacked by the crisis in 1997 once the sentiment deteriorated. Nevertheless, the region had learned its lessons in 1997 thereby proofing its resilience in facing the global financial crisis that struck in 2008 by improving its economic fundamentals as well as policymakers’ credibility. This paper starts with theories on economic growth and financial crisis. Further, it empirically examines to what extent the financial crises in 1997 and 2008 affect East Asian economies by using panel data econometrics. The evidence shows that, even though both crises have contributed adverse impacts on East Asian economies, the magnitude of the 2008 crisis was relatively less severe than that in 1997. Finally, this study also provides further discussions regarding how East Asian economies had successfully minimized the impact of the global crisis in 2008. Keywords: Global Financial Crises; East Asian Economies; Economic Growth;Financial Market; Random and Fixed EffectsJEL Classification: C330, E440, G010

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2

Robiyanto, Robiyanto. "Capital Market Integration In Some Asean Countries Revisited." Jurnal Manajemen 22, no. 2 (September 5, 2018): 205. http://dx.doi.org/10.24912/jm.v22i2.359.

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Financial market integration in Southern Asia especially in ASEAN main member countries still attractive to scrunitized. Most of these countries were devastated during severe regional financial crisis in 1997 but global financial crisis in 2008 have different impact toward these countries. The finding shows that comovement were exist among Indonesia, Malaysia, Singapore and Thailand’s capital market during January 1997 to December 2013 period. Comovement still exist during post Asian financial Crisis 1997 and post global financial crisis 2008 period. This study conclude also that degree of integration between some ASEAN capital markets have fading out after global financial crisis in 2008. Hence, investor could formulate a portfolio which consist of stocks across ASEAN capital markets.

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3

Tambunan, Tulus Tahi Hamonangan. "Long-term Economic Development and Employment Changes: The Indonesian Experience." Social Change 47, no. 4 (November 21, 2017): 493–508. http://dx.doi.org/10.1177/0049085717730267.

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This article assesses Indonesia’s long experience with economic development from 1990 up to 2014–2015. It examines economic growth and employment changes in three sub-periods: the high economic growth period 1990–1996; the Asian financial crisis and recovery period 1997–2007 and the global economic crisis from 2008 to the present. In this periodisation, the crisis years and their impact on employment experienced by Indonesia from 1990 to 2014–2015 will be visible. Additionally, it also examines changes in employment dualism, that is, formal vs. informal employment as well as changes in labour productivity during this extended time. This article shows that Indonesia’s economy performed exceptionally well after the 1997–1998 Asian financial crisis on the back of a continued prudent macroeconomic framework and solid policy reforms. Employment continued to increase and poverty continued to show a declining trend.

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4

Grimes, William W. "East Asian Financial Regionalism in Support of the Global Financial Architecture? The Political Economy of Regional Nesting." Journal of East Asian Studies 6, no. 3 (December 2006): 353–80. http://dx.doi.org/10.1017/s1598240800004628.

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East Asian financial regionalism has advanced significantly since the rejection of Japan's Asian Monetary Fund proposal in 1997. Key ASEAN+3 initiatives include the Chiang Mai Initiative, which is designed to provide emergency liquidity to economies experiencing currency crisis, and the Asian Bond Market Initiative, which seeks to develop regional bond markets. Surprisingly, these initiatives—despite the assertive “regionalist” rhetoric that has surrounded them and their intellectual origins in the analysis of the 1997–1998 Asian financial crisis—are explicitly designed to complement existing features of the global financial architecture, including IMF conditionality and global financial standards. The nesting of East Asian financial regionalism within the global financial architecture results from the political-economic interests of the leading economies of the region. In the absence of a major change in the political-economic environment, nesting is a stable equilibrium and is unlikely to change.

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5

Wu, Rong-I. "Taiwan's Role in the Asian Financial Crisis." Review of Pacific Basin Financial Markets and Policies 01, no. 04 (December 1998): 529–44. http://dx.doi.org/10.1142/s0219091598000314.

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The depth of the 1997 Asian financial crisis has taken the world by surprise. Almost all major East Asian economies had experienced significant falls both in currency and share price. Some countries have been left with tremendous economic difficulties after their currencies were severely battered. Taiwan has emerged from the crisis as a stabilizing force in the region with its economy comparatively unscathed. This paper discusses the performance of Taiwan's economy throughout the crisis by looking at several factors underlying the financial turmoil. Meanwhile, it gives evidence to support the devaluation of the New Taiwan dollar as of October 1997.

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6

Maroney, Neal, Atsuyuki Naka, and Theresia Wansi. "Changing Risk, Return, and Leverage: The 1997 Asian Financial Crisis." Journal of Financial and Quantitative Analysis 39, no. 1 (March 2004): 143–66. http://dx.doi.org/10.1017/s0022109000003926.

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AbstractThis paper explores risk and return relations in six Asian equity markets affected by the 1997 Asian financial crisis. After the start of the crisis, national equity betas increased and average returns fell substantially. Beta increases due to leverage linked to exchange rates. The increase in expected return needed to accompany this rise in beta is made possible through the creation of capital losses that lower average returns. We propose a new probability-based asset pricing model that captures leverage effects using valuation ratios. Results show the role of leverage in explaining the likelihood of the financial crises. Crosssectional evidence supports time-series findings.

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7

Cheng, Hwahsin, and John L. Glascock. "Stock Market Linkages Before and After the Asian Financial Crisis: Evidence from Three Greater China Economic Area Stock Markets and the US." Review of Pacific Basin Financial Markets and Policies 09, no. 02 (June 2006): 297–315. http://dx.doi.org/10.1142/s0219091506000732.

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We investigate the stock market linkages between the United States and three Greater China Economic Area stock markets — China, Hong Kong, and Taiwan, before and after the 1997 Asian financial crisis. Daily stock market indices from January 1995 to December 2000 are used for the analysis. Results from Granger causality test indicate increased feedback relationships between the markets in the post-crisis period. We also find, from the principal component analysis, fewer common factors affecting stock returns after the crisis, suggesting more harmonious market co-movements after the financial crisis. Additionally, results from a variance decomposition analysis suggest that stock markets are more responsive to foreign shocks after the crisis. This further strengthens the evidence that stock markets become more interrelated after the 1997 Asian financial crisis.

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8

TNG, BOON HWA, KIAN TENG KWEK, and ANDREW SHENG. "FINANCIAL STRESS IN ASEAN-5 ECONOMIES FROM THE ASIAN CRISIS TO THE GLOBAL CRISIS." Singapore Economic Review 57, no. 02 (June 2012): 1250013. http://dx.doi.org/10.1142/s0217590812500130.

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We construct four market-specific Financial Stress Indices (FSIs) and overall FSIs for the ASEAN-5 economies from 1997 to 2009. Using the FSIs, we establish stylized features of financial stress and characterize the connectivity of financial markets. The results show that stress was most severe during the Asian Crisis, followed by the Tech Burst and the recent Global Crisis. Principal component analysis (PCA) demonstrates that regional connectivity is strongest in equity markets, implying their predominant role in the transmission of stress within the region. Meanwhile, Singapore possesses the lowest connectivity within the ASEAN cluster, but the highest to international markets.

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9

Deesomsak, Rataporn, Krishna Paudyal, and Gioia Pescetto. "Debt maturity structure and the 1997 Asian financial crisis." Journal of Multinational Financial Management 19, no. 1 (February 2009): 26–42. http://dx.doi.org/10.1016/j.mulfin.2008.03.001.

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10

Pan, Ming-Shiun, Kam C. Chan, and David J. Wright. "DIVERGENT EXPECTATIONS AND THE ASIAN FINANCIAL CRISIS OF 1997." Journal of Financial Research 24, no. 2 (June 2001): 219–38. http://dx.doi.org/10.1111/j.1475-6803.2001.tb00766.x.

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11

Dholakia, Bakul H. "Financial Crisis in East Asia: A Macroeconomic Perspective." Vikalpa: The Journal for Decision Makers 23, no. 4 (October 1998): 35–50. http://dx.doi.org/10.1177/0256090919980405.

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The East Asian crisis occurred despite highly impressive macroeconomic performance and prudent fiscal policies pursued by the severely affected countries which enjoyed excellent international credit rating till June 1997. The crisis came as a rude shock to the international financial community and the policy-makers on account of its unprecedented magnitude and global impact. In this paper, Bakul Dholakia argues that the crisis resulted from a strong combination of mutually reinforcing factors such as appreciation of real exchange rates, high levels of current account deficit, extremely high growth of short-term external debt⁄ and highly fragile financial sector. According to Dholakia⁄ the overall impact of East Asian financial crisis on the Indian economy can be described as moderate. The slow-down of India's industrial growth and exports and fall in the stock market since the last quarter of 1997 can be attributed more to the climate of political uncertainty than the East Asian crisis. Given the favourable macroeconomic fundamentals⁄ Indian economy currently does not face any threat arising from the Asian virus.

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12

Boulter, Terry, and Vanlapa Wongchan. "Thai Hedging Practices Post-Asian Financial Crisis." Review of Pacific Basin Financial Markets and Policies 16, no. 01 (March 2013): 1350003. http://dx.doi.org/10.1142/s0219091513500033.

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This paper provides survey evidence captured from a sample of 113 respondents to a 2008 questionnaire sent to 344 companies in Thailand. The study examines Thai hedging practices following the Asian Financial Crisis of 1997. Thai companies, like their international counterparts, rely predominantly on matching and forward contracts to hedge transaction exposure. Thai companies, however, appear to be less rigorous when it comes to internal control and supervision of derivative activity. It is recommended that Thai companies improve their risk management practices by putting into place a documented hedging policy, which includes a requirement that senior staff be actively engaged in the risk management activities of the firm.

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13

Argamaya, Argamaya. "EXCHANGE RATE ECONOMICS AND MACROECONOMIC FUNDAMENTALS." Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan 8, no. 1 (June 1, 2007): 15. http://dx.doi.org/10.23917/jep.v8i1.3934.

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Financial crises have a long history. Recently, several international crises emerged: the Mexican and Argentina currency and debt crisis of 1973-1982 and 1978-1981 respectively, the exchange rate crises following the abandonment of the European Exchange Rate Mechanism in 1992, the Tequila Effect resulting from the Mexican peso devaluation in 1992, the Asian Flu of 1997 resulting after Thailand's devaluation and the Russian Cold which arose from the collapse of the rubble in 1998. These episodes of international financial turmoil attracted worldwide attention; causes, impact and policy implications have been studied extensively.

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14

Tambunan, Tulus. "MSMEs IN TIMES OF CRISIS. EVIDENCE FROM INDONESIA." Journal of Developing Economies 5, no. 2 (December 2, 2020): 91. http://dx.doi.org/10.20473/jde.v5i2.20848.

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This descriptive study is about micro, small and medium enterprises (MSMEs) in Indonesia. It has two objectives: (i) to estimate the impact of the Covid 19 crisis on MSMEs and compares it with other previous problems. Second, to explore crisis mitigation (CM) measures adopted by affected MSMEs. It shows that different types of crises have different transmission channels through which such situations affected MSMEs. CM measures adopted by affected MSMEs also vary by different types of emergencies and hence various business risks. In the 1997/98 crisis, replacing imported raw materials with local raw materials was widely adopted. The 2008/09 problem was finding new customers or markets in unaffected countries or switching to the domestic market. While in the case of the Covid-19 crisis, switching temporarily to manufacturing medical devices such as masks and changing the marketing system from conventional to e-commerce are the most widely adopted strategies. There is already a lot of literature on economic crises such as the 1997/98 Asian financial crisis and the 2008 global economic crisis. The Covid 19 pandemic's reports and articles impact on the economy have emerged in the past two months. To the best of the author's knowledge, this is the first study on how such crises affected and through what transmission channels, MSMEs. Keywords: MSMEs, 1997/98 Asian Financial Crisis, 2008/09 Global Financial Crisis, COVID-19 Crisis, CM MeasuresJEL Classification: D2, F6, G01, I1

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15

Yoon, Yeomin, and Robert McGee. "Rethinking the Asian Financial Crisis Through the Capital Account Crisis Paradigm." Journal of International Business and Economy 2, no. 1 (December 1, 2001): 111–22. http://dx.doi.org/10.51240/jibe.2001.1.7.

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In this paper the authors rethink the Asian financial crisis that occurred in 1997-1998 through the relatively new capital account crisis paradigm. They argue that this paradigm provides a much more appropriate perspective to frame the questions regarding causes, cures, and preventive measures raised by the Asian crisis, and that it provides a more persuasive explanation for the greater-than-expected severity of the crisis than that which would have been expected from an analysis based on the traditional current-account mode of thinking. he authors conclude that, just as the Great Depression was a tragic testament to the failure of the political process to yield economic policies appropriate for sustaining the economy on a potential growth path, the Asian financial crisis may also be so construed.

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16

SHENG, ANDREW, KIAN TENG KWEK, and CHO WAI CHO. "PATTERNS OF EXCHANGE RATES AND CURRENT ACCOUNTS: THE EAST ASIAN WALTZ." Singapore Economic Review 57, no. 02 (June 2012): 1250009. http://dx.doi.org/10.1142/s0217590812500099.

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The Global Financial Crisis of 2008 and the Asian Financial Crisis of 1997–1998 have a common trait, that is any shock to the financial system or market system can cause the system or market to flip from one state to another state.

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17

COOK, WADE D., MOEZ HABABOU, and LIANG LIANG. "FINANCIAL LIBERALIZATION AND EFFICIENCY IN TUNISIAN BANKING INDUSTRY: DEA TEST." International Journal of Information Technology & Decision Making 04, no. 03 (September 2005): 455–75. http://dx.doi.org/10.1142/s0219622005001684.

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IMF policies have been widely criticized in the aftermath of the Asian crisis. Key critics questioned the appropriateness and the sequencing of financial liberalization programs which, along with insufficient monitoring and inadequate prudential regulations, left the financial sectors of the affected countries highly leveraged and exposed. This paper examines the impacts of similar reforms on the efficiency of the banking system in Tunisia, a country whose economy has been reshaped by the IMF/World Bank prescribed economic adjustment plans since 1987. Using various DEA models and panel data covering the period 1992–1997, we evaluate the individual effects of each component of the reforms on the banking industry overall. Meanwhile, we compare the effects on banks because of the different ownership structures over time. We also pay particular attention to specific factors that have kept the financial sector in Tunisia relatively stable in the midst of the global market turmoil caused by the Asian crisis.

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18

Veerappa, Beeralaguddada Srinivasa. "Cointegration of Asian Stock Markets: Empirical Evidence from India." GIS Business 11, no. 5 (September 23, 2016): 25–40. http://dx.doi.org/10.26643/gis.v11i5.3412.

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At present stock return is significantly related to other global stock markets. The present paper empirically investigates the short run and long run equilibrium relationship between the stock market of India, Japan Hong Kong, Singapore, Malaysia, China, and Australia monthly data during January 1995 to December 2013. Researcher employs correlation test, multivariate co-integration framework, Vector Auto Regressive error-correction model and Granger causality test with reference to financial up evils in Asia and world viz., Asian crisis (1997/98), financial crisis (2008) Inflation conditions, Natural disasters, financial up evils etc. of long run relationship. Results find that the Indian stock market return is significantly co-integrated with long run and short run situations/causalities in Asian Stock returns.

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19

Jones, David Martin, and Michael L. R. Smith. "Making Process, Not Progress: ASEAN and the Evolving East Asian Regional Order." International Security 32, no. 1 (July 2007): 148–84. http://dx.doi.org/10.1162/isec.2007.32.1.148.

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Since the Asian financial crisis of 1998, regional scholars and diplomats have maintained that the Association of Southeast Asian Nations (ASEAN) represents an evolving economic and security community. In addition, many contend that what is known as the ASEAN process not only has transformed Southeast Asia's international relations, but has started to build a shared East Asian regional identity. ASEAN's deeper integration into a security, economic, and political community, as well as its extension into the ASEAN Plus Three processes that were begun after the 1997 financial crisis, offers a test case of the dominant assumptions in both ASEAN scholarship and liberal and idealist accounts of international relations theory. Three case studies of ASEAN operating as an economic and security community demonstrate, however, that the norms and practices that ASEAN promotes, rather than creating an integrated community, can only sustain a pattern of limited intergovernmental and bureaucratically rigid interaction.

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20

Tabb, William K. "The East Asian Financial Crisis." Monthly Review 50, no. 2 (June 3, 1998): 24. http://dx.doi.org/10.14452/mr-050-02-1998-06_3.

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21

De Castro, Renato Cruz. "The 1997 Asian Financial Crisis and the Revival of Populism/Neo-Populism in 21st Century Philippine Politics." Asian Survey 47, no. 6 (November 2007): 930–51. http://dx.doi.org/10.1525/as.2007.47.6.930.

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Some analysts have attributed the 1997 Asian financial crisis to the actions of interventionist developmental East Asian states that had allegedly distorted the operation of the market. This view, however, does not apply to the Philippine case, as the country has never been construed as developmental. In fact, this article argues, the Asian financial crisis created the opportunity for the revival of populism/neo-populism in 21st century Philippine politics.

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22

Yoon, Deok Ryong. "The Korean Economic Adjustment to the World Financial Crisis." Asian Economic Papers 10, no. 1 (January 2011): 106–27. http://dx.doi.org/10.1162/asep_a_00058.

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The global financial crisis hit the Korean economy in two ways. First, the sudden reversal of capital flow dried up the domestic and international liquidity. Second, the global contraction of demand reduced Korea's export by over 40 percent in the fourth quarter of 2008. Consequently, the Korean currency depreciated sharply and the economic growth rate fell drastically. Even though Korea could not prevent the 2008 crisis, it was the first OECD country to escape the negative economic growth zone, possibly because of three reasons. First, Korea might have had better initial conditions than other economies thanks to the reform measures after the 1997–98 Asian financial crisis. Second, the Korean government has had significant experience in dealing with crises. Third, Korea had an international network of cooperation to establish swap arrangements of US$ 90 billion to stabilize foreign exchange market. Even though the Korean economy has become more resilient to future financial crises by learning from the crisis in 1997, the small open economy still has limited capacity to stabilize the financial market. Korea now faces a new issue, which is to learn from the global crisis on how to stabilize the foreign exchange market.

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23

Wu, Chunchi, Chun-nan Chen, and Yan He. "The Performance of East Asian Economies and Financial Markets since the 1997 Financial Crisis." Review of Pacific Basin Financial Markets and Policies 06, no. 02 (June 2003): 113–40. http://dx.doi.org/10.1142/s021909150300102x.

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This paper documents the economic and financial recovery of East Asia based on its real GDP, export, currency value and stock performance since the 1997 financial crisis. A macroeconomic model is used to estimate the chain effect of international trade on Asian recovery. It is found that the U.S. economy had a significant impact on the recovery of this region through close international trade relationship. Two major factors appear to explain the recent rapid recovery: (1) strong U.S. economic growth and currency value, and (2) the current account surplus and net inflow in foreign direct investment of crisis-hit countries.

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24

Radonjic, Ognjen. "Global financial interests: The role of IMF in starting and fighting a Asian financial fire in 1997." Sociologija 45, no. 2 (2003): 167–92. http://dx.doi.org/10.2298/soc0302167r.

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In our opinion severeness and deepness of Asian crisis could have been largely avoided with relatively moderate adjustments and appropriate policy changes. Explanations of IMF that crisis was provoked by deep macroeconomic distortions and high level of corruption, is, in our opinion, overstated to a great extent. It's evident that there were macroeconomic imbalances, weak financial institutions and prudential regulation, widespread corruption and inadequate legal environment with poor law enforcement. However, magnitude and severeness of financial fire that devastated five Asian economies can't be explained and justified with those imbalances solely. A combination of international investor's panic, policy mistakes by the host governments and poorly designed international programs for overcoming financial troubles provoked panic and deepened the crisis much more that it was both, necessary and inevitable.

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25

Mitręga-Niestrój, Krystyna. "Korea Południowa – doświadczenia dwóch kryzysów finansowych." Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace 4, no. 3 (December 13, 2015): 77–89. http://dx.doi.org/10.33119/kkessip.2015.4.3.5.

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The article analyzes South Korean experiences of the 1997 and 2008–2009financial crises. The article describes the conditions which led to the 1997 financialcrisis and attempts to answer the question whether similar factors have takenplace in 2008. It also describes the consequences of the crises, especially for thebanking industry and on the financial market. The article also presents a shortoverview of the most important measures taken by the Korean authorities in faceof the Asian crisis. The two analyzed financial crises have some common characteristics,such as a strong decrease in the value of financial assets and the negativeconsequences in the economy. However, Korea faced the global financial crisisstrengthened thanks to the reforms of financial institutions.

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Sufian, Fadzlan, and Muzafar Shah Habibullah. "FINANCIAL CRISIS, IMF, AND BANK EFFICIENCY: EMPIRICAL EVIDENCE FROM THE ASEAN-4 BANKING SECTORS." Buletin Ekonomi Moneter dan Perbankan 12, no. 2 (October 29, 2010): 123–50. http://dx.doi.org/10.21098/bemp.v12i2.369.

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Despite its severity and deep influence on both the real and financial sectors, empirical evidence on the evolution of the performance of the ASEAN-4 banking sectors since the 1997-1998 Asian financial crisis is relatively scarce. By employing the Data Envelopment Analysis (DEA) approach the present study examines for the first time the impact of the Asian financial crisis on the efficiency of the ASEAN-4 countries banking sectors. This study focuses on two major approaches vis. intermediation and revenue approaches. The empirical findings suggest that the estimates of technical efficiency are consistently higher under the revenue approach. We find that banks are relatively inefficient in a more concentrated banking market. However, when we control for countries that participate in IMF program, the concentration ratio exhibits a positive relationship with bank efficiency levels, implying that the more concentrated banking system which participates in IMF program is relatively more efficient in their intermediation function during the post crisis period. Keywords: Efficiency, DEA, ASEAN, Regression.JEL Classification: G21; G28

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27

MOON, Don. "East Asian Regionalism: A New Momentum for Multilateralism?" East Asian Policy 11, no. 03 (July 2019): 5–13. http://dx.doi.org/10.1142/s1793930519000229.

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East Asian countries continue to sign mega-Free Trade Agreements, indicating certain momentum for promoting cooperative economic relationships, despite protectionism fears. This paper examines East Asian regionalism after the Asian Financial Crisis in 1997 and discusses the dynamics of institution building among the United States, China and Japan. It also explores what ASEAN countries, South Korea and Australia should do to mitigate the tension in the region and facilitate progress in the open economic order.

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Sayaseng, Saysi. "Evidence of effective financial crisis management from South Korea: An example for other regions." Society and Economy 42, no. 1 (March 2020): 21–38. http://dx.doi.org/10.1556/204.2020.00002.

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AbstractEvidence from the global financial crisis (2007–2008) and the Asian financial crisis (1997) have taught policymakers valuable lessons. The contagious effects of these crises have proven unavoidable and have led to negative economic development. However, South Korea, unlike other countries, has recovered remarkably from both episodes of financial turmoil and proved their ability to maintain positive growth throughout the two periods. This study investigates the correlation between the evolution of South Korean banking and corporate sector before, during and after these crises. A VAR model was employed to test the effectiveness of the South Korean government's policies, in response to the financial crisis from 1997 to 2017, using macroeconomic variables as proxies for newly introduced policies, and non-performing loans for controlled risks. The empirical results indicate impulse response functions which suggest that changes in macroeconomic variables as a representation for the policies resulted in a reduction of non-performing loans. This implies successful risk reduction and an overall economic recovery.

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Tekin, Hasan, and Ali Yavuz Polat. "ADJUSTMENT SPEED OF DEBT MATURITY: EVIDENCE FROM FINANCIAL CRISES IN EAST ASIA." Buletin Ekonomi Moneter dan Perbankan 24, no. 1 (April 14, 2021): 71–92. http://dx.doi.org/10.21098/bemp.v24i1.1287.

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We investigate the change in adjustment speed of debt maturity for East Asian firms between 1990 and 2017 by including two exogenous shocks: the Asian Financial Crisis 1997-1998 (AFC) and the Global Financial Crisis 2007-2009 (GFC). We employ the least square dummy variable correction and find that East Asian firms have a slower adjustment of long-term debt over time. Besides, the decrease in adjustment speed of long-term debt after the GFC is more compared to the decrease after the AFC. Further analysis shows the optimal debt maturity differs across countries and industries. Another important implication of our results is that firms in high governance countries are more likely to close the gap between the actual and target debt maturity in time. Overall, debt holders and investors should consider financial uncertainties.

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30

Esposito, Marie-Claude. "The 1997-1998 Asian financial crisis: the case of Hong Kong." Revue française d'histoire économique N°14, no. 2 (2020): 96. http://dx.doi.org/10.3917/rfhe.014.0096.

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31

Mahathanaseth, Itthipong, and Loren W. Tauer. "Performance of Thailand banks after the 1997 East Asian financial crisis." Applied Economics 46, no. 30 (July 24, 2014): 3763–76. http://dx.doi.org/10.1080/00036846.2014.937036.

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32

Joe, Denis Yongmin, and Frederick Dongchuhl Oh. "Foreign investor behavior in Korea after the 1997 Asian financial crisis." Journal of the Japanese and International Economies 46 (December 2017): 69–78. http://dx.doi.org/10.1016/j.jjie.2017.10.002.

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Draz, Muhammad Umar, and Fayyaz Ahmad. "Financial Crises and Key Economic Sectors of China and India: A Comparative Review of 1991-2010." SHS Web of Conferences 56 (2018): 04002. http://dx.doi.org/10.1051/shsconf/20185604002.

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Economic growth of emerging Asian economies like China and India has been a topic of interest for researchers. However, most of the existing studies have focused on economic growth trends of China and India. The aim of this paper is to identify the core sectors of both economies and analyse the impact of the Asian financial crisis of 1997 and the global financial crisis of 2008 on the performance of those sectors. We also intend to explore the impact of the aforementioned financial crises on the overall economic growth of both nations. Our review consists of five years’ average and critical analysis of the existing studies to identify the key sectors of economy and to analyse the impact of financial crises. The results indicate that industry and service sectors are the highest contributors in the GDP of China and India respectively. We also found heterogeneous impact of financial crises on the key sectors of both nations’ economy.

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Sufian, Fadzlan, and Muzafar Shah Habibullah. "FINANCIAL CRISIS, IMF, AND BANK EFFICIENCY: EMPIRICAL EVIDENCE FROM THE ASEAN-4 BANKING SECTORS." Buletin Ekonomi Moneter dan Perbankan 12, no. 2 (October 29, 2010): 133–59. http://dx.doi.org/10.21098/bemp.v12i2.353.

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Despite its severity and deep influence on both the real and financial sectors, empirical evidence on the evolution of the performance of the ASEAN-4 banking sectors since the 1997-1998 Asian financial crisis is relatively scarce. By employing the Data Envelopment Analysis (DEA) approach the present study examines for the first time the impact of the Asian financial crisis on the efficiency of the ASEAN-4 countries banking sectors. This study focuses on two major approaches vis. intermediation and revenue approaches. The empirical findings suggest that the estimates of technical efficiency are consistently higher under the revenue approach. We find that banks are relatively inefficient in a more concentrated banking market. However, when we control for countries that participate in IMF program, the concentration ratio exhibits a positive relationship with bank efficiency levels, implying that the more concentrated banking system which participates in IMF program is relatively more efficient in their intermediation function during the post crisis period.Keywords: Bank, Efficiency, DEA, ASEAN.JEL Classification: G21; G28

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Sugiyanto, Sugiyanto, Etik Zukhronah, and Dewi Retnosari. "Deteksi Krisis Keuangan di Indonesia Berdasarkan Indikator Nilai Tukar Riil Menggunakan Model SWARCH (2,3)." Indonesian Journal of Applied Statistics 1, no. 1 (September 19, 2018): 14. http://dx.doi.org/10.13057/ijas.v1i1.24082.

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The financial crisis that hit Asia in mid-1997 began with the financial crisis in Thailand which then spread to Indonesia. The impact of the financial crisis in Indonesia is so severe that a crisis detection system is needed. The financial crisis detection system can be done by simple monitoring of macroeconomic indicators such as real exchange rate. Excessive real exchange rate is predicted to have a great chance of crisis.<br />The result shows that the real exchange rate from January 1990 to June 2013 has heteroscedasticity effect and there are structural changes so it can be modeled using SWARCH model (2,3) with ARMA (1.0) as conditional average model and ARCH (3) as model conditional variance. The inferred probabilities value of the SWARCH (2,3) model in February 1998 of 1 and July 1998 of 0.9968 over 0.5 indicates that the period is in a high volatile condition indicating a crisis. The SWARCH model (2.3) based on the real exchange rate indicator was able to capture the high volatile conditions in February 1998 and July 1998 as the impact of the 1997 Asian financial crisis.<br />Keywords : Deteksi, krisis keuangan, nilai tukar riil, SWARCH

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Wang, Yu, and Lei Liu. "Spillover effect in Asian financial markets: A VAR-structural GARCH analysis." China Finance Review International 6, no. 2 (May 16, 2016): 150–76. http://dx.doi.org/10.1108/cfri-11-2014-0095.

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Purpose – The purpose of this paper is to provide a method for computing the spillover index first proposed by Diebold and Yilmaz (2009), with empirical application on Asian stock markets. Design/methodology/approach – It is based on a VAR-structural-GARCH model. Findings – The results clearly show that the main driver of fluctuations in Asian financial markets is the USA, with China having little connection with other markets. Further, evidence of financial contagion is found during both the 1997 Asian financial crisis and the 2008 global financial crisis. Originality/value – The method has two advantages: it is both uniquely determined and dynamic.

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Brana, Sophie, and Delphine Lahet. "Capital requirement and financial crisis: The case of Japan and the 1997 Asian crisis." Japan and the World Economy 21, no. 1 (January 2009): 97–104. http://dx.doi.org/10.1016/j.japwor.2008.01.003.

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Yang, Tracy, and Jamus Jerome Lim. "Crisis, Contagion, and East Asian Stock Markets." Review of Pacific Basin Financial Markets and Policies 07, no. 01 (March 2004): 119–51. http://dx.doi.org/10.1142/s0219091504000068.

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Following the 1997 financial crisis in East Asia, the issue of contagion has resurfaced. Contagion has most often been associated with high frequency events; hence, it has been measured on stock market returns, interest rates, the exchange rate, or linear combinations of them. This paper tests for evidence of contagion between selected East Asian stock markets, thereby exploring the importance of the linkages between stock markets as a transmission channel during the crisis.

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Huikari, Sanna, Jouko Miettunen, and Marko Korhonen. "Economic crises and suicides between 1970 and 2011: time trend study in 21 developed countries." Journal of Epidemiology and Community Health 73, no. 4 (January 28, 2019): 311–16. http://dx.doi.org/10.1136/jech-2018-210781.

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BackgroundExisting research on the relationship between economic recessions and suicides has almost completely concentrated on the most recent global financial crisis (2008). We provide the most comprehensive explanation to date of how different types of economic/financial crises since 1970 have affected suicides in developed countries.MethodsNegative binomial regressions were used to estimate what the suicide rates would have been during and 1 year after each crisis began in 21 Organisation for Economic Co-operation and Development countries from 1970 to 2011 if the suicide rates had followed the pre-crisis trends.ResultsWe found that every economic/financial crisis since 1970, except the European Exchange Rate Mechanism crisis in 1992, led to excess suicides in developed countries. Among males, the excess suicide rate (per 100 000 persons) varied from 1.1 (95% CI 0.7 to 1.5) to 9.5 (7.6 to 11.2) and, among females, from 0 to 2.4 (1.9 to 2.9). For both sexes, suicides increased mostly due to stock market crashes and banking crises. In terms of actual numbers, the post-1969 economic/financial crises caused >60 000 excess suicides in the 21 developed countries. The Asian financial crisis in 1997 was the most damaging crisis when assessed based on excess suicides.ConclusionsEvidence indicates that, when considered in terms of effects on suicide mortality, the most recent global financial crisis is not particularly severe compared with previous global economic/financial crises. The distinct types of crises (ie, banking, currency and inflation crises, and stock market crashes) have different effects on suicide.

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Long, Richard D. "The Performance of East Asian Economies and Financial Markets since the 1997 Financial Crisis." CFA Digest 34, no. 2 (May 2004): 38–39. http://dx.doi.org/10.2469/dig.v34.n2.1417.

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SAQIB, OMAR F. "The East Asian Crisis in Kindleberger-Minsky’s Framework." Brazilian Journal of Political Economy 21, no. 2 (June 2001): 277–85. http://dx.doi.org/10.1590/0101-31572001-1462.

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ABSTRACT The paper reviews the 1997 East Asian crisis within the framework of the five stages of displacement, boom, overtrading, revulsion, and tranquility of the Kindleberger-Minsky model. It further notes that the recent interpretations of the crisis, based on the hypotheses of fundamental imbalances and financial panic, conform to the stages of the Kindleberger-Minsky model.

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Sharma, Shalendra D. "Post-Crisis Asia: Economic Recovery and the Challenges Ahead." Current History 101, no. 654 (April 1, 2002): 177–83. http://dx.doi.org/10.1525/curh.2002.101.654.177.

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Almost all the East Asian economies have recaptured the economic momentum disrupted by the 1997 financial crisis in the region. Although that momentum was slowed with the global economic downturn in 2001, the process of financial and corporate rebuilding and restructuring in response to the crisis has not.

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Jeong, DeokJong, and Sunyoung Park. "The more connected, the better? Impact of connectedness on volatility and price discovery in the Korean financial sector." Managerial Finance 44, no. 1 (January 8, 2018): 46–73. http://dx.doi.org/10.1108/mf-09-2016-0277.

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Purpose The purpose of this paper is to empirically analyze the effect of the increasing connectedness among financial institutions in the Korean financial market, as it affects the market microstructure in the stock market. Thus this work, first, analyzes the trend and characteristics of connectedness in the Korean financial sector. This work then demonstrates the impacts of connectedness on volatility and price discovery in the stock market. Design/methodology/approach The entire Korean financial sector is analyzed from January 1990 to July 2015, including the periods of the 1997 Asian crisis and the 2007/2008 global financial crisis. This paper quantifies the connectedness between financial institutions using network methodology. Densely connectedness specifically refers to the cases in which a node experiences strong-lagged return spillover from and/or to itself. Findings Connectedness is established as an important determinant of stock price discovery. This paper illustrates that connectedness increases on significant economic events such as the 1997 Asian crisis and the 2007/2008 global financial crisis. Furthermore, this paper demonstrates that the more densely connected a particular financial institution, the more volatile the stock price and the less accurate the stock price quality. Research limitations/implications Understanding the financial system from a network perspective has been on the rise after the 2007/2008 global financial crisis. This work helps regulators and policy makers understand the full implications of introducing new policies that can more closely connect financial institutions. Originality/value This paper precisely captures financial institutions’ connectedness by including all types of financial institutions at the micro level. Additionally, this paper links connectedness to market microstructure in the stock market.

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Hamanaka, Shintaro. "Asian Financial Cooperation in the 1990s: The Politics of Membership." Journal of East Asian Studies 11, no. 1 (April 2011): 75–103. http://dx.doi.org/10.1017/s1598240800006950.

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A commonplace view holds that the trend toward Asian financial regionalism is a relatively new phenomenon, developing in response to the 1997–1998 Asian financial crisis in particular. In this article I challenge this view by analyzing financial regionalist projects before the crisis. Asian countries, especially Japan, sought to establish an Asia-only financial cooperation framework throughout the 1990s. The policy stance of the United States, in contrast, was to participate in Asian forums and/or by itself propose and establish regional groupings that included the United States. This competition between Japan and the United States is a key factor in understanding the rise and fall of various regionalist projects and also has theoretical implications for membership politics in regional financial cooperation frameworks.

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Lee, Jeong Yeon. "Foreign Portfolio Investors and Financial Sector Stability in Asia." Asian Survey 47, no. 6 (November 2007): 850–71. http://dx.doi.org/10.1525/as.2007.47.6.850.

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A careful review of the Asian crisis in 1997 reveals that despite widespread denunciation, hedge funds and other portfolio investors played only a minor role in the making of the crisis. To maintain financial sector stability, therefore, governments should focus on avoiding inconsistent policies rather than try to identify a ““bad”” class of investors and limit their activities.

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Baharumshah, Ahmad Zubaidi, and Hooy Chee Wooi. "Exchange Rate Volatility and the Asian Financial Crisis: Evidence from South Korea and ASEAN-5." Review of Pacific Basin Financial Markets and Policies 10, no. 02 (June 2007): 237–64. http://dx.doi.org/10.1142/s0219091507001057.

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This paper investigates the degree of volatility and asymmetric behavior of real exchange rates in East Asian. Exponential generalized autoregressive heteroskedasticity (EGARCH) is deployed to estimate the volatility of the exchange rate returns before and after the 1997 Asian financial crisis. We found that the EGARCH (1,1) specification fits the monthly currency series of the Asian currencies well, suggesting that volatility in exchange rates is time varying and asymmetric. The results show that before the crisis, only three currencies displayed evidence of asymmetries in their conditional variance. After the sharp fall in their currencies, all but one showed a significant increase in volatility and asymmetric effect. We conclude that the crisis caused a contagion that spread through the currency markets. The results of this study underline the importance of economic and political stability in the member countries for the stability of the regional economy.

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Grimes, William W., and William N. Kring. "Institutionalizing Financial Cooperation in East Asia." Global Governance: A Review of Multilateralism and International Organizations 26, no. 3 (September 17, 2020): 428–48. http://dx.doi.org/10.1163/19426720-02603005.

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Abstract Since the 1997 Asian financial crisis, East Asia’s ASEAN+3 states have built the second-largest regional emergency liquidity fund in the world, the Chiang Mai Initiative Multilateralization (CMIM). With a total commitment of $ 240 billion to aid member states facing a currency crisis, CMIM can provide more funds to members than the International Monetary Fund (IMF). Nonetheless, CMIM continues to be functionally subordinate to IMF decisions. This may now be changing following the 2011 creation of the ASEAN+3 Macroeconomic Research Office (AMRO) as a regional mechanism to manage surveillance and design of CMIM lending programs. The ability to delegate surveillance and program design to an independent body is a crucial prerequisite to ending CMIM’s subordination to the IMF, and AMRO seeks to ensure such autonomy through its institutional design. This article analyzes AMRO’s progress toward autonomy, using indicators of effective delegation drawn from organizational theory and newly available information and data on AMRO.

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Michayluk, David, and Karyn L. Neuhauser. "INVESTOR OVERREACTION DURING MARKET DECLINES: EVIDENCE FROM THE 1997 ASIAN FINANCIAL CRISIS." Journal of Financial Research 29, no. 2 (June 2006): 217–34. http://dx.doi.org/10.1111/j.1475-6803.2006.00175.x.

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Cheng, Yuk-shing. "Fleeing from the Asian Financial Crisis: China's Economic Policy in 1997-2000." China Report 38, no. 2 (May 2002): 259–73. http://dx.doi.org/10.1177/000944550203800205.

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Dheera aumpon, Siwapong. "Misallocation and Manufacturing TFP in Thailand after the 1997 Asian Financial Crisis." International Journal of Trade and Global Markets 13, no. 1 (2020): 1. http://dx.doi.org/10.1504/ijtgm.2020.10021933.

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