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The Asian Crisis Turns Global

by 

Manuel F. Montes and Vladimir V. Popov

Institute of Southeast Asian Studies Current Economic Affairs Series

Publisher:

Singpore: Institute of Southeast Asian Studies

Available From: Institute of Southeast Asian Studies
Publication Date: 1999
ISBN: 981-230-050-3
Binding: paper
Pages: viii, 123

 

In August 1998, the Asian currency crisis that had started in mid-1997 metastasized into a global financial crisis with the devaluation of the rouble and a declaration of a Russian Government default on its internal debt. Is this the first wave of such crises the world will see in the future?

One common feature among the countries that have fallen victim to the crisis is that they were all "darlings of international finance". Before the financial crisis of 1997, international investors poured money into the stock markets of the East Asian economies, Latin America, Russia, and Eastern Europe.

That the crisis afflicted the very countries that depended most heavily on the international economy for their economic growth suggests the importance of the international dimension—this is the focus of this book. Even though, from outside, the currency collapses looked similar, the analysis also identifies the important differences in domestic causes as the crisis spread through the different economies.

© Institute of Southeast Asian Studies

Review

". . . a rich deposit of theoretical argument, empirical information and policy prescription."

Robert L. Curry, Jr.
California State University-Sacramento
Pacific Affairs