Currency Crisis in Four Asian Countries

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Bibliographic Details
Main Author:	Abu Bakar, Nor 'Aznin
Format:	eBook
Language:	English
Published:	Sintok : Universiti Utara Malaysia, 2017.
Subjects:	Financial crises > Malaysia. Financial crises > Phililppines. Financial crises > Thailand. Financial crises Malaysia Thailand
Online Access:	Click for online access

Table of Contents:

Intro
Contents
List of Tables
Preface
Introduction
1 | Background to the Asian Crisis
Causes of the Crisis
Fundamental
Table 1.1 Capital Flows for the Four Asian Countries (Percentage of GDP)
Table 1.2 International Bank Lending to East Asia (in billions of US Dollars)
Financial Sector and Other Structural Weaknesses
External Economic Environment
Figure 1.1 Export market growth for the four Asian countries (annual percentage change).
Creditors' Panic/Herd Behaviour
Contagion
Table 1.3 Bilateral Trade Shares with Thailand (1996)
Table 1.4 Asian Intraregional Trade (1996)
2 | The Four Asian Economies Before and After the Crisis
Table 2.1 GDP Growth Rates of the Four Asian Countries (1998)
The Four Asian Economies Before the Crisis
Malaysia
Thailand
The Philippines
Indonesia
Impact of the Crisis on Trade
Social Implication of the Crisis
Table 2.2 Unemployment Rates (1997-1998)
The Four Asian Economies after the Crisis
Table 2.3 GDP Growth Rates (Percentage)
3 | Models of Currency Crisis
Theoretical Literature
The First Generation Model
The Second Generation Model23
The 'Twin Crises'
Empirical Literature
Indicators
4 | Macroeconomic Performance of the Four Asian Countries
Current Account Imbalances
Table 4.1 Current Account (Percentage of GDP)
Macroeconomic Fundamentals
The Growth Rates
Figure 4.1 GDP growth rate (percentage).
Total Factor Productivity
Investment Rates
Figure 4.2 Investment rates (percentage of GDP).
Table 4.2 Incremental Capital Output Ratio (ICOR)
Private and Public Savings
Figure 4.3 Saving rates (percentage of GDP).
Inflation Rates
Figure 4.4 Inflation rates.
Openness
Table 4.3 Openness (average* exports and imports as percentage of GDP)
Table 4.4 Export Growth Rate (1995-1996) a (percentage)
Real Exchange Rate
Figure 4.5 Real exchange rate.
Political Instability and Uncertainty
Foreign Debt Accumulation
Table 4.5 Foreign Debt (percentage of GDP)
Table 4.6 Short-Term Debt (1990
1997)
Table 4.7 Debt Service Ratio as a Ratio of Exports (1990
1997)
Table 4.8 Short Term Debt and Debt Service Plus Short Term Debt (% of Foreign Reserves)
5 | Income and Price Elasticity of Exports and Imports
Studies on Income and Price Elasticities
Analytical Framework
Long-Run Export and Import Equations
List of Variables
Cointegration Test
Long-Run Exports Demand
Long-Run Imports Demand
Data Analysis
Table 5.1 The DF/ADF Test for Unit Roots (Exports)
Table 5.2 The DF/ADF Test for Unit Roots (Imports)
Results of Analysis
Table 5.3 ADF Residual-based Test for Cointegration: The Long- Run Export Equations
Table 5.4 ADF Residual-based Test for Cointegration: The Long- Run Import Equations
The Dynamic Ordinary Least Square (DOLS)

Currency Crisis in Four Asian Countries

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