Steven Radelet

Center for Global Development

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Institutional Affiliation: Center for Global Development

NBER Working Papers and Publications

January 2000The Onset of the East Asian Financial Crisis
with Jeffrey Sachs
in Currency Crises, Paul Krugman, editor
August 1998The Onset of the East Asian Financial Crisis
with Jeffrey Sachs: w6680
This paper provides an early diagnosis of the financial crisis in Asia, focusing on the empirical record in the lead-up to the crisis. The main goal is to emphasize the role of financial panic as an essential element of the Asian crisis. At the core of the crisis were large-scale foreign capital inflows into financial systems that became vulnerable to panic. The paper finds that while there were significant underlying problems and weak fundamentals besetting the Asian economies at both a macroeconomic and a microeconomic level, the imbalances were not severe enough to warrant a financial crisis of the magnitude that took place in the latter half of 1997. A combination of panic on the part of the international investment community, policy mistakes at the onset of the crisis by Asian gov...

Published: Published as "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects", Brookings Paper, Vol. 28, no. 1 (1998): 1-74.

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