Policy Response to the Asian Financial Crisis: An Overview of the Debate and the Next Steps

Date: May 1999
Type: Papers and Briefs
Subject:
Series: EDRC Briefing Notes

Description

This briefing note shows as the regions's economies began to stabilize during 1998, the full impact of the crisis on corporate and banking sectors became apparent.

Contents

  • Foreword
  • An Overview of the Debate
    • Did Tight Monetary Policy and High Interest Rates Exacerbate the Crisis?
    • Did the IMF Force Unnecessary Fiscal Adjustment?
    • Did the Closure of Insolvent Banks Precipitate Runs on Solvent Banks?
    • Was the IMF too Intrusive?
    • Did IMF Bailouts Increase Global Moral Hazard
  • The Next Steps
  • References