Asian Financial crises
Front Matter

Front Matter

International Monetary Fund
Published Date:
January 2001
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    Origins, Implications, and Solutions




    Origins, Implications, and Solutions

    edited by:

    William C. Hunter

    George G. Kaufman

    Thomas H. Krueger

    Kluwer Academic Publishers


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    Library of Congress Cataloging-in-Publication Data

    The Asian financial crisis: origins, implications, and solutions/

    • edited by William C. Hunter, George G. Kaufman, Thomas H. Krueger. p. cm.
      • At head of title The Federal Reserve Bank of Chicago. The International Monetary Fund.
      • Papers presented at a conference held on Oct. 8-10, 1998 at the Federal Reserve Bank of Chicago, and co-sponsored by the International Monetary Fund.
      • Includes bibliographical references.
      • ISBN 9781451965476 (alk. paper)
      • 1. Financial crises—Asia congresses. 2. Asia—Economic conditions Congresses. 3. International finance Congresses.
    • I. Hunter, W. Curt (William Curt) II. Kaufman, George G. III. Krueger, Thomas H., 1956-. IV> Federal Reserve Bank of Chicago. V. International Monetary Fund.
    • HB3808.A86 1999
    • 332’.095—dc21



    Copyright © 1999 by Kluwer Academic Publishers

    All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photo-copying, recording, or otherwise, without the prior written permission of the publisher, Kluwer Academic Publishers, 101 Philip Drive, Assinippi Park, Norwell, Massachusetts 02061

    Printed on acid-free paper.

    Printed in the United States of America



    The conference was organized and coordinated by William C. Hunter, George Kaufman, and Vance Lancaster of the Federal Reserve Bank of Chicago, and Thomas Krueger of the International Monetary Fund. At the Federal Reserve Bank, conference arrangements were handled by Ella Dukes, Shirley Harris, and Loretta Novak. They were assisted by Helen Koshy, Kathryn Moran, Surya (Surge) Sen, and Shira Wachtel. Elizabeth Taylor, Gillian Jetson, Hala Leddy, and Barbara Van Brussell assisted in the meeting and travel arrangements. Kathryn Moran, Tom McPheron, and Yvonne Peeples at the Federal Reserve Bank of Chicago assisted in the preperation of the publication of the proceedings.


    The Federal Reserve Bank of Chicago and the International Monetary Fund co-sponsored the conference on Asia: An Analysis of Financial Crisis. The conference was held on October 8-10, 1998 at the Federal Reserve Bank of Chicago. The papers in this volume were presented at the conference and encompass a wide range of topics dealing with the ongoing financial crisis in Asia.

    The recent disruption of the Asian economic “miracle” has astounded many observers around the world, and has raised questions concerning the stability of the international financial system. The rapid spread of the crisis illustrates how interdependent our economies have become. Global interdependence encourages international cooperation in addressing the Asian crisis in order to promote financial efficiency and stability. Toward this end, the conference brought together more than 230 academics, policymakers and market participants from some 30 countries to gain a better understanding of the elements involved in the crisis and to design appropriate responses for current and future financial crises in the global economy.

    The conference addressed the following questions:

    • What were causes of the East Asian financial crisis?
    • Why was its onset so sudden and unpredicted?
    • How effective have international rescue operations been in dealing with the crisis?
    • What actions can be taken to prevent future crises?
    • How should the international financial system balance the stability gained from a financial safety net against the potential risk of moral hazard?
    • Has the opaqueness of Asian financial markets contributed to the crisis?
    • Is the Asian crisis a failure of the capitalist experiment or a failure of state-managed capitalism?
    • How has financial liberalization and openness to market forces affected the severity of the crisis in each country?

    The sessions and roundtables at the conference offered a unique opportunity for such discussion. In addition, three keynote speakers offered their perspective on the crisis. Stanley Fischer, first deputy managing director of the International Monetary Fund (IMF), and Karin Lissakers, executive director for the United States at the IMF, offered behind-the-scenes looks at the decisionmaking of the fund during the crisis. Their candid discussion provided valuable insights into the role of the IMF future crises. Robert Johnson, former investment manager at Moore Capital Management, discussed the difficulties in adapting market solutions in Asian countries.

    While the conference participants provided no easy solutions to the ongoing crisis, the conference provided a forum for the reevaluation of current proposals and the dissemination of new ideas. Discussion during the conference promoted a better awareness of the issues involved in international financial crises, which will hopefully serve to improve international responses in the future.

    Michael H. Moskow


    Federal Reserve Bank of Chicago

    Michael Mussa

    Economic Counselor and

    Director of Research

    International Monetary Fund

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