Inter CAFE

International Centre for Applied Finance and Economics

Title : WHY WAS THERE A PRECRISIS CAPITAL INFLOW BOOM IN SOUTHEAST ASIA?
Authors : Ramkishen S. Rajan, Reza Siregar and Iman Sugema
Publisher : Asia-Pacific Development Journal

Much of the recent literature on the East Asian crisis of 1997-98 has focused on the sudden capital reversals and the accompanying bust. An oft ignored fact is that the bust was preceded by a prolonged boom period. This boom was fuelled primarily by large-scale capital inflows throughout the early 1990s, a significant proportion of which was intermediated through the domestic banking sector. Motivated by this observation, along with the recognition of the importance of the credit (bank lending) transmission channel in the crisis-hit Southeast Asian economies, this paper concentrates on the precrisis capital inflow boom to emerging economies.

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Title : CAPITAL FLOWS, CREDIT TRANSMISSION AND THE CURRENCY CRISIS IN SOUTHEAST ASIA
Authors : Ramkishen S. Rajan and Iman Sugema
Publisher : University of Adelaide • Adelaide • SA 5005 • Australia

The capital outflow and accompanying bust in Southeast Asia in 1997 and 1998 was preceded by a prolonged boom period. This boom was fuelled primarily by large scale capital inflows all through the early 1990s, a
significant proportion of which was intermediated through the domestic banking sector. Motivated by this observation, along with the recognition of the importance of the credit (bank lending) transmission channel in the crisishit Southeast Asian economies, this paper explores the boom and bust cycle of capital inflows to and reversals from these economies

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