The Asian Financial Crisis

The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.

Morris Goldstein, Dennis Weatherstone Senior Fellow, held several senior staff positions at the International Monetary Fund (1970-94), including Deputy Director of its Research Department (1987-94). He has written extensively on international economic policy and on international capital markets