By Chung H. Lee
What led to a monetary main issue within the "miracle" economies of Asia? What went flawed with monetary reform in Asia? What can the constructing nations of the realm study from the reform reports in Asia?
Financial Liberalization and the commercial predicament in Asia analyses how monetary liberalization was once undertaken in 8 Asian nations and the way it would be associated with the next crises. the rustic stories concentrate on China, India, Indonesia, Japan, Malaysia, the Philippines, South Korea and Thailand.
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Extra info for Financial Liberalization and the Economic Crisis in Asia
The chapter begins with a discussion of interest rate liberalization in Thailand and its outcome. It is followed by an analysis of capital account liberalization with a focus on the role of the Bangkok International Banking Facilities (BIBFs) and the timing of prudential regulations. The chapter then proceeds with an analysis of the political economy of ﬁnancial liberalization and a discussion of the impact of capital inﬂows on the vulnerability of the Thai economy to economic crisis. It ends with some concluding remarks.
6 per cent. 3 per cent in 1995–96. 2 Sources: Bank of Thailand (various years). 2 Funding structure of Thai ﬁnancial institutions (percentage share) Commercial banks Deposits Foreign liabilities Liabilities to commercial banks & borrowing from other ﬁnancial institutions Capital accounts Finance and ﬁnancial & securities companies Borrowing from business Foreign liabilities Credits from commercial banks Capital accounts Sources: Bank of Thailand (various years). 2). Such a large, steady increase in capital inﬂows pumped a heavy dose of liquidity into the ﬁnancial system and placed increasing pressure on the central bank to prevent excessive monetary growth.
Thomas Cargill attributes the failure of the ﬁrst two ﬁnancial institutions to accumulating stresses in the Japanese financial system resulting from the failure of its regulatory authorities to resolve the problem of nonperforming loans and a series of policy errors. In other words, Japan’s economic and financial performance in late 1997 and through 1998 was an event unrelated to the Asian crisis of 1997–98. Cargill argues that although Japan began financial liberalization in the mid1970s, the reform remained incomplete with some of the key elements of the preliberalization ﬁnancial regime remaining intact.