Format:
Online-Ressource (55 p)
Edition:
Online-Ausg.
ISBN:
1451935544
,
9781451935547
Series Statement:
IMF Working Papers Working Paper No. 98/128
Content:
This paper reviews macroeconomic developments during the first year of the crisis in east Asia and draws some preliminary policy lessons. The crisis is rooted in the interaction of large capital inflows and weak private and public sector governance. At the same time, macroeconomic adjustment in these countries has resulted in some surprising outcomes, including severe economic contractions, low inflation, and rapid external adjustment. The lessons for crisis resolution include the importance of tight monetary policy early on for exchange rate stabilization, flexible fiscal policy, and comprehensive structural reform. Crises are avoided by prudent macroeconomic policies, diligent bank supervision, transparent data dissemination, strong governance, and forward-looking policymaking, even in good times
Additional Edition:
Erscheint auch als Druck-Ausgabe Kochhar, Kalpana The East Asian Crisis: Macroeconomic Developments and Policy Lessons Washington, D.C. : International Monetary Fund, 1998 ISBN 9781451935547
Language:
English
DOI:
10.5089/9781451935547.001
