The Asian financial crisis that exploded in 1997 exposed serious flaws in the marketdominated economic and fiscal policies pursued by governments and international financial institutions (IFIs) in the era of economic liberalization. The massive flight of capital, which deepened the crisis in the affected economies, made it apparent that mechanisms to regulate short-term capital flows […]
As part of its program on capital control, AER conducts a series of studies on capital flows as well as embarks on various initiatives that generate discussions and analysis, especially the lessons learned from the Asian crisis, towards putting forward concrete proposals and advocacy agenda for bolder capital regulation at the national and international levels.
To complement these activities, this section compiles selected studies, advocacy papers and outputs of seminars, workshops, conferences, and similar forums conducted by or co-sponsored by AER on capital flows.
Initially, it contains the proceedings of and select papers from the international workshop on capital flows with the theme “Arresting Speculation and Volatility” held last February 2001 in Hong Kong. The workshop was a joint project of Asian Regional Exchange for New Alternatives (ARENA) and AER to provide a venue and an opportunity for concerned scholars, as well as activists and civil society organizations, to present, or propose specific and appropriate measures to manage or regulate short-term capital flows.
This paper examines the current state of corporate and financial sector restructuring in Korea, primarily focused on their debt workout programs. The paper raises the following major issues. Since the IMF crisis, foreign capital has been advancing rapidly into the domestic market- into the domestic financial industry, including non-bank sectors such as securities firms. Negative […]
This paper discusses efforts to reform the world financial system after the East Asian financial crisis. It asserts that post-crisis reforms pushed by the IMF have only led to the reduction of risk and accountability of the private sector (mostly of the North), and pushed the burden of market failure to governments and the public […]
In the wake of the Asian Crisis, a strong consensus has emerged among policymakers, academics, and the media in favor of establishing regional financial arrangements (RFAs) in Asia. This consensus led to the Chiang Mai Initiative, which in 2000 proposed an expansion of existing Association of Southeast Asian Nations (ASEAN) swap arrangements as well as […]
The severe repercussions of the series of financial crises since the 1997 Asian financial crisis have sparked intense debate on capital flows in emerging market economies leading to numerous studies on the internal and external factors that led to the different crisis episodes as well as the policy responses before, during, and after a crisis. […]
This July marks the second year "anniversary" of the Thai baht devaluation – the one that started the Asian currency crisis. In its aftermath, quite a number of realizations are now evident. This paper seeks to present further analyses and lessons as well as pose some policy proposals.