The Policy Implications of Exchange Rate Regime and Asian Financial Meltdown  

Oleh:

Guan, Tao ; Lestano

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI - atma jaya
Dalam koleksi: Atma nan Jaya vol. 12 no. 3 (Dec. 1999), page 58-85.
Topik: exchange rate; Asian Financial Meltdown; Exchange Rate Regime
Fulltext: Lestano_Guan Tao.pdf (1.59MB)

Ketersediaan

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Isi artikel

The present unsettling Asian financial crisis originated from the currency breakdown in Thailand. The preservation for too long of fixed exchange rate regimes is described as a maincause to the unfolding of the Asian fianncial turnoil. But closes examination illustrates that, given that the Asian crisis is a crisis of sucess with financial fragility and externall imbalance being accumulated during the rapid economic expansion in the past decade, neither earlier introduction of a flexible exchange rate regime nor giving up currency defence could have done much to save Asia. The currency crash was at most a reflection of the omset of the Asian crisis in the condition of highly intergrated international economy. Thus, it is tangible enforcement of structural adjustment rather that the speed of exchange rate regimes that is vital in addressing the crisis.

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