Asian Financial crises: Origins, implications and solutions

Author: International Monetary Fund

Publication date: January 2001

ISBN: 9781451965476

$75.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Economics- Macroeconomics , Money and Monetary Policy , BOOK , market participant , bank capital , support package , IMF official , bank depositor , Commercial banks , Currency crises , Moral hazard , Loans , East Asia , Asia and Pacific , Global , Southeast Asia , Africa , Caribbean , South America

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Summary

This paper analyzes the origins, implications, and solutions for the Asian financial crisis. From the perspective of a member of the Executive Board of the IMF, as Asian problems were building, the IMF overlooked weaknesses in bank and corporate balance sheets in much of Asia: the IMF was unaware of the extraordinary leverage of Korean companies, which in some cases reached a ratio of 600/1 debt to equity. The IMF did not focus on the weak accounting and disclosure practices of banks and nonbanks or generous rollovers of banks to their key clients.