Currency crisis in four Asian countries : the insolvency model approach / / Nor ʻAznin Abu Bakar

• Record Nr.: UNINA9910824458803321
• Autore: Abu Bakar Nor ʻAznin
• Pubbl/distr/stampa: Sintok, Kedah : , : Penerbit UUM Press, , [2016]; ©2016
• ISBN: 967-2210-56-6
• Descrizione fisica: 1 online resource (95 pages)
• Disciplina: 332.042
• Soggetti: Financial crises - Malaysia; Financial crises - Thailand; Financial crises - Phililppines
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Nota di contenuto: Intro -- Contents -- List of Tables -- Preface -- Introduction -- 1 | Background to the Asian Crisis -- Causes of the Crisis -- Fundamental -- Table 1.1 Capital Flows for the Four Asian Countries (Percentage of GDP) -- Table 1.2 International Bank Lending to East Asia (in billions of US Dollars) -- Financial Sector and Other Structural Weaknesses -- External Economic Environment -- Figure 1.1 Export market growth for the four Asian countries (annual percentage change). -- Creditors' Panic/Herd Behaviour -- Contagion -- Table 1.3 Bilateral Trade Shares with Thailand (1996) -- Table 1.4 Asian Intraregional Trade (1996) -- 2 | The Four Asian Economies Before and After the Crisis -- Table 2.1 GDP Growth Rates of the Four Asian Countries (1998) -- The Four Asian Economies Before the Crisis -- Malaysia -- Thailand -- The Philippines -- Indonesia -- Impact of the Crisis on Trade -- Social Implication of the Crisis -- Table 2.2 Unemployment Rates (1997-1998) -- The Four Asian Economies after the Crisis -- Table 2.3 GDP Growth Rates (Percentage) -- 3 | Models of Currency Crisis -- Theoretical Literature -- The First Generation Model -- The Second Generation Model23 -- The 'Twin Crises' -- Empirical Literature -- Indicators -- 4 | Macroeconomic Performance of the Four Asian Countries -- Current Account Imbalances -- Table 4.1 Current Account (Percentage of GDP) -- Macroeconomic Fundamentals -- The Growth ; Rates -- Figure 4.1 GDP growth rate (percentage). -- Total Factor Productivity -- Investment Rates -- Figure 4.2 Investment rates (percentage of GDP). -- Table 4.2 Incremental Capital Output Ratio (ICOR) -- Private and Public Savings -- Figure 4.3 Saving rates (percentage of GDP). -- Inflation Rates -- Figure 4.4 Inflation rates. -- Openness -- Table 4.3 Openness (average* exports and imports as percentage of GDP).; Table 4.4 Export Growth Rate (1995-1996) a (percentage) -- Real Exchange Rate -- Figure 4.5 Real exchange rate. -- Political Instability and Uncertainty -- Foreign Debt Accumulation -- Table 4.5 Foreign Debt (percentage of GDP) -- Table 4.6 Short-Term Debt (1990 - 1997) -- Table 4.7 Debt Service Ratio as a Ratio of Exports (1990 - 1997) -- Table 4.8 Short Term Debt and Debt Service Plus Short Term Debt (% of Foreign Reserves) -- 5 | Income and Price Elasticity of Exports and Imports -- Studies on Income and Price Elasticities -- Analytical Framework -- Long-Run Export and Import Equations -- List of Variables -- Cointegration Test -- Long-Run Exports Demand -- Long-Run Imports Demand -- Data Analysis -- Table 5.1 The DF/ADF Test for Unit Roots (Exports) -- Table 5.2 The DF/ADF Test for Unit Roots (Imports) -- Results of Analysis -- Table 5.3 ADF Residual-based Test for Cointegration: The Long- Run Export Equations -- Table 5.4 ADF Residual-based Test for Cointegration: The Long- Run Import Equations -- The Dynamic Ordinary Least Square (DOLS) -- Table 5.5 The DOLS Export Demand Equations (Long-Run) -- Table 5.6 The DOLS Import Demand Equations (Long-Run) -- 6 | A Solvency Model for the Four Asian Countries -- Debt/Solvency -- Previous Studies on Solvency (Ability to Pay) -- The Model -- The Intertemporal Budget Constraint -- The Solvency Index -- An Invariant Measure of Wealth (IMW) -- Repudiation Threat -- Derivation from the Calculation of the Solvency Index -- Application to the Four Asian Countries -- GDP Supply -- Table 6.1 ADF Residual-based Test for Cointegration: The Long-run GDP Equations -- Table 6.2 The DOLS GDP Supply Equation (Long-Run) -- Table 6.3 The Weight of Exports and GDP -- Solvency Indices -- Table 6.4 External Debt Ratio of the Four ASIAN Countries (Millions of US ) -- Table 6.5 Solvency Indices and Actual Percentage Paid.; 7 | Conclusion -- End Notes -- Bibliography -- INDEX.