LEADER 02689oam 22004813a 450 001 9910693567803321 005 20230622022819.0 024 7 $a10.3386/w6680 035 $a(NBER)w6680 035 $a(CKB)3240000000021576 035 $a(NjHacI)993240000000021576 035 $a(EXLCZ)993240000000021576 100 $a20230622d1998 fy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 14$aThe Onset of the East Asian Financial Crisis /$fSteven Radelet, Jeffrey Sachs 210 $aCambridge, Mass$cNational Bureau of Economic Research$d1998 210 1$aCambridge, Massachusetts :$cNational Bureau of Economic Research,$d1998. 210 4$dİ1998 215 $a1 online resource$cillustrations (black and white); 225 1 $aNBER working paper series$vno. w6680 300 $aAugust 1998. 330 3 $aThis paper provides an early diagnosis of the financial crisis in Asia, focusing on the empirical record in the lead-up to the crisis. The main goal is to emphasize the role of financial panic as an essential element of the Asian crisis. At the core of the crisis were large-scale foreign capital inflows into financial systems that became vulnerable to panic. The paper finds that while there were significant underlying problems and weak fundamentals besetting the Asian economies at both a macroeconomic and a microeconomic level, the imbalances were not severe enough to warrant a financial crisis of the magnitude that took place in the latter half of 1997. A combination of panic on the part of the international investment community, policy mistakes at the onset of the crisis by Asian governments, and poorly designed international rescue programs turned the withdrawal of foreign capital into a full-fledged financial panic, and deepened the crisis more than was either necessary or inevitable. 410 0$aWorking Paper Series (National Bureau of Economic Research)$vno. w6680. 606 $aCapital movements$xEconometric models 606 $aFinancial crises$xEconometric models 606 $aInvestments, Foreign$xEconometric models 615 0$aCapital movements$xEconometric models. 615 0$aFinancial crises$xEconometric models. 615 0$aInvestments, Foreign$xEconometric models. 676 $a332.042 700 $aRadelet$b Steven$01365196 701 $aSachs$b Jeffrey$0120952 712 02$aNational Bureau of Economic Research. 801 0$bMaCbNBER 801 1$bMaCbNBER 906 $aBOOK 912 $a9910693567803321 996 $aThe Onset of the East Asian Financial Crisis$93386779 997 $aUNINA