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dc.contributor.authorWade, Roberten
dc.date.accessioned2016-02-24T14:27:44Z
dc.date.available2016-02-24T14:27:44Z
dc.date.issued01/01/1999en
dc.identifier.citationWade, R. (1999) Gestalt Shift: From ‘Miracle’ to ‘Cronyism’ in the Asian Crisis. IDS Bulletin 30(1): 134-150en
dc.identifier.issn1759-5436en
dc.identifier.urihttps://opendocs.ids.ac.uk/opendocs/handle/20.500.12413/9130
dc.description.abstractSummary Crisis explanations focussing on either domestic vulnerabilities or moral hazard do not seem to cover the Asian crisis well, while hypotheses focussing on investor panic appear to be more consistent with the observed facts. Asian economies were characterised by high savings rates and high levels of bank mediated corporate debt. Capital account liberalisation during the 1990s, without corresponding domestic prudential control mechanisms, exposed this high debt model to international volatility. The crisis is essentially a deflation crisis and IMF responses, including pressure for high interest rates and further capital account liberalisation, are inadequate in this case.en
dc.format.extent17en
dc.publisherInstitute of Development Studiesen
dc.relation.ispartofseriesIDS Bulletin Vol. 30 Nos. 1en
dc.rights.urihttp://www.ids.ac.uk/files/dmfile/IDSOpenDocsStandardTermsOfUse.pdfen
dc.titleGestalt Shift: From ‘Miracle’ to ‘Cronyism’ in the Asian Crisisen
dc.typeArticleen
dc.rights.holder© 1999 Institue of Development Studiesen
dc.identifier.doi10.1111/j.1759-5436.1999.mp30001012.xen


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