{"id":"https://openalex.org/W1542652820","doi":null,"title":"Asia's financial crisis: lessons and policy responses","display_name":"Asia's financial crisis: lessons and policy responses","publication_year":1998,"publication_date":"1998-01-01","ids":{"openalex":"https://openalex.org/W1542652820","mag":"1542652820"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:fip:fedfpb:98-02","doi":null,"is_oa":false,"landing_page_url":"http://www.frbsf.org/econrsrch/workingp/pbc/wppb98-02.pdf","pdf_url":"http://www.frbsf.org/econrsrch/workingp/pbc/wppb98-02.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5025831375","display_name":"Ramon Moreno","orcid":"https://orcid.org/0000-0002-8453-6691","observed_orcids":["https://orcid.org/0000-0002-8453-6691"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Ramon Moreno","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-8453-6691","affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5080157329","display_name":"Gloria O. Pasadilla","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Gloria O. Pasadilla","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5045958812","display_name":"Eli M. Remolona","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Eli M. Remolona","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":42,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9961000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9961000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.002099999925121665,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.000699999975040555,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/asian-financial-crisis","display_name":"Asian financial crisis","score":0.9210000038146973},{"id":"https://openalex.org/keywords/financial-system-weaknesses","display_name":"financial system weaknesses","score":0.5899999737739563},{"id":"https://openalex.org/keywords/government-guarantees","display_name":"state guarantees","score":0.7379999756813049},{"id":"https://openalex.org/keywords/risk-management","display_name":"risk management","score":0.5809999704360962},{"id":"https://openalex.org/keywords/capital-inflows","display_name":"capital inflows","score":0.9950000047683716},{"id":"https://openalex.org/keywords/fixed-exchange-rates","display_name":"fixed exchange rates","score":0.9700000286102295},{"id":"https://openalex.org/keywords/macroeconomic-stability","display_name":"macroeconomic stability","score":0.7110000252723694},{"id":"https://openalex.org/keywords/external-debt-financing","display_name":"external debt financing","score":0.6159999966621399},{"id":"https://openalex.org/keywords/trade-finance","display_name":"trade finance","score":0.8519999980926514},{"id":"https://openalex.org/keywords/fiscal-policy","display_name":"fiscal policy","score":0.9580000042915344},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.9980000257492065},{"id":"https://openalex.org/keywords/financial-reform","display_name":"financial reform","score":0.6259999871253967},{"id":"https://openalex.org/keywords/exchange-rate-flexibility","display_name":"exchange rate flexibility","score":0.9950000047683716},{"id":"https://openalex.org/keywords/open-capital-account","display_name":"open capital account","score":0.8840000033378601},{"id":"https://openalex.org/keywords/east-asia","display_name":"East Asia","score":0.7149999737739563}],"concepts":[{"id":"https://openalex.org/C166357818","wikidata":"https://www.wikidata.org/wiki/Q3735938","display_name":"Recapitalization","level":2,"score":0.6017044186592102},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.5921712517738342},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.5651721954345703},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.5192332863807678},{"id":"https://openalex.org/C2776671347","wikidata":"https://www.wikidata.org/wiki/Q1417912","display_name":"Currency crisis","level":3,"score":0.504196286201477},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.48510849475860596},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.4612736701965332},{"id":"https://openalex.org/C524878704","wikidata":"https://www.wikidata.org/wiki/Q187021","display_name":"Fiscal policy","level":2,"score":0.45649850368499756},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.45521894097328186},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.45358091592788696},{"id":"https://openalex.org/C2781395280","wikidata":"https://www.wikidata.org/wiki/Q5419548","display_name":"Exchange-rate flexibility","level":4,"score":0.4373904764652252},{"id":"https://openalex.org/C204208750","wikidata":"https://www.wikidata.org/wiki/Q1519415","display_name":"Short run","level":2,"score":0.42743733525276184},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4211446940898895},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.4151463806629181},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.41509705781936646},{"id":"https://openalex.org/C105639569","wikidata":"https://www.wikidata.org/wiki/Q582577","display_name":"Economic policy","level":1,"score":0.4129742383956909},{"id":"https://openalex.org/C165705269","wikidata":"https://www.wikidata.org/wiki/Q1542397","display_name":"Foreign exchange risk","level":3,"score":0.4107396602630615},{"id":"https://openalex.org/C2776071005","wikidata":"https://www.wikidata.org/wiki/Q11337203","display_name":"Exchange-rate regime","level":3,"score":0.22426077723503113},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.17974475026130676},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:fip:fedfpb:98-02","doi":null,"is_oa":false,"landing_page_url":"http://www.frbsf.org/econrsrch/workingp/pbc/wppb98-02.pdf","pdf_url":"http://www.frbsf.org/econrsrch/workingp/pbc/wppb98-02.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:1542652820","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:fip:fedfpb:98-02","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":14,"referenced_works":["https://openalex.org/W1500134485","https://openalex.org/W1535268643","https://openalex.org/W1556682851","https://openalex.org/W1566209727","https://openalex.org/W2001402478","https://openalex.org/W2032173404","https://openalex.org/W2042745144","https://openalex.org/W2090821721","https://openalex.org/W2112559425","https://openalex.org/W3121401785","https://openalex.org/W3121935849","https://openalex.org/W3124605126","https://openalex.org/W3126022556","https://openalex.org/W3126078976"],"related_works":["https://openalex.org/W7095225206","https://openalex.org/W1516439516","https://openalex.org/W6992409567","https://openalex.org/W2014783323","https://openalex.org/W1562839454","https://openalex.org/W2073698728","https://openalex.org/W657522633","https://openalex.org/W7095820664","https://openalex.org/W4405793132","https://openalex.org/W1598481061"],"abstract_inverted_index":{"This":[0],"paper":[1],"argues":[2],"that":[3,10,149,201],"fundamental":[4],"weaknesses":[5,30],"in":[6,81,87,98],"Asian":[7],"financial":[8,27,55,136,159,185,192],"systems":[9],"had":[11],"been":[12],"masked":[13],"by":[14,33,43,59,67,121,187],"rapid":[15],"growth":[16,80,156],"were":[17,31,64],"at":[18],"the":[19,34,54,88,94,99,103,106,112,132,135,158,173,181,184,207],"root":[20],"of":[21,36,53,84,96,114,134,183,209],"East":[22],"Asia's":[23],"1997":[24],"currency":[25],"and":[26,91,116,141,157,161,167,196,206],"crisis.":[28],"These":[29],"caused":[32],"lack":[35],"incentives":[37,216],"for":[38,217],"effective":[39],"risk":[40],"management":[41],"created":[42],"implicit":[44],"or":[45],"explicit":[46],"government":[47],"guarantees":[48],"against":[49],"failure.":[50],"The":[51],"weakness":[52],"sector":[56,137,186],"was":[57],"accentuated":[58],"large":[60],"capital":[61,211],"inflows,":[62],"which":[63],"partly":[65],"encouraged":[66],"pegged":[68],"exchange":[69,169,203],"rates.":[70],";":[71],"Policy":[72],"responses":[73],"need":[74],"to":[75,78,92,109,154,164,179],"be":[76,152],"designed":[77],"restore":[79],"an":[82],"environment":[83],"macroeconomic":[85],"stability":[86],"short":[89,104],"run,":[90,105,175],"prevent":[93],"recurrence":[95],"crises":[97],"long":[100,174],"run.":[101],"In":[102,144,172],"priority":[107],"is":[108,147,199],"bring":[110],"about":[111],"resumption":[113],"external":[115,129],"internal":[117],"domestic":[118],"credit":[119],"flows,":[120],"addressing":[122],"issues":[123],"such":[124],"as":[125],"trade":[126],"financing,":[127,131],"short-term":[128],"debt":[130],"recapitalization":[133],"through":[138,191],"foreign":[139],"investment":[140],"fiscal":[142,150],"policy.":[143],"addition,":[145],"it":[146],"suggested":[148],"policy":[151,163],"assigned":[153],"supporting":[155],"sector,":[160],"monetary":[162],"curbing":[165],"inflation":[166],"stabilizing":[168],"rate":[170,204],"expectations.":[171],"policies":[176],"should":[177],"aim":[178],"reduce":[180],"vulnerability":[182],"encouraging":[188],"adequate":[189],"risk-management":[190],"reform,":[193],"strengthened":[194],"supervision,":[195],"regulation.":[197],"It":[198],"noted":[200],"greater":[202],"flexibility":[205],"maintenance":[208],"open":[210],"accounts":[212],"may":[213],"also":[214],"create":[215],"managing":[218],"risks":[219],"effectively.":[220]},"counts_by_year":[{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":2},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":5},{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-03T10:50:19.383937","created_date":"2016-06-24T00:00:00"}