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Journal of Economic Integration 2004 September;19(3) :519-535.
DOI: https://doi.org/10.11130/jei.2004.19.3.519
Contagious Asian Crisis: Bank Lending and Capital Inflows
Saleheen Khan 
Minnesota State University
Copyright ©2004 Journal of Economic Integration
ABSTRACT

This paper presents empirical evidence that bank lending, and capital inflows can explain the severity of the Asian crisis of 1997 above and beyond macroeconomic fundamentals. We find that countries that share Japanese banks as their major lender with Thailand, the first victim in the Asian crisis, tend to experience currency crisis. We also find evidence that link short-term capital inflows to the severity of the Asian crisis.

JEL Classification: F30, F31, F32, F34

Keywords: exchange rate | currency crisis | and capital inflows
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