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Title: The 1997 Asian currency crisis, financial linkages and the monetary policy of Japan
Authors: Chan, Kenneth S (陳順源)
Dang, Vinh
Issue Date: Sep-2012
Publisher: Blackwell Publishing Ltd
Citation: Review of International Economics, Sep. 2012, v. 20, no. 1, p. 1-17
Abstract: This paper examines the evidence that the excessively liberal monetary policy of the Bank of Japan, before and after the financial collapse of Japan in 1992, may have led the other East Asian economies into “over-borrowing” and speculative investments, prior to the currency crisis in 1997-98. We test for cointegration and Granger-causality between Japanese money supply M1 and the domestic investment of eight East Asian economies and Australia. US and German money supplies are also used as a benchmark. There is strong evidence that there are long and short-run causal relationships between the Japanese money supply and the domestic investment of the Asian crisis-inflicted economies prior to 1997.
ISSN: 1467-9396
Keywords: Currency crisis
Monetary policy
Financial linkages
Access: View full-text via DOI

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