NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Capital Flows in Asia

Takatoshi Ito

NBER Working Paper No. 7134
Issued in May 1999
NBER Program(s):   IFM

This paper characterizes the capital flows in Asia before and after the Asian currency crisis of 1997. Differences in foreign direct investment, portfolio investment, and bank lending are emphasized. There are common factors and idiosyncratic factors to the role of capital flows in the currency crises in different countries, especially Thailand, Indonesia, and Korea where IMF programs were needed. Some lessons from the currency crises are also drawn. Some representative models that explain a currency crisis are suggested, and lessons are very different depending on models that are believed to be applicable.

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Document Object Identifier (DOI): 10.3386/w7134

Published: Capital Flows in Asia, Takatoshi Ito. in Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, Edwards. 2000

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