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| Title: | | The Asian disease: Plausible diagnoses, possible remedies. Regulation of cross-border interbank lending and derivatives trade  |
| Authors: | | Mayer, Martin |
| Issue Date: | | 1998 |
| Series/Report no.: | | Public policy brief // Jerome Levy Economics Institute of Bard College 44 |
| Abstract: | | Asia presents a cumulation of apparently rational decisions that produced disastrous results - a textbook illustration of financial instability developing from the economics of euphoria. A combination of factors produced the crisis as enormous capital inflows were drawn to the Asian miracle-pegged exchange rates with fluctuating interest rates, integrated economies, moral hazard created by central banks, and short-term lending and derivatives trade without sufficient evaluation of risk and credit analysis of borrowers. The Asian tragedy demonstrates the need for improved regulation of cross-border interbank lending, improved accounting for both borrowers and lenders, and separation of the close links between governments and their banking sector. |
| ISBN: | | 0941276538 |
| Document Type: | | Research Report |
| Appears in Collections: | | Public Policy Briefs, Levy Economics Institute of Bard College
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