Overcoming Asia's Currency and Financial Crises: A Theoretical Investigation　　

KUNIMUNE Kozo
■ Price: 2,730yen (w/o tax　2,600yen)
■ Published in 2004
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Because of globalization, a financial crisis in one part of the world can have far-reaching adverse effects; the crisis that started in Thailand in 1997 ultimately affected countries as far away as the Republic of Korea and Brazil. Thus more important than attempting to prevent these crises is the need to cope with currency and financial crises ex post and to develop the tools and methods for overcoming them after their occurrence. The present volume examines the high interest rate policy intended to stave off a currency crisis, banking policies for weathering a financial crisis, and corporate restructuring policies for revitalizing economic activity. Theoretical analyses were done using a wide range of analytical frameworks such as the overshoot model of exchange rates, time inconsistency, the agency approach for corporate finance, and comparative studies of financial systems.

Acknowledgments

Introduction

1 Policy Issues and Prospects

2 The Asian Currency Crisis and IMF High Interest Rate Policy: A Critical Reconsideration Using a Dynamic Model

3 The Financial System and the Influence of Financial Crises

4 Ex Post Handling of the Financial Crisis

5 Bank Bailout Policy: The Problems of Time Inconsistency and Moral Hazards

6 Restructuring of Corporate Debt after the Asian Currency Crisis: Implications of Agency-Cost Analysis

Concluding Remarks
Bibliography
Index