TY  - JOUR
AU  - Ito, Takatoshi
TI  - Capital Flows in Asia
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 7134
PY  - 1999
Y2  - May 1999
DO  - 10.3386/w7134
UR  - http://www.nber.org/papers/w7134
L1  - http://www.nber.org/papers/w7134.pdf
N1  - Author contact info:
Takatoshi Ito
Columbia University
School of International and Public Affairs
Room 927 IAB (MC 3333)
420 West 118th Street
New York, NY 10027
Tel: 212-854-6401
Fax: 212-749-1497
E-Mail: ti2164@columbia.edu
M1  - published as Takatoshi Ito. "Capital Flows in Asia," in Sebastian Edwards, editor, "Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies" University of Chicago Press (2000)

AB  - 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.
ER  -