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Short-Term Capital Flows and Economic Crises$
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Stephany Griffith-Jones, Manuel F. Montes, and Anwar Nasution

Print publication date: 2001

Print ISBN-13: 9780198296867

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198296867.001.0001

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The Southeast Asian Currency Crisis

The Southeast Asian Currency Crisis

(p.97) 5 The Southeast Asian Currency Crisis
Short-Term Capital Flows and Economic Crises

Manuel F. Montes

Oxford University Press

While the Thai baht had lost about 55% of its value in terms of the US dollar by the end of January 1998 because it sold the majority of its international reserves in 1997, other currencies across Southeast Asia also experienced such declines since non-resident portfolios retreated from investment in economies that exuded similar characteristics with that of Thailand. The crisis experienced by both the Thai baht and the Indonesian rupiah are the most recent in the series of crises that have occurred recently throughout the developing region that are allegedly caused by a faulty domestic banking system and swelling capital inflows. This chapter emphasizes how the understanding of such crises should be given much attention because of the social costs involved. The chapter examines the various economic implications of these crises in developing countries particularly of those in Southeast Asia.

Keywords:   Southeast Asia, currency crisis, capital inflows, domestic banking system, social costs, Thailand

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