dc.contributor.author | Dholakia, Bakul H. | |
dc.date.accessioned | 2010-10-12T06:46:38Z | |
dc.date.available | 2010-10-12T06:46:38Z | |
dc.date.copyright | 1998 | |
dc.date.issued | 1998-10-12T06:46:38Z | |
dc.identifier.uri | http://hdl.handle.net/11718/9538 | |
dc.description | Vikalpa, Vol. 23, No. 4, (October-December, 1998) | en |
dc.description.abstract | The East Asian crisis occurred despite highly
impressive macroeconomic performance and prudent
fiscal policies pursued by the severely affected
countries which enjoyed excellent international credit
rating till June 1997. The crisis came as a rude shock
to the international financial community and the
policy-makers on account of its unprecedented
magnitude and global impact. In this paper, Bakul
Dholakia argues that the crisis resulted from a strong
combination of mutually reinforcing factors such as
appreciation of real exchange rates, high levels of
current account deficit, extremely high growth of
short-term external debt/ and highly fragile financial
sector. According to Dholakia/ the overall impact of
East Asian financial crisis on the Indian economy can
be described as moderate. The slow-down of India's
industrial growth and exports and fall in the stock
market since the last quarter of 1997 can be attributed
more to the climate of political uncertainty than the
East Asian crisis. Given the favourable
macroeconomic fundamentals/ Indian economy
currently does not face any threat arising from the
Asian virus. | |
dc.language.iso | en | en |
dc.subject | Financial Crisis | en |
dc.subject | East Asia | en |
dc.title | Financial crisis in East Asia : a macroeconomic perspective | en |
dc.type | Article | en |