CURRENCY AND FINANCIAL CRISES IN ASIA : Are Japanese banks to be blamed for the crises?

概要

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In the wake of the Mexican and Asian currency episode, the subject of the financial crises has come to the forefront of academic and policy discussions. Kamimsky and Reinhart (1999) finds that problems in the banking sector typically precede currency crisis - the currency crisis deepens the banking crisis, activating a vicious spiral; financial liberalization often precedes banking crisis. Given the size and global penetration of Japanese banking organizations, the significant problems at the beginning of 1990s may have created just such an event. Peek and Rosengren (1997) argues that the contraction in Japanese bank lending caused by the decline in the Japanese stock values was transmitted internationally to the rest of the world, especially to the East Asia. On the other hand, the financial crises of East Asian countries have again played up the importance of foreign direct investment (FDI).