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The Asian Financial Crisis

Lecture

In early December 1999, Professor Anne Krueger visited the Productivity Commission and delivered a lecture in both the Melbourne and Canberra offices. This paper is the text of the lecture, based on the transcript.

Professor Krueger is Herald L. and Caroline L. Ritch Professor of Economics and Director of the Center for Research on Economic Development and Policy Reform at Stanford University. She is a past President of the American Economic Association and Vice President of Economics and Research at the World Bank, and is a member of the US National Academy of Science.

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Contents

1   Causes of the crises
     Exchange rate regime
     Expansion of domestic credit
     Current account deficits
     The role of cronyism

2   How did Asian miracles end up in Asian crises?

3   Conclusions