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The Asian Financial Crisis


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