The Asian Financial Crisis.ppt

Chinese yuan 8.281 8.289 +0.09HK dollar 7.745 7.747 +0.03Indonesia rupiah 14568.891760 -87.92Japanese yen 138.31 114.61 -17.58Malaysian ringgit 4.1 1.827 -55.44Korean won1370 641.4 -53.18Philippine peso 41.5 19.08 -54.02Thai baht 42.16 17.9 -57.54Private flows, net 40.5 77.4 93.0 -12.1Equity Investment 12.2 15.5 19.1 -4.5Private Creditors 28.2 61.8 74.0 -7.6Source: Institute of International Finance, Inc., “Capital Flows to Emerging Economies,” January 1998.China 18.2 15.8 18.1 7.1 33.1 22.9 1.6Indonesia 15.9 13.5 16.6 8.4 8.8 13.4 9.7Korea 4.2 10.5 6.6 7.3 16.8 30.3 3.7Malaysia 17.4 16.8 18.5 15.7 24.7 24.7 26.0Philippines 4.0 8.7 11.2 13.7 20.0 31.6 16.7Thailand 14.9 23.2 14.2 13.3 22.7 25.1 -1.3Mexico 17.7 0.7 1.4 9.2 14.2 40.3 22.6China 3.1 2.9Hong Kong 3.7 6.1Indonesia 3.8 4.9Korea 4.0 4.9Malaysia 3.7 4.8Philippines 6.0 5.5Singapore 3.6 4.0Taiwan 2.4 3.9Thailand 3.4 5.1Source: Corsetti and Pesenti (1998)China 0.9 0.9Hong Kong 3.3 -1.2Korea -1.2 -4.8Singapore 12.715.5Taiwan 4.0 4.0Indonesia -2.5 -3.7Malaysia -5.9 -4.9Philippines -3.8 -4.7Thailand -6.7 -7.9Argentina -1.6-1.4Brazil -0.6-3.3Chile -2.6-5.4Colombia -1.7-5.5Mexico -5.1-0.6Israel -3.9-7.4Africa (average) -11.1-7.8Hungary -4.0-3.7Source: Bank for International SettlementsHong Kong 99.7 103.9 108.5 115.9 114.5 116. 125.5Indonesia 97.4 99.6 100.8 103.8 101.0 100.5 105.1Korea 97.1 91.5 87.8 85.2 84.7 87.8 86.8Malaysia 97.0 96.9 109.7 111.0 107.1 107.0 111.9Philippines 92.3 103.1 107.1 97.4 111.6 109.5 116.0Singapore 101.2 105.7 106.0 108.6 111.9 112.7 117.9Thailand 102.2 99.0 99.7 101.9 98.3 101.7 107.6Note: The base figure (100) is the average for the year 1990Source: J.P. Morgan U.S. 110% 54%Japan 74 152Malaysian 56 100Philippine 39 54Thailand 10 100Indonesia 6 57China 13 97Hong Kong 8 157Indonesia 18 57Japan 1.5 111Korea 12 64Malaysia 16 95Philippines 18 52Singapore 12 97Thailand 18 105United States 0.5 65Indonesia 1.724 1.704Korea 1.623 2.073Malaysia 0.252 0.612Philippines 0.405 0.848Thailand 0.992 1.453Argentina 1.325 1.210Brazil 0.702 0.792Mexico 1.721 1.187Pakistan 0.740 2.440South Africa 4.050 3.124Zimbabwe 1.319 1.635Indonesia 4.512.010.4 8.8Korea 2.1 1.0 0.9 0.8Malaysia20.4 8.1 5.5 3.9Thailand 9.7 7.5 7.7 N/AMexico 2.310.514.412.5Argentina16.0 8.612.3 9.4Source: Bank for International Settlements.Q4, 9066.0 3019Q4, 9167.0 2788Q4, 9260.0 2482Q4, 9359.5 2327Q4, 9460.5 2358Q4, 9560.5 2179Q4, 9660.4 2250Q2, 9743.0 2267Source: Data Stream and Jones Lang Wootten.Bangkok15.0%Hong Kong 6.0%Kakarta10.0%Kuala Lumpur 3.0%Manila 1.0%Singapore 8.0%Shanghai30.0%Source: JP Morgan “Asian Financial Markets,” January 1998.Indonesia6.57.548.227.98Korea5.758.588.927.13Malaysia8.419.249.468.20Philippines2.124.394.765.67Thailand8.278.858.686.66Source: Corsetti, Pesenti and Roubini (1998).Indonesia9.608.539.438.03Korea4.826.244.494.96Malaysia3.573.715.283.56Philippines7.589.068.118.41Thailand3.365.195.695.85Source: Corsetti, Pesenti and Roubini (1998).China38.138.337.740.642.641.042.9Hong Kong35.833.833.834.633.130.430.6Indonesia27.928.727.331.427.628.428.1Japan33.534.233.832.831.430.731.3Korea36.135.935.135.234.635.133.3Malaysia29.128.431.333.032.733.536.7Philippines18.718.019.518.419.417.819.7Singapore44.145.447.344.949.850.050.1Taiwan22.422.223.223.722.922.921.0Thailand32.635.234.334.934.934.333.1Source: Statistical Appendix, IMF, 1997.Indonesia 48 64 54 84 392 908Korea 60 72 88 98 303 2071Malaysia 62 72 60 85 431 1070Philippines 57 66 83 95 218 435Thailand 58 69 79 94 361 726Source: Radelet and Sachs (1998).