Crisis Amidst Growth

Lessons to Learn from Crisis 1997
  • Henry Y. WanJr.


Crisis 1997 was the last of the three financial shocks of the 1990s. Three characteristics contributed to the shock value of this episode: its abrupt onset, its virulence against apparently healthy economies, and its widespread reach. It is useful to identify these characteristics both in order to diagnose the problem and to prescribe a remedy. One needs a thorough understanding of the menace in order to prevent its recurrence; no stone must be left unturned. Our attention here focuses on the three aspects mentioned above.


Real Exchange Rate Subjective Probability Central European Bank Multiple Equilibrium Real Estate Market 
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  1. 5.
    Chang (1998: 227).Google Scholar
  2. 7.
    See for example, Allen and Gale (2000).Google Scholar
  3. 8.
    See Coe, Helpman and Hoffmaister (1997).Google Scholar
  4. 9.
    See Lucas (1993).Google Scholar
  5. 10.
    Compare Stiglitz (2002). By extension,’ shock therapy’ is of dubious merit for the transition economies. See Wan (1992).Google Scholar
  6. 11.
    See Mahathir (1999).Google Scholar
  7. 12.
    SeeLauridsen(1998).Google Scholar

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© Springer Science+Business Media New York 2004

Authors and Affiliations

  • Henry Y. WanJr.

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