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- W3125746079 abstract "May 23, 2004 First draft, very preliminary and incomplete Abstract This paper provides a quantitative investigation of the East Asian crisis of 1997-99. The two essential features of the crisis that we focus on are a) the crisis was a regional phenomenon; the depth and severity of the crisis was exacerbated by a large decline in regional demand, and b) the practice of setting export goods prices in dollars (which we document empirically) led to a powerful internal propagation effect of the crisis within the region, contributing greatly to the decline in regional trade flows. We construct a model with these two features, and show that it can do a reasonable job of accounting for the response of the main macroeconomic aggregates in Korea, Malaysia, and Thailand during the crisis." @default.
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- W3125746079 date "2004-05-01" @default.
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- W3125746079 title " Dollar Bloc or Dollar Block: External Currency Pricing and the East Asian Crisis" @default.
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- W3125746079 doi "https://doi.org/10.24148/wp2004-35" @default.
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