Analytical Afterthoughts on the Asian Crisis

  • Paul Krugman
Part of the Research Monographs in Japan-U.S. Business & Economics book series (JUSB, volume 5)


The worst is now past, or so we hope. (There are, at time of writing, some serious aftershocks rumbling in Asia again.) But what was it all about? How can things have gone so wrong so suddenly? How can those countries that have not really recovered—as I’ll explain, there are a couple that, despite some output rebound, in a fundamental sense have not bounced back—get back on track? And what should we do to prevent another financial crisis—or if one comes, what should we do to minimize it?


Exchange Rate Monetary Policy Real Exchange Rate Exchange Rate Regime ASIAN Crisis 
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  1. Aghion, P., Bacchetta, P., and Banerjee, A. (1999), “A simple model of monetary policy and currency crises”, mimeo.Google Scholar
  2. Bernanke, B. and Gertler, M. (1989), “Agency costs, net worth, and economic fluctuations”, American Economic Review 79, 14–31.Google Scholar

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© Springer Science+Business Media New York 2001

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  • Paul Krugman

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