Dynamic capital mobility, capital-market risk, and contagion: evidence from seven Asian countries

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This paper analyzes three important issues related to the Asian financial crisis. First, was capital mobility increasing in this area during the 1990s? Second, was there a sudden increase of capital-market risk in those countries? Finally, is there any evidence of contagion in the Asian capital market? Using monthly time-series data, we find that capital mobility had been rapidly increasing before the crisis; there was a sudden increase in capital-market risk; and there is evidence of contagion in the Asian capital market from Thailand to other Asian countries. (C) 2002 Elsevier Science B.V. All rights reserved.
Publisher
ELSEVIER SCIENCE BV
Issue Date
2003-04
Language
English
Article Type
Article
Citation

JAPAN AND THE WORLD ECONOMY, v.15, pp.161 - 183

ISSN
0922-1425
URI
http://hdl.handle.net/10203/14047
Appears in Collection
RIMS Journal PapersMG-Journal Papers(저널논문)
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