TITLE

Was East Asia Illiquid Or Insolvent? With Special Reference to South Korea

AUTHOR(S)
Dean, James W.
PUB. DATE
September 1999
SOURCE
Multinational Business Review (St. Louis University);Fall99, Vol. 7 Issue 2, p60
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This paper argues that since mid-1997, East Asian crisis countries have suffered from a withdrawal of international capital flows well beyond any fundamental weakness in their economies. This has resulted in good part from "reverse free rider" behavior by foreign lenders. Hence East Asia has been "illiquid" but not "insolvent". The paper argues further that IMF "bailout" lending, although not always the conditions that have gone along with it, has been unjustly maligned. This argument is illustrated with reference to South Korea.
ACCESSION #
2214013

 

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