A Krugman-Dooley-Sachs Third Generation Model of the Asian Financial Crisis.
This paper presents a multiple-equilibrium model of the Asian financial crisis. The economy has Krugman-style over-investment caused by weak financial regulation and exacerbated by government guarantees. Following Dooley, the government only has a limited capacity or willingness to honour such guara...
| Main Authors: | , |
|---|---|
| Format: | Working paper |
| Language: | English |
| Published: |
CEPR
1999
|