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Coping with the Emerging Markets Crisis: A View from the Markets

Coping with the Emerging Markets Crisis: A View from the Markets The Australian Journal of Agricultural and Resource Economics, 43:3, pp. 385^395 Coping with the emerging markets crisis: a view from the markets Bruce Hockman* 1. Introduction From a market perspective, the emerging market crisis began with the £oat of the Thai Baht on 4 July 1997 and spread quickly through a wave of speculative attacks on other Asian markets. But it was when the Korean economy deteriorated and the government was forced to approach the IMF for assistance that many market participants began to take the issues more seriously. E¡ectively this occurred a year before the symposium at which this article was originally presented. (I have tried to present the information as it was at the time of the symposium, but this article also updates for more recent data.) Australia has to date come through the crisis in much better shape than had generally been predicted. Indeed, given that the decline in growth in emerging countries in the Asian region turned out to be greater than forecasts in the early stages, the growth impact on Australia was even less than the most optimistic of forecasters had predicted. The noted American economist, Paul Krugman, dubbed Australia `The Miracle Economy' and http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Australian Journal of Agricultural Resource Economics Wiley

Coping with the Emerging Markets Crisis: A View from the Markets

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Publisher
Wiley
Copyright
Copyright © 1999 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1364-985X
eISSN
1467-8489
DOI
10.1111/1467-8489.00085
Publisher site
See Article on Publisher Site

Abstract

The Australian Journal of Agricultural and Resource Economics, 43:3, pp. 385^395 Coping with the emerging markets crisis: a view from the markets Bruce Hockman* 1. Introduction From a market perspective, the emerging market crisis began with the £oat of the Thai Baht on 4 July 1997 and spread quickly through a wave of speculative attacks on other Asian markets. But it was when the Korean economy deteriorated and the government was forced to approach the IMF for assistance that many market participants began to take the issues more seriously. E¡ectively this occurred a year before the symposium at which this article was originally presented. (I have tried to present the information as it was at the time of the symposium, but this article also updates for more recent data.) Australia has to date come through the crisis in much better shape than had generally been predicted. Indeed, given that the decline in growth in emerging countries in the Asian region turned out to be greater than forecasts in the early stages, the growth impact on Australia was even less than the most optimistic of forecasters had predicted. The noted American economist, Paul Krugman, dubbed Australia `The Miracle Economy' and

Journal

The Australian Journal of Agricultural Resource Economics – Wiley

Published: Sep 1, 1999

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