Experiences with current account deficits in Southeast Asia

In the 1990s, Southeast Asia experienced very rapid growth associated with large and persistent current account deficits. The episode lasted from 1990 to around 1996, ending with the outbreak of the Asian crisis in 1997–98. Current account deficits peaked at around 10 percent of gross domestic produ...

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Autor principal:	Moreno, Ramón
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA ECONÓMICA CRISIS ECONÓMICA 1998 PRODUCTO INTERNO BRUTO
Acceso en línea:	https://hdl.handle.net/20.500.12580/3744
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spelling	oai-20.500.12580-37442021-04-24T11:02:12Z Experiences with current account deficits in Southeast Asia Moreno, Ramón POLÍTICA ECONÓMICA CRISIS ECONÓMICA 1998 PRODUCTO INTERNO BRUTO In the 1990s, Southeast Asia experienced very rapid growth associated with large and persistent current account deficits. The episode lasted from 1990 to around 1996, ending with the outbreak of the Asian crisis in 1997–98. Current account deficits peaked at around 10 percent of gross domestic product (GDP) in Malaysia in 1995 and at 8 percent of GDP in Thailand in 1996 (compared with 7 percent in Mexico around the time of the peso crisis in 1994). Deficits were also large in the Philippines and Indonesia, at around 4 percent of GDP. During the crisis years of 1997–98, deficits became surpluses that persisted for years (in the Philippines this occurred much later). Malaysia’s surpluses rose to around 15 percent of GDP after its crisis, whereas they declined in Thailand (turning to a small deficit for a time) and Indonesia. The current account reversals to surpluses were associated with a sudden stop in capital inflows, which significantly exceeded current account deficits in the first half of the 1990s, but which had not recovered their previous levels by 2006. 2019-11-01T00:04:04Z 2019-11-01T00:04:04Z 2008 Artículo 978-956-7421-30-5 https://hdl.handle.net/20.500.12580/3744 eng Series on Central Banking, Analysis, and Economic Policies, no. 12 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 537-582 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA ECONÓMICA CRISIS ECONÓMICA 1998 PRODUCTO INTERNO BRUTO
spellingShingle	POLÍTICA ECONÓMICA CRISIS ECONÓMICA 1998 PRODUCTO INTERNO BRUTO Moreno, Ramón Experiences with current account deficits in Southeast Asia
description	In the 1990s, Southeast Asia experienced very rapid growth associated with large and persistent current account deficits. The episode lasted from 1990 to around 1996, ending with the outbreak of the Asian crisis in 1997–98. Current account deficits peaked at around 10 percent of gross domestic product (GDP) in Malaysia in 1995 and at 8 percent of GDP in Thailand in 1996 (compared with 7 percent in Mexico around the time of the peso crisis in 1994). Deficits were also large in the Philippines and Indonesia, at around 4 percent of GDP. During the crisis years of 1997–98, deficits became surpluses that persisted for years (in the Philippines this occurred much later). Malaysia’s surpluses rose to around 15 percent of GDP after its crisis, whereas they declined in Thailand (turning to a small deficit for a time) and Indonesia. The current account reversals to surpluses were associated with a sudden stop in capital inflows, which significantly exceeded current account deficits in the first half of the 1990s, but which had not recovered their previous levels by 2006.
format	Artículo
author	Moreno, Ramón
author_facet	Moreno, Ramón
author_sort	Moreno, Ramón
title	Experiences with current account deficits in Southeast Asia
title_short	Experiences with current account deficits in Southeast Asia
title_full	Experiences with current account deficits in Southeast Asia
title_fullStr	Experiences with current account deficits in Southeast Asia
title_full_unstemmed	Experiences with current account deficits in Southeast Asia
title_sort	experiences with current account deficits in southeast asia
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3744
work_keys_str_mv	AT morenoramon experienceswithcurrentaccountdeficitsinsoutheastasia
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Experiences with current account deficits in Southeast Asia

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