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Corporate Performance in the East Asian Financial Crisis

By Claessens, Stijn

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Book Id: WPLBN0000215975
Format Type: PDF eBook
File Size: 0.5 MB
Reproduction Date: 2005

Title: Corporate Performance in the East Asian Financial Crisis  
Author: Claessens, Stijn
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Publication Date:
Publisher: The World Bank


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Claessens, S. (n.d.). Corporate Performance in the East Asian Financial Crisis. Retrieved from


The contributions of macroeconomic weaknesses, moral hazard, regulatory deficiencies, and the inherent instability of financial markets have all been investigated in depth (see Kaminsky and Reinhart 1999 for a review of recent work). Only more recently have variables in the corporate sector itself?performance, financial structure, and corporate governance?been included as explanatory factors. Some observers have gone so far as to attribute the East Asian debacle to these factors (Harvey and Roper 1999; Johnson and others forthcoming; Krugman 1999). In hindsight, it has become apparent that the corporate financial structure of many companies was too weak to withstand the combined shocks of increased interest rates, devalued currencies, and sharp declines in domestic demand. Yet poor performance and risky financial policies were not notable features of East Asia?s economic ascent before the financial crisis?quite the opposite. Considered by observers to be an important contributor to the East Asian miracle, the corporate sector was generally viewed as being very competitive and adept at exploiting new market opportunities. As a consequence it attracted considerable amounts of foreign capital. Hence, it is unclear whether the corporate structure compounded the financial crisis or whether corporations were the innocent victims of a financial crisis brought on by other factors.


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