Much of the debate over the Asian crisis has focused on the relative importance of
Much of the debate over the Asian crisis has focused on the relative importance of
five macroeconomic variables: the budget deficit, monetary policy, the
current account, foreign exchange reserves, and foreign debt. The raw data for
these measures are presented in Table 3. The dependent variable used in this
section is the percent loss of purchasing power of exchange rates in emerging
markets from the end of 1996 to January 1999.