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The purpose of this paper is to show how the credit-constrained markets can rapidly turn financial boom into bust. In 1997 Korea, Indonesia, and Thailand had completed another year of rapid growth; and all three countries hit record growth and trade performance. With large current account imbalances and stock markets past their peak, there were signs of a slowdown, but little warning of a financial disaster. By the end of the year all three countries were in the throes of financial crisis. Share prices were in local currency terms and the collapse was in the value of their currencies despite emergency funding from the International Monetary Fund (IMF). To understand the crisis in Asia, one must focus on the role of financial intermediaries and the price of land and other assets.This working paper can be found at the US Federal Reserve Board's International Finance Discussion Papers. You can access this by going to

The authors present an analysis of the export and import performance of select East Asian countries into price and volume effects. Results indicate that in aggregate, the decrease in export revenue experience by these countries in 1998 was mainly due to a decrease in prices, and that export volume increased. The fall in import and export prices in the East Asian region began in 1996, before the crisis, but intensified in the Summer and Fall of 1997 as the currency crisis unfolded and continued through the Spring of 1999. Because the decrease in import prices was greater than the corresponding decrease in export prices, these countries have collectively seen an improvement in their terms of trade during the crisis. This working paper is available at the US Federal Reserve Board. You can access this site by going to www.federalreserve.gov/pubs/workingpapers.htm.

The article provides an overview of the condition of local currency bond markets in emerging East Asian economies in the second quarter of 2016. It discusses contributing factors to the quarter-on-quarter expansion and growth in emerging East Asia's bond market including gains in the People's Republic of China as well as growth in the bond markets of the Republic of Korea and Hong Kong.

The article reports on tensions surrounding numerous maritime territorial disputes in East Asia. It highlights the challenges caused by the dispute for U.S. foreign policymakers. The author notes that a number of issues are facing the 113th U.S. Congress due to the rising tensions in the South China Sea and the East China Sea. The ability of the disputing countries, and of the U.S. and other parties to manage tensions and their link to other U.S. interests are outlined.

The article discusses the relation between the U.S. and South Korea as of November 2011. Topics discussed include views of the U.S. President Barack Obama's administration regarding the emergence of South Korea as the United States' closest ally in East Asia, role of the U.S. Congress in Korea-U.S. Free Trade Agreement (KORUS FTA), and acceptance of the U.S. demands by the South Korea, to help the U.S. auto industry.