The Performance of East Asian Markets upon the 2008 Global Financial Tsunami: Currency Crisis and Banking Crisis

東亞八國在2008年全球性金融海嘯的表現

10.30166/PPMR.201007.0002

周國偉(Kuo-Wei Chou)；吳孟道(Meng-Dao Wu)；林柏君(Po-Chun Lin)

2008全球性金融海嘯 ； 亞洲金融危機 ； 通貨危機 ； 銀行危機 ； 外匯市場壓力指標 ； 貨幣市場壓力指標 ； 2008 Global Financial Tsunami ； Asian financial crisis ； currency crisis ； banking crisis ； Index of Foreign Exchange Market Pressure ； Index of Money Market Pressure

Pan-Pacific Management Review

13卷2期（2010 / 07 / 01）

35 - 68

英文

2008年全球性金融海嘯嚴重衝擊全球經濟，東亞市場亦不能倖免。由於東亞國家曾歷經1997年亞洲金融風暴的洗禮，故比較並探索這兩次金融危機的差異，仍是經濟學家所關心的議題。我們透過外匯市場及貨幣市場壓力指標的分析，發現2008年全球性金融海嘯對東亞各國金融市場的投機性炒作程度遠低於1997年的亞洲金融風暴，而對經濟體系的衝擊程度亦然。明顯地，近期金融海嘯的性質異於過去的亞洲金融風暴。最後，本文的結果也將提供各國遭逢金融危機時的參考策略及展望。

The 2008 Global Financial Tsunami severely impacted global economies including the East Asian markets. Coming on the heels of the prolonged 1997 Asian Financial Crisis, economists are keenly interested to compare and contrast these two financial crises. An analysis of foreign exchange and money market pressure indexes indicates that the impact of the 2008 Global Financial Tsunami was far less severe than the 1997 Asian Financial Crisis. Therefore, we anticipate a speedy recovery in East Asian markets. Furthermore, speculative attacks were also less significant during the 2008 Global Financial Tsunami. It is obvious that the nature of the most recent Financial Tsunami was different from that of the Asian Financial Crisis. Our results provide a reference for nations which are going through a financial crisis.

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