01787cas a2200253 a 4500 AALejournalIMF000769 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451858396 1018-5941 BD-DhAAL BD-DhAAL Baig, Taimur. Monetary Policy in the Aftermath of Currency Crises : The Case of Asia / Taimur Baig, Ilan Goldfajn. Washington, D.C. : International Monetary Fund, 1998. 1 online resource (31 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper evaluates monetary policy and its relationship with the exchange rate in five Asian crisis countries. The findings are compared with previous currency crises in recent history. The paper finds no evidence of overly tight monetary policy in the Asian crisis countries in 1997 and early 1998, nor evidence that high interest rates led to weaker exchange rates. The usual trade-off between inflation and output when raising interest rates suggested the need for a softer monetary policy in the crisis countries to combat recession. However, in some countries, corporate balance sheet considerations called for the reversal of overly depreciated currencies through firmer monetary policy. Mode of access: Internet Goldfajn, Ilan. IMF Working Papers; Working Paper ; No. 1998/170 Full text available on IMF http://elibrary.imf.org/view/journals/001/1998/170/001.1998.issue-170-en.xml IMF e-Library