In South Korea, net private-capital inflows of 4.8% of GDP in 1996 swung to net outflows of 3.4% of GDP in 1997. Though the accumulation of substantial short-term debts in the financial system and corporate sector did amplify the shocks, the primary factors fueling the crisis were the lack of international liquidity, panicked behavior by investors, and financial contagion.
与希腊不同，亚洲的问题不是偿债能力危机，而是流动性危机，其原因是资本流的突然逆转。在韩国，1996年私人资本流入占GDP的4.8%，而到了1997年，出现了相当于GDP的3.4%的净流出。尽管金融系统和公司部门所累积的大量短期债务确实放大了冲击，但助长危机的主要因素是缺少国际流动性、投资者的恐慌性行为和金融传染。