Rethinking the East Asian Miracle
The crisis which gripped East Asia during 1997-99 underscored the urgency for cross-sectoral reform just as the strong revival of virtually all the economies in the region convinced the doubters that the East Asian miracle had by no means run its course. This volume provides illuminating, analytic perspectives on key facets of the East Asian economies. It discusses weaknesses in the financial sector, corporate governance, exchange rate and trade policies, regulatory capability and proposes solutions. Several papers in the volume also discuss the complex political economy of development in East Asia and show how interaction among government, business, and the banking system must evolve to minimize the risk of periodic crisis. 'Rethinking the East Asian Miracle' is an indispensable reference for all those with an interest in East Asia's prospects in the early decades of the new century. A copublication of the World Bank and Oxford University Press.
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ASEAN Asia’s Asian financial crisis Asian HPAEs capital chaebol China China and Vietnam Chinese competition corporate governance currency domestic East Asian countries East Asian economies East Asian Miracle economic growth efficient exchange rate exports financial crisis firms foreign direct investment foreign exchange foreign trade global government’s growth rates Hong Kong impact important increased Indonesia indus industrial policy inflows inputs institutions interest rates intraregional investors Japan Japanese Korea labor liberalization loans Malaysia manufacturing ment monetary nomic output ownership percent period Philippines political problem Processed productivity growth provinces ratio reform regime region relative Research result role rural enterprises rural industrialization share short-term Singapore SOEs Source Southeast Asia state-owned Statistical strategy structure Table Taiwan TFP growth Thailand tion total factor productivity trade and FDI TVEs U.S. dollar United University Press Urata variables Vietnam World Bank