East Asia in Crisis: From Being a Miracle to Needing One?

East Asia in Crisis: From Being a Miracle to Needing One?

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Edited by Ross Garnaut, Edited by Ross McLeod

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  • Publisher: ROUTLEDGE
  • Format: Paperback | 416 pages
  • Dimensions: 156mm x 233mm x 29mm | 744g
  • Publication date: 1 November 1998
  • Publication City/Country: London
  • ISBN 10: 0415198321
  • ISBN 13: 9780415198325

Product description

The current economic crisis in East Asia is unprecedented in world economic history. It seemed the economic strength of the region, until very recently, would just keep growing. Now, the macroeconomic achievements of Asia are under threat and the economies of North America and Europe are feeling the results. This book brings together the thoughts of leading experts on the Asian economy and provides a broad and thorough analysis of the situation. It provides case studies from fourteen countries in the region, how the crisis developed and affected them, and the response from governments. There are other non-country specific chapters with a strong theoretical content which address issues such as causation, how such a crisis should be handled, how it might be avoided in the future, and the likely implications for on-going deregulatory and other economic reforms. This is an important authoritative account of one of the most extraordinary economic events and provides a broad synthesis of case studies and theoretical approaches from a variety of researchers with an intimate knowledge of the region.

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Review quote

"This is a valuable book. It provides case studies which show that there is not a single Asian crisis, but rather a series of inter-related crises that are very different in detail. Comparisons with countries which have not experienced crisis are helpfully presented. And a number of overview chapters begin the process of drawing out general lessons."-David Vines, University of Oxford "Ross Garnaut and Ross McLeod are among the most acute observers of the economic scene in Asia. Their new study of the Asian crisis asks a series of crucial and creative questions, and provides answers that will contribute to its constructive resolution."-C. Fred Bergsten, Director, Institute of International Economics, Washington "[T]his volume has a great deal to recommend it as a timely work providing a broad overview of the Asian economic crises and the way public policy has and should respond to such economic upheavals. Recommended for upper-division undergraduate through facultycollections."-"Choice, 5/99 "Those willing to delve deeply into the figures to draw lessons from East Asia's economic collapse will find these essays rewarding."-"The Economist Review, 6/19/99

Editorial reviews

The Asian Crisis is not a single crisis, but rather a series of inter-related crises that are very different in detail. Many books have appeared to trace the causes and recount the events responsible but, for the first time, McLeod and Garnaut, from the Australian National University, have brought together some of the world's leading experts on Asian economies for a more useful, technical and analytical overview to draw general lessons from the crisis. This book includes case-studies of 13 countries (from Thailand to Australia) in the Asian region, describing how the crisis developed and affected them, and how their governments have responded. Further chapters analyze the causes, the management of such crises, the preventive measures against future crises and the likely implications for on-going deregulatory and other economic reforms. A particularly nice perspective to the book is the comparison with countries which have not experienced crisis. This book contains the right amount of technicality so that, while informative, it does not read like a dry textbook, and should appeal to a wide audience including economists, business managers and policymakers. (Kirkus UK)

Table of contents

Part I. Overview 1. East Asia in Crisis Ross Garnaut and Ross McLeod Part II. Case Studies: The Troubled Economies 2. Indonesia Ross McLeod 3. Thailand Peter G. Warr 4. Korea Heather Smith 5. Malaysia Prema-chandra Athukorala Part III. Case Studies: Safe Behind Closed Doors? 6. China Ligang Song 7. Vietnam Suiwah Leung and Le Dang Doanh 8. India sisira Jayasuriya Part IV. Case Studies: Other Countries' Experience 9. The Philippines Ponciano Intal Jr, Celia Reyes, Leilanie Basilio and Melanie Milo 10.Singapore and Hong Kong Cheng Yuk-shing, Marn Heong Wong and Christopher Findlay 11. Taiwan Shirley W. Y. Kuo and Christina Y. Liu 12. Japan Akiyoshi Horiuchi 13. Australia David Gruen, Brian Gray and Glenn Stevens Part V. Global Perspectives 14. Internationally Mobile Capital and the Global Economy Warwick J McKibbin 15. The Role of the International Monetary Fund David C.L. Nellor 16. Will Mexico's Recovery from Crisis be a Model for East Asia? David Hale Part VI. Policy Implications 17. The Role of Prudential Regulation. George Fane 18. Exchange Rate Regimes for the Future Alan A. Walters 19. Long-term Implications for Developing Countries hadi Soesastro Part VII. Reflections on the Crisis 20. The New Era of Financial Fragility Ross H. McLeod. 21. Economic Lessons Ross Garnaut