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The role of the state in East Asian development has always been a controversial topic. The financial crisis in East Asia has rekindled the debate over the appropriate roles of the state and economic enterprise across the region. With extensive reform programs underway in almost every economy, there is a renewed focus on the role that governments and governance can play both in determining future performance and preventing future catastrophe. The contributors to this book explore various aspects of the recent experience of East Asian economies and come to some surprising conclusions regarding the importance of market strengthening and government systems in the sustainabilty of economic recovery. This book argues that the process of recovery is largely cyclical, but that reforms can play a major part in reducing future vulnerability. It concludes that successful structural reform is a central determinant of long-run growth performance, particularly as countries approach the technological frontier.
List of contents
Part 1: Overview 1. Perspectives 2. East Asia after the Financial Crisis Part 2: Country Experience 3. Japan's Bank Crisis and the Issue of Governance 4. The State, Banking and Corporate Relationships in Korea and Taiwan 5. Thailand's Experience with Reform in the Financial Sector 6. Governance and the Crisis in Indonesia 7. Government-Business Relations in Soeharto's Indonesia 8. The Malaysian Experiment 9. Reform and the Corporate Environment in the Philippines 10. State-Owned Enterprise and Bank Reform in China: Conditions for liberalisation of the capital account 11. Governance in the City States: Hong Kong and Singapore Part 3: Reflections 12. Managing Capital Flows in East Asia 13. Building Institutions and Resolution of the East Asian Crisis 14. Shaping East Asia's Recovery: Post-crisis reform of the international financial system
About the author
Peter Drysdale
Summary
This exciting sequel to East Asia in Crisis offers a completely up-to-date assessment of the progress of East Asian recovery and provides a detailed review of the experience of the region's economies.
