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The financial crisis that hit a number of 'miracle' economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.
List of contents
List of Tables List of Figures Notes on the Contributors Introduction; H.Chang, G.Palma & D.H.Whittaker Economic Crisis in East Asia: The Clash of Capitalisms; C.Johnson Capital Market Crises: Liberalization, Fixed Exchange Rates and Market-driven Destabilization; L.Taylor Derivatives and Global Capital Flows: Applications to Asia; J.A. Kregel From 'Miracle' to 'Cronyism': Explaining the Great Asian Slump; R.Wade Thailand's Crisis: Neo-Liberal Agenda and Local Reaction; P.Phongpaichit & C.Baker Malaysian Débâcle: Whose Fault?; K.S.Jomo Indonesia: From Showcase to Basket Case; J.Pincus & R.Ramli Interpreting the Korean Crisis: Financial Liberalization, Industrial Policy and Corporate Governance; H.Chang, H.Park & C.G.Yoo Fashioning a New Korean Model out of the Crisis: The Rebuilding of Institutional Capabilities; J.A.Mathews Japan's Crisis: Evolution and Implications; D.H.Whittaker & Y.Kurosawa Responses to the Crisis: Constraints to a Rapid Trade Adjustment in East Asia's Electronics Industry; D.Ernst Asian Crisis and the Future of the Japanese Model; R.Dore The Economic Impact of the Asian Crisis on India and China; A.S.Bhalla & D.M.Nachane Three and a Half Cycles of 'Mania, Panic and [Asymmetric] Crash': East Asia and Latin America Compared; G.Palma Index
About the author
CHRIS BAKER Freelance Researcher and Writer, Bangkok
A. S. BHALLA David Thompson Senior Research Fellow, Sidney Sussex College, Cambridge
RONALD DORE Centre for Economic Performance, London School of Economics
DIETER ERNST East-West Center, University of Hawaii
CHALMERS JOHNSON Japan Policy Research Institute, Cardiff CA
K.S. JOMO Department of Economics, University of Malaya
LANCE TAYLOR New School for Social Research, New York
J.A. KREGEL University of Bologna
JOHN A. MATHERS Macquarie Graduate School of Management, Sydney
D. M. NACHANE University of Mumbai, India
HONG-JAE PARK School of Oriental and African Studies, University of London
PASUK PHONGPAICHIT Faculty of Economics, Chulalongkorn University, Bangkok
JONATHAN PINCUS School of Oriental and African Studies, University of London
RIZAL RAMLI Economic Advisory Group, Jakarta
ROBERT WADE Brown University, USA
CHUL GYUE YOO Korea Long-term Credit Bank Economic Research Institute, Korea
YOSHITAKA KUROSAWA Nihon University, Japan
Summary
It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.
