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

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 experts on the Asian economy and provides a broad and thorough analysis of the situation. It provides case studies from 14 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 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 knowledge of the region.

"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