Crisis, Recovery, and the Role of Accounting Firms in the Pacific Basin

Crisis, Recovery, and the Role of Accounting Firms in the Pacific Basin

Crisis, Recovery, and the Role of Accounting Firms in the Pacific Basin

Crisis, Recovery, and the Role of Accounting Firms in the Pacific Basin

Synopsis

The authors bring the disciplines of accounting and economics to bear on an examination of the critical role played by the major accounting firms in the ongoing economic recovery of Pacific Rim nations from the Asian financial crisis of the late 1990s. Accounting firms, through their service offerings, are having an impact not only on economic indicators, but also on longer-term growth prospects and development patterns in the newly industrialized nations of Southeast Asia (Hong Kong, Singapore, South Korea, and Taiwan), emerging nations (Malaysia, Thailand, the Philippines, and Indonesia) and selected Pacific island nations (including Papua New Guinea, Fiji, and Vanuatu). For practitioners in the private and public sectors and their academic colleagues.

Excerpt

Although Accounting Services, Growth and Change in the Pacific Basin is still relatively new (McKee and Garner, 1996a), much has occurred in the Pacific Basin since that volume went to press. The 1996 publication highlighted three groups of economies in its analysis. The first group comprised the nations often identified as the Asian Tigers—Hong Kong, Singapore, South Korea and Taiwan. The second group was selected from the emerging nations of the Asia Pacific region. Nations chosen included the Philippines, Indonesia, Thailand and Malaysia. The third grouping included a selection of small Pacific island states. The authors of the 1996 work are satisfied that they accomplished what they had intended. However, much has transpired in the region that was highlighted. One very obvious change involved Hong Kong’s return to China, the consequences of which are still being monitored. Beyond that adjustment has been the dramatic economic and financial crises that have swept the region. Beginning as a financial crisis in Thailand in 1997, the malaise spread to other jurisdictions in the region and became something more than a financial crisis, involving as it did economic and social matters.

At the height of the crises the Asian miracle as it pertained to the Asian Tigers seemed to be very much in doubt. Singapore, South Korea and Taiwan were embroiled in very serious difficulties. The same can be said for the emerging nations that were highlighted in the 1996 study. Although the Pacific island states have not received extensive attention in the media coverage of the crises, this may be more of a symptom of their size and/or global significance than of their avoidance of difficulties.

It seems clear to the present investigators that what has occurred can

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