Brookings Review

Quarterly magazine focuses on economic, political and foreign policy issues.

Articles from Vol. 16, No. 3, Summer

America in Denial: The Public's View of the Future of Social Security
SOCIAL SECURITY IS ONE OF THE MOST POPULAR government programs. In the 1996 presidential election, voters listed Social Security and Medicare second only to the economy and jobs as the most important issue in deciding their vote. Policy experts,...
Asia Is Still Our Future
In one of the few recent books on Indonesia, A Nation in Waiting, author Adam Schwarz writes: "With over 180 million inhabitants, Indonesia's population trails only China, India, and the United States. And yet ... Indonesia is all but invisible to...
Blessing or Curse? the East Asian Crisis and America's Trade Deficit
The East Asian financial crisis is certain to leave its mark on America's trade balance. The Organization for Economic Cooperation and Development projects that over the next two years the broadest measure of the U.S. trade deficit--the current account...
Dodging the Bullet - This Time: The Asian Crisis and U.S. Economic Growth during 1998
One of the great surprises of the U.S. economy this year has been its capacity to withstand the trade shocks resulting from the Asian financial crisis. At the end of 1997, most economists were revising down their forecasts of U.S. output growth by...
End of the Miracle: Exploring the Asian Financial Crisis
Economists and political scientists spent considerable energy in the past decade explaining the Asian economic miracle--the ability of so many Asian countries to sustain high growth and industrial transformation. Until last year few gave much thought...
Foreign Direct Investment: The Key to Asia's Future Economic Growth?
THROUGHOUT 1997, East Asia's unfolding financial crises provoked scathing critiques of the role of foreign investors in the region's downward spiral. According to the critics, the same foreign investment that had helped spawn the East Asian economic...
Investment Boom, Financial Bust: The Crisis in Korea
From October to December of last year, Korea went from being the world's eleventh largest economy to one surviving on overnight loans from the international money markets. Between November 19, when Korea decided to approach the International Monetary...
Out of the Ashes? Southeast Asia's Struggle through Crisis
The Southeast Asian countries of Thailand, Indonesia, Malaysia, the Philippines, Singapore have been at the epicenter of the Asian economic crisis. On July 2 last year Thailand floated its baht after months of trying to defend it against market pressures....
Sputter, Cough, Choke: Japan Misfires as the Engine of Asia
Hopes in Asia Pacific that Japan will help solve the region's financial crisis are all but certain to be dashed. Japan does not have the fiscal power and maneuverability to act as the engine of Asia. More important, it may not have the political will....
The Asian Financial Crisis: What Happened and What We Can Learn from It
LAST YEAR'S DRAMATIC ASIAN EXCHANGE RATE COLLAPSES have intensified efforts to understand and control the forces behind such crises. Until recently economist blamed currency crises on distorted domestic macroeconomic conditions. But the Asian crises...
The East Asian Economic Crisis: Security Implications
Although the economic convulsions in East Asia have not taken on the proportions of a security crisis, it would be premature to dismiss the possibility. Reasons for concern abound. In the first place, the economic woes besetting Asia's developing...
The Flat Tax in Theory and Practice: Simple, Efficient, Fair. or Is It?
The U.S. tax system remains continually, and deservedly, under attack. Many people find taxes too complex. Analysts blame the tax system for depressing saving, entrepreneurship, and economic growth. Few people believe it to be entirely fair or transparent....
The IMF: No Rook for an International Agency in Global Economy
The international system set up after World War II was appropriate for that era. But now it is time to move from an international ("between nations") world to a global one. The problem today is that we have an economic system where conflict between...
The IMF: Not Perfect, but Essential
The International Monetary Fund has three important roles in international financial crises. The first is to help countries to fashion programs to restore currency and market stability. The second, under certain circumstances at least, is as a lender...
When the IMF Can't & the Market Won't: Some Practical Steps for Developing Countries to Help Themselves
In a world of mobile financial capital, the threat of financial crises will always be with us. As international investors diversify their wealth across national boundaries, the distinction between domestic and foreign investors will become meaningless....