Public Policies in East Asian Development: Facing New Challenges

By F. Gerard Adams; William E. James | Go to book overview
2.
As a result, in the mid- 1990s, competitive pressure of China and Vietnam made it increasingly difficult for Thailand and Indonesia to compete in labor-intensive product markets at the then-prevailing exchange rate.
3.
Indeed, capital flow liberalization has been seen as a source of the 1997 crisis. Excessive capital inflows, many of them short-term, were a central factor in the difficulties of Thailand, Indonesia, and Korea. Countries, like China, that did not free their international capital markets avoided some of the difficulties.
4.
There has been much discussion on whether the crisis originated from fundamental factors like excess investment within each economy, from fundamental shocks like trade failures originating outside, or from panic in the international financial system ( Radelet and Sachs, 1998).
5.
The Chinese transition experience has been astonishing not only in comparison with other Asian countries but, particularly, with respect to the transition economies in Eastern Europe. However, the Chinese situation has always been very different fro that in the European economies.
6.
World Trade Organization Annual Report 1997, Vol. 2 ( Geneva: WTO Secretariat). These figures are derived from figures and tables on pp. 59-63 of the report.
7.
For discussion see Bijan Aghelvi and Peter Montiel, "Exchange Rate Policies in Developing Countries." In Emil-Maria Claassen, ed., Exchange Rate Policies in Developing and Post-Socialist Countries ( San Francisco: International Center for Economic Growth, 1991).
8.
See Manuel Montes, The Currency Crisis in Southeast Asia ( Singapore: Institute of Southeast Asian Studies, 1998).

REFERENCES

Adams F. G., and I-M Davis. ( 1993). "The Role of Policy in Economic Development: Comparisons of the East and Southeast Asian and Latin American Experience." Asian-Pacific Economic Literature 8( 1), pp. 8-24.

Adams F. G., and S. Ichimura, eds. ( 1998). East Asian Development: Will the East Asian Growth Miracle Survive? Westport, CT: Praeger.

Corbo V. M. Goldstein, and M. Kahn. ( 1987). Growth-Oriented Adjustment Programs. Washington, DC: IMF, World Bank.

Feldstein Martin. ( 1998). "Refocusing the IMF." Foreign Affairs (March/April).

Hanke S. H., and K. Schuler. ( 1994). Currency Boards for Developing Countries: A Handbook. San Francisco: ICS Press.

Hughes H. ( 1995). "Why Have East Asian Countries Led Economic Development?" The Economic Record 71( 212), pp. 88-104

Radelet Steven, and Jeffrey D. Sachs. ( 1998). "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects". Brookings Papers on Economic Activity. Vol. 1, pp. 1-90.

Sachs Jeffrey D. ( 1997). "IMF Is a Power unto Itself." Financial Times December 11.

Wade R. ( 1990). Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization. Princeton, NJ: Princeton University Press.

World Bank. ( 1993). The East Asian Miracle: Economic Growth and Public Policy. New York: Oxford University Press.

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