Miracle to Meltdown in Asia


Book Description

Norman Flynn summarizes many arguments and viewpoints about Asia's 1997-1998 financial crisis. Flynn, who thoroughly documents his information with examples, charts and graphs, lays out the key pre-crisis weaknesses in the Asian economies. Then, he examines ways that "expressive" personal relationships, especially among the élites, define much of Asia's economic and political activity. He examines shifts in society, as globalization and supranational institutions (read IMF) move power from governments and élites to the markets. Flynn leans away from drawing conclusions - he prefers to present various points of view - but when he does state a conclusive opinion, he is persuasive. The book is packed with useful information, despite being short, very dense, and rather academic. getAbstract recommends this excellent book to anyone with a serious interest in investing or doing business in Asia.




Tigers Tamed


Book Description

Can the economy of a region go from miracle to meltdown in a few short months? As he traces the dramatic events of late 1997 into 1998, Robert Garran uses firsthand knowledge of Asia and its economics to demonstrate that the miracle was in many ways a myth.




Asia Meltdown


Book Description

How Did Asia Get From Here… 1997 voted year of the Ringgit International Herald Tribune, 4 January 1997 To Here… Fair or foul, Yamaichi is no more Asahi Evening News, 23 January 1998 Malaysia accuses IMF of support for speculators The Daily Telegraph (London), 1 September 1997 Currency crisis taken to UN Stage Business Times (Malaysia) 27 September 1997. Bankruptcies break records, worst yet to come Asahi Evening News 20 January 1998 Japan debt shock raises pressure on Hashimoto South China Morning Past 13 January 1998 Is The Miracle Over?







Meltdown


Book Description

Two prize-winning authors penetrate Asia's financial crisis, investigating why it happened and whether it has the force to derail America's remarkable boom.




Two Crises, Different Outcomes


Book Description

Two Crises, Different Outcomes examines East Asian policy reactions to the two major crises of the last fifteen years: the global financial crisis of 2008–9 and the Asian financial crisis of 1997–98. The calamity of the late 1990s saw a massive meltdown concentrated in East Asia. In stark contrast, East Asia avoided the worst effects of the Lehman Brothers collapse, incurring relatively little damage when compared to the financial devastation unleashed on North America and Europe. Much had changed across the intervening decade, not least that China rather than Japan had become the locomotive of regional growth, and that the East Asian economies had taken numerous steps to buffer their financial structures and regulatory regimes. This time Asia avoided disaster; it bounced back quickly after the initial hit and has been growing in a resilient fashion ever since. The authors of this book explain how the earlier financial crisis affected Asian economies, why government reactions differed so widely during that crisis, and how Asian economies weathered the Great Recession. Drawing on a mixture of single-country expertise and comparative analysis, they conclude by assessing the long-term prospects that Asian countries will continue their recent success.




East Asian Development


Book Description

East Asia's rapid economic growth and the crisis of 1997 have caught the world's attention. As the Asian miracle has turned to meltdown, the critical question has become whether growth will resume. Based on research and conferences at ICSEAD in Kitakyushu, Japan, this book brings together the work of Asian economic development experts. It considers the forces behind the East Asian growth miracle, the process of growth, the effect of saving, and the effect of foreign direct investment and multinationals. Taking an optimistic view, the authors conclude that rapid growth may resume in East Asia once the crisis has been resolved. The authors argue that a growth process links East Asian countries to each other and to the industrial world, and that growth reflects a process that combines capital formation and technical and institutional change. The 1997 crisis grew out of excessively rapid boom and must be handled before growth will resume. But, the authors conclude, once the crisis has been resolved, the linked process of growth supported by appropriate policies, high levels of savings and investment, and foreign investment will allow growth to resume, although perhaps with a different geographic center of gravity.




Dragons in Distress


Book Description

Challenging the prevailing wisdom of Asia's "miracle economies", this book argues that South Korea, Taiwan and Singapore are headed for crisis. The authors lead their readers on an exploration of the different dimensions of this crisis and suggest strategies to surmount the unfolding crisis.







Asia After the "miracle"


Book Description

The Asian economic "meltdown" that began in 1997 has demonstrated the urgent need for a post-cold war reappraisal of U.S. policy priorities in this critical region.American policy rests on the premise that the United States does not have to choose between economic and security priorities in Asia, because the American military presence is valued by regional powers in its own right. But is this premise justified?This timely book presents mini-debates on the key issues facing the United States in Asia, together with the recommendations of an Economic Strategy Institute Study Group composed of leading scholars, businessmen, diplomats, and military leaders with Asian experience. Among the wide-ranging recommendations are controversial proposals for a gradual disengagement of U.S. combat forces from Japan and Korea. The sixteen specialists who debate U.S. policy options in background papers prepared for the Study Group present conflicting perspectives on U.S. interests in China, Japan, Korea, Taiwan, Southeast Asia, and South Asia.In a policy-challenging Overview, editors Selig S. Harrison and Clyde V. Prestowitz, Jr., focus on the impact of the cold war on U.S. economic relations with Asia today, and on the diminishing need for the forward deployment of U.S. forces resulting from improvements in U.S. airlift and sealift capabilities.The contributors are Doug Bandow, Barry Bosworth, Ted Galen Carpenter, James Clad, Rear Adm. Eugene Carroll, Jr., Charles W. Freeman, Jr., Chalmers Johnson, Geoffrey Kemp, Paul H. Kreisberg, Nicholas R. Lardy, Martin L. Lasater, Mike Masato Mochizuki, William J. Taylor, Ezra Vogel, Allen S. Whiting, and Jeffrey Winters.Selig S. Harrison is a senior scholar of the Woodrow Wilson International Center for Scholars and a fellow of The Century Foundation. His many books on U.S. relations with Asia include The Widening Gulf: Asian Nationalism and U.S. Policy. Clyde V. Prestowitz, Jr., is president of the Economic Strategy Institute and former counselor to the Secretary of Commerce. He is the author of Trading Places: How We Allowed Japan to Take the Lead.