Southeast Asia's Economic Crisis: Origins, Lessons, and the Way Forward

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"This volume will be a useful reference for years to come" (Bulletin of Indonesian Economic Studies).

About the Publication

In the early 1990s, the World Bank labelled seven East Asian economies -- among them, four in Southeast Asia -- as "miracle economies", which had achieved extraordinarily high rates of economic growth for several decades. In 1996, on the eve of ASEAN's thirtieth birthday, Southeast Asia was experiencing unprecedented harmony and prosperity. For the first time ever, the region's six main, internationally-oriented economies were all growing vigorously. By 1998, however, Southeast Asia was suddenly in crisis, the largest country -- Indonesia -- deeply so. This volume, comprising a set of specially commissioned papers, examines the origins, lessons, and future path of the crisis. Why didn't economists foresee the sudden and catastrophic events of 1997-98? How can seemingly robust and vigorous economies fall so far, so swiftly? Do we, in consequence, need to change the way we view the world? Is there anything to salvage of the "East Asian miracle"? Is Southeast Asia about to experience its own version of the "lost decade", analogous to that which afflicted much of Africa and Latin America in the 1980s? This volume consists of authoritative and focused contributions by 15 distinguished specialists from eight countries, all of whom have been working in and on the region for several decades.

Co-publication: ISEAS / Allen / SMP

Institute of Southeast Asian Studies / Allen & Unwin / St Martin's Press


Preliminary pages
1. An Overview of the Issues, by Hal Hill, contributor
2. The Indonesian Crisis, by Mohammad Sadli, contributor
3. Swimming against the Tide: Crisis Management in Malaysia, by Prema-Chandra Athukorala, contributor
4. The Philippine Economy in the Asian Crisis, by Gerardo P Sicat, contributor
5. The Asian Financial Crisis: Singapore‚Äôs Experience and Response, by Chia Siow Yue , contributor
6. Economic Crises and the Debt-Deflation Episode in Thailand, by Bhanupong Nidhiprabha, contributor
7. Vietnam: Ready for Doi Moi II?, by Ari Kokko, contributor
8 Exchange Rates in the East Asian Crisis, by Ross Garnaut, contributor
9. The Crisis and Financial Sector Reform, by David C Cole, contributor
10. Modelling the Crisis in Asia, by Warwick J McKibbin, contributor
11. The Impact of the Crisis on Poverty and Equity, by Anne Booth, contributor
12. Political Institutions and the Economic Crisis in Thailand and Indonesia, by Andrew MacIntyre, contributor
13. ASEAN during the Crisis, by Hadi Soesastro, contributor
Index, About the Editors and Contributors

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