The Asian contagion : the causes and consequences of a financial crisis

For much of the second half of the twentieth century, the Asian economic “miracle” has fueled the greatest expansion of wealth for the largest population in the history of mankind. In the summer of 1997, thirty years of economic boom came crashing back to earth. The reality of unrestrained speculation, misallocated private investment, fixed exchange rates, and inadequately supervised banks has struck the much-vaunted “Asian Tigers” like Thailand, Indonesia, Korea, and finally, Japan, casting a shadow of uncertainty on a region recently at the forefront of the world economic system. Recovery depends largely on reform within the Asian economies themselves and a cold assessment of the structural weaknesses that lay under the surface, but only now have come to light. The implications for world economies and, more broadly, the dynamics of world politics, are tremendous.In Asian Contagion: The Causes and Consequences of a Financial Crisis, Karl D. Jackson, director of the Southeast Asia Studies Program at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University, has commissioned a group of leading experts on business and economic policymaking in Asia in an effort to provide the most up-to-date overview available on the Asian downturn. Each author considers one nation—Japan, China, India, Thailand, Indonesia, Korea, the Philippines, and Vietnam—and the country analysis is framed by an introductory chapter on the roots of the crisis. The chapters consider the most current economic statistics, but view them with an overriding attention to contextualization rather than a more perishable micro focus. "For much of the second half of the twentieth century, the Asian economic?miracle? has fueled the greatest expansion of wealth for the largest population in the history of mankind. In the summer of 1997, thirty years of economic boom came crashing back to earth. The reality of unrestrained speculation, misallocated private investment, fixed exchange rates, and inadequately supervised banks has struck the much-vaunted?Asian Tigers? like Thailand, Indonesia, Korea, and finally, Japan, casting a shadow of uncertainty on a region recently at the forefront of the world economic system. Recovery depends largely on reform within the Asian economies themselves and a cold assessment of the structural weaknesses that lay under the surface, but only now have come to light. The implications for world economies and, more broadly, the dynamics of world politics, are tremendous. In Asian Contagion: The Causes and Consequences of a Financial Crisis, Karl D. Jackson, director of the Southeast Asia Studies Program at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University, has commissioned a group of leading experts on business and economic policymaking in Asia in an effort to provide the most up-to-date overview available on the Asian downturn. Each author considers one nation?Japan, China, India, Thailand, Indonesia, Korea, the Philippines, and Vietnam?and the country analysis is framed by an introductory chapter on the roots of the crisis. The chapters consider the most current economic statistics, but view them with an overriding attention to contextualization rather than a more perishable micro focus."--Provided by publisher. In Asian Contagion: The Causes And Consequences Of A Financial Crisis, Karl D. Jackson, Director Of The Southeast Asia Studies Program At The Paul H. Nitze School Of Advanced International Studies At Johns Hopkins University, Has Commissioned A Group Of Leading Experts On Business And Economic Policymaking In Asia In An Effort To Provide The Most Up-to-date Overview Available On The Asian Downturn. Each Author Considers One Nation - Japan, China, India, Thailand, Indonesia, Korea, The Philippines, And Vietnam - Framed By An Introductory Chapter On The Roots Of The Crisis And A Conclusion Discussing A Cultural Framework For Looking At Asian Financial Institutions, Today And In The Uncertain Time Ahead.--jacket. Introduction : The Roots Of The Crisis / Karl D. Jackson -- Japan's Key Challenges For The 21st Century / David Asher And Andrew Smithers -- Reflections Of A Market Participant : Japanese And Asian Financial Institutions / Eugene R. Dattel -- China And The Asian Financial Contagion / Nicholas R. Lardy -- Domestic Follies, Investment Crises : East Asian Lessons For India / Surjit S. Bhalla -- The Financial Crisis In South Korea : Anatomy And Policy Imperatives / Hak K. Pyo -- Thailand : From Economic Miracle To Economic Crisis / Richard F. Doner And Ansil Ramsay -- Indonesia's Crisis And Future Prospects / Ross H. Mcleod -- The Philippines As An Unwitting Participant In The Asian Economic Crisis / Manuel F. Montes -- Viet Nam : Ordeals Of Transition / William Turley. Edited By Karl D. Jackson. Includes Bibliographical References And Indexes. In Asian Contagion: The Causes and Consequences of Asia's Financial Crisis, Karl D. Jackson, director of the Southwest Asia Studies Program at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University, has commissioned a group of leading experts on business and economic policymaking in Asia in an effort to provide the most up-to-date overview available on the Asian downturn. Each author considers one nation -- Japan, China, India, Thailand, Indonesia, Korea, the Philippines, and Vietnam -framed by an introductory chapter on the roots of the crisis and a conclusion discussing a cultural framework for looking at Asian financial institutions, today and in the uncertain time ahead. The chapters consider the most current economic statistics, but view them with an overriding attention to contextualization rather than a more perishable micro focus. For much of the second half of the twentieth century, the Asian economic "miracle" has fueled the greatest expansion of wealth for the largest population in the history of mankind. In the summer of 1997, thirty years of economic boom came crashing back to earth. The reality of unrestrained speculation, inefficiently regulated currency exchange, banking instability and bad loans have struck the much-vaunted "Asian Tigers" like Thailand, Indonesia, Korea, and, finally, Japan, casting a shadow of uncertainty on a region recently to the fore in the world economic system. Recovery depends largely on reform within the Asian economies themselves and a cold assessment of the structural weaknesses that lay under the surface, but only now have come to light. The implications for world economies and, more broadly, the dynamics of world politics, are tremendous. Cover -- Half Title -- Title -- Copyright -- Dedication -- Contents -- List of Tables and Figures -- Preface -- About the Contributors -- 1 Introduction: The Roots of the Crisis -- 2 Japan's Key Challenges for the 21st Century -- 3 Reflections of a Market Participant: Japanese and Asian Financial Institutions -- 4 China and the Asian Financial Contagion -- 5 Domestic Follies, Investment Crises: East Asian Lessons for India -- 6 The Financial Crisis in South Korea: Anatomy and Policy Imperatives -- 7 Thailand: From Economic Miracle to Economic Crisis -- 8 Indonesia's Crisis and Future Prospects -- 9 The Philippines as an Unwitting Participant in the Asian Economic Crisis -- 10 Viet Nam: Ordeals of Transition -- Index -- Author Index -- Subject Index This volume contains several case studies to explain the causes and consequences of Asian contagion's spread within or among countries, such as, Japan, Thailand, Indonesia, Korea, China, India, Philippines, and Vietnam. From 1945 to 1997 the Asian economic miracle fueled the greatest expansion of wealth, for the largest number of persons, in the history of mankind.