Several years before the 1997-98 Asian financial crisis, most East Asian economies with the exception of China had engaged in the liberal reform prescriptions of the Washington Consensus. The Asian financial crisis added impetus to the transformation process as the crisis countries accepted the Washington Consensus as part of their commitment to ...
The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20 per cent in 1950, Asia's share of global GDP has now risen to 33 per cent and will exceed 40 per cent within a generation if current forecasts are realized. Asia's growing weight in the ...
This path-breaking comparative study of the economies of Japan, Korea, and Taiwan analyses the evolution of the financial systems of each country in relation to their last four decades of dynamic economic growth. Each country study is addressed in two chapters, the first covering macroeconomic aspects of the financial system and the second chapter ...
Is the accumulation of reserves in East Asia, the consequence of deliberate undervaluation of the corresponding currencies leading to large current account surpluses, or is it due to the need for the United States to finance its external imbalance, or yet again to capital inflow in the region in anticipation of currency revaluations? Will ...
High-performing Asian currencies have in recent years been pegged to the US dollar, around which a major currency bloc is based. However, the future emergence of a European monetary zone is set to transform the configuration of the international monetary system and the roles of the dollar, the Euro and the yen within this system. Consequently, ...
This book contends that the East Asian financial constitution lacks an appropriate infrastructure, resulting in inefficient allocation of high savings and an over-inflated short-term debt market. It goes on to point out that despite high savings, East Asia's dependency on financial centers outside the region is also relatively high, and that there ...
The absence of vibrant bondmarkets in East Asia was a significant contributor to the 1997-98 financial crisis. Since then, the development of local bondmarkets has been a major objective of financial reforms in many East Asian economies. This effort has been frustrated by the inability to reach a consensus on whether Asian bondmarkets are truly ...
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