Summary
This volume features an in-depth analysis of the Asian financial crisis and its impacts on the economies of the region by thirty-five scholars and professionals working in the area. The volume contains a detailed analysis of the root causes of the crisis. Some of the authors pursue their analysis with a quantitative approach while others utilize a more qualitative approach. Attention is also directed to the impact of the crisis on international trade and finance. Much of the discussion of this topic focuses on the impact of the crisis on the structure and volume of trade, and on the rise in the number of trade disputes. The impact of these developments on intra- and inter-regional capital flows is also treated. The contribution of APEC (Asia Pacific Economic Cooperation) is assessed. Likewise, the emergence of new trends in the shape of regional monetary policies is also given attention. A special feature of the volume is the assessment of the impact of these developments on China's economy, the inflation rate and its international financial posture. Finally, the effect of recent events on industrial organization particularly with regard to the chaebols in Korea and the keiretsu in Japan is discussed, along with an assessment of the prospects for successful reform of the East Asian system of conglomerates.
Table of contents
- 1. Introduction. The post-financial crisis challenges to Asian industrialization (J.H. Yoo, R. Hooley). 2. Structural Causes of the Asian Financial Crisis. Structural causes of the Asian financial crisis (H. S. Choke, H. Y. Dung). Contagion or simple transmission of business cycles? The case of the Asian crisis? (S.H. Kim, M.A. Kose, M.G. Plummer). The Korean economic crisis: What is and what ought to be done (U.C.Chung). Bank financial structure in pre-crisis south and south-east Asia (S.A. Reynolds, S. Ratanakomut, J.P. Gander). An econometric valuation of the east Asian crisis (J. Lee, J. Yano). 3. Trade and Globalization Trends after the Crisis. The structure and composition of international trade and foreign investment in Asia: Historical trends and future prospects (M. Dowling, D. Ray). Ten years of APEC: Performance and prospects (H. Ahn). Apec's open regionalism and WTO's MFN (S.H. Park). Competition and complimentarity in north-east Asia trade: A Korean perspective (S.Y.Nam). Causes of trade conflict: The Korean case vis-a-vis the global trend (D. Lee). Foreign direct investment and accelerated industrialization of the Chinese economy (M. Dutta). 4. International Monetary and Financial Impacts of the Crisis. The Asian currency crisis and the regional monetary system (T.J. Kim, J.W. Ryon). Policy considerations toward a new financial order (S.C. Kim). Determinants of recent FDI flows in the Asia pacific region (H. Lee). A proposal for Asian regional financial co-operation in the age of global financial integration (Y. Wang). Redesigning channels of capital flow in the age of global finance (S. Min). Korea's FDI policy after the currency crisis (M.J. Kim). An analysis of Korean and Japanese FDI in ASEAN countries (S.M. Yoo). Reconsideration for effective financial policy after the Korean currency crisis. (C.O. Rhee).
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