Lessons from the Asian Financial Crisis

ISBN-13: 9780415481908 / Angielski / Twarda / 2009 / 288 str.

Richard Carney

Opis

Nearly ten years after the Asian Financial Crisis, financial turmoil has reappeared a " this time it is ravaging the world's wealthiest countries and dragging the global economy along for the ride. It forces one to reflect on the last major financial crisis to afflict the global economy, and to consider whether there are any similarities, and whether there are any lessons from that crisis that we can apply to the current one. Written by a distinguished group of individuals from government, the private sector, international organizations, and academia, this book provides an overview of developments in the main affected countries during the Asian Financial Crisis, as well as the lessons learned and corrective measures taken at the country, regional, and international levels. Importantly, attention is also paid to the areas where substantial improvements are needed. The current crisis heightens the relevance of these lessons. Lessons from the Asian Financial Crisis will be invaluable to those studying international relations, international finance, international economics and East Asian studies.

What have we learned from the 1997 Asian Financial Crisis? Thailand’s recent handling of international capital flows makes this topic of particular relevance, especially when considering that Thailand was the precipitating country in the ‘97 financial crisis. Do Thailand’s recent problems suggest that other countries have not learned the appropriate lessons, nor implemented sufficiently corrective measures? Moreover, are there potential new problems on the horizon - such as the unwinding of global imbalances - that could pose different challenges? To answer these questions, this book brings together a distinguished group of individuals from government, the private sector, international organizations, and academia.

The contributors provide an overview of developments in the main affected countries during the 1997 Asian financial crisis; lessons learned and corrective measures taken in these countries; lessons learned by regional and international actors; how domestic, regional, and international politics have affected the outcomes; and the identification of potential future problems, and levels of preparedness.

Lessons from the Asian Financial Crisis will be invaluable for those studying International relations, international finance, international economics and East Asian studies.

Spis treści

1. Introduction Richard Carney  Part 1: Overview  2. From Miracle to Misadventure: The Political Economy of the 1997-98 Crises John Ravenhill  3. Causes of the 1997-1998 East Asian Crises and Obstacles to Implementing Lessons Jomo Kwame Sundaram  Part 2: Lessons Learned and Not Learned  4. Indonesian Financial Crisis Ten Years After: An Insider’s View Soedradjad Djiwandono  5. The Asian Financial Crisis 10 Years Later: What Lessons Have We Learned? Anwar Ibrahim  6. Ten Years from the Financial Crisis: Managing the Challenges Posed by Capital Flows Khor Hoe Ee and Kit Wei Zheng  7. The Asian Financial Crisis Ten Years Later – Lessons Learnt: The Private Sector Perspective Manu Bhaskaran  8. Politics, Policy, and Corporate Accountability Peter Gourevitch  Part 3: Preparations for Future Problems  9. The Asian Financial Crisis Revisited: Lessons, Responses and New Challenges Masahiro Kawai and Pradumna B. Rana  10. Ten Years After the Asian Crisis: Is the IMF Ready for "Next Time"? Stephen Grenville  11. The Post-Asia-Crisis System of Global Financial Regulation And Why Developing Countries Should Be Worried About It Robert Wade  Part 4: Conclusions  12. Conclusions Hubert Neiss

O autorze

Richard Carney is Assistant Professor in the S. Rajaratnam School of International Studies at Nanyang Technological University