The Asian economic crisis and future development is a popular subject among academics and policy-makers worldwide. Several countries in Asia came to face severe economic recession in the wake of their financial and foreign exchange crisis which began in 1997. The recession was deep and the challenges for managers of respective economies for an optimum specification of monetary and fiscal policy guidelines became all too great. Many came to wonder whether the so-called "Asian Miracle" all of a sudden became a part of history. If so, how will Asia recover from the crisis and experience high growth and continuing development as in the past quarter of the century? Can such a crisis be forewarned? Which development paths should Asia seek so that the crisis will not be repeated in the future? In other words, the challenge is to formulate rational economic policies for Asia's newly industrialized/industrializing economies so that their industrialization and development can sustainably progress as Asia enters the Twenty-First Century. The book addresses the above issues by covering many topics including financial meltdown and industrial development, money and financial markets, exchange rates, capital flows, economic reforms, human capital development, impact of the financial crisis on growth and poverty incidence, as well as other development problems in Asia-Pacific countries. The subject of this book should be of great interest to scholars, policy makers and the general public who follow economic developments in Asia. It will contribute to a broader perspective and at the same time, a deeper understanding of the subject
Microeconomic foundations of macroeconomic crisisAsian non financial firms with comparisons to Latin America (S. Reynolds et al.). A prediction of firms' financial distress using macro and micro variables: a case of Thailand (S. Tirapat, N. Aekkachai). Managing the Thai crisis: asset bubbles, globalization and macroeconomic policy (T. Bhongmakapat). China's macroeconomic stabilization policies in the process of high growth, system transition and opening to the outside world (C. Xu). Monetary - financial crisis in Asia and economic renewal in Vietnam (D.L. Diep). The post-industrialized economic growth of Hong Kong: perspectives from a mega-city formation (C. Tuan, L.F.-Y. Ng). The Asian financial crisis and China's exchange rate policy (J.-C. Liu, L.-L. Xu). South Asia: a new regionalism (S.M. Khan). The role of foreign direct investment for Korea's economic recovery and future directions in foreign investment promotion policy (Y.-T. Lim). Are foreign firms technologically more active and progressive in less developed countries? Evidence from the Indian chemical industry (A.S. Ray). Locational determinants of Japanese foreign direct investment (S. Urata, H. Kawai). Foreign direct investment and technology flows in Asia and the Pacific region in the 1990s: an analysis of trends, patterns and policies (M.U. Ahmed). An analysis of Thailand's capital flows (W. Paitoon et al.). General equilibrium assessments of trade liberalization in APEC countries (H. Lee, et al.). Trade and industrialization in 2020 (J. Ajanant). Alternative industrial development paths for Indonesia: SAM and CGE analyses (R.M. Bautista, et al.). Imperfect competition and technology advance: implications for Indonesian practice (R.H. Aten). Health services systems and the consequences from the general agreement on trade in services (GATS) (W.S. Janjaroen, S. Supakankunti). The Asian economic crisis: implications for employment, labor markets and poverty (P. Wickramasekara).