Suchergebnisse

This paper discusses the "miracle" phase of Asian economic growth and assesses the extent to which conventional economic analysis explains it. Was the East Asian miracle as miraculous after all? It then examines the "crisis" or "meltdown" phase, and assesses a number of hypotheses that have been put forward to account for it. What, in particular, was it that created an unsustainable situation in East Asia in 1997 and 1998. Finally, it discusses the weaknesses of the policy response to the crisis and attempts to extract some lessons. (DSE/DÜI)