Nearly ten years after the Asian Financial Crisis, financial turmoil has reappeared â€“ 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.
Table of Contents
1. Introduction Richard Carney PART I: 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 II: 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 III: 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 IV: CONCLUSIONS 12. Conclusions Hubert Neiss
Richard Carney is Assistant Professor in the S. Rajaratnam School of International Studies at Nanyang Technological University