East Asia: The Road to RecoveryThis book carefully analyzes events that led to the crisis in East Asia, the tremendous effects the crisis has had on the Asian economies, and prospects for the region's future. It covers the region's trade and competitiveness, the financial sector at the center of the crisis, the corporate sector's financial performance and governance, and the social crisis resulting from the financial crash, among other issues. This in-depth report examines various factors that contributed to East Asia's financial collapse. It describes the emergence of the region's structural vulnerability to external shocks and financial panics such as the globalization of financial markets, newly liberalized but insufficiently regulated financial markets, and key macroeconomic policy responses. This comprehensive World Bank study looks carefully at these changes and is designed to be: a snapshot of where the region stands; a progress report on the enormous changes that have taken place in the last year; and an analysis of the remaining obstacles to establishing a firm recovery. |
Contents
Was the miracle real? | 2 |
Conclusions and organization of this study | 16 |
Prospects and policies | 30 |
Copyright | |
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20 percent adjustment Asia's assets banking system billion borrowing capital flows chaebols competitiveness corporate governance corporate sector costs coun credit crunch crises crisis countries currency debt decline demand depreciation devaluation domestic East Asia East Asian countries effects employment environmental equity exchange rate exports figure finance companies financial crisis financial institutions financial sector financial systems firms fiscal foreign direct investment foreign investors funds Gini coefficients global Hong Kong China households impact important improve incentives income increase Indonesia industrial inequality inflows interest rates investment Japan Korea labor market levels leverage loans macroeconomic Malaysia ment Mimeo nomic non-performing loans Philippines policies poor poverty poverty line problems programs ratio recapitalization recovery reforms region risks rural share shareholders shocks short-term Singapore social Source structural Thailand tion trade U.S. dollar vulnerable World Bank World Bank staff YES YES YES