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• W338997945 abstract "Rethinking the Asian Edited by Joseph E. Stiglitz and Shahid Yusuf. New York: Oxford University Press Inc., 2001. Pp. x + 526. The Asian financial crisis of 1997-98 has been wake-up call for Asia, forcing policy-makers in the region to re-examine their hitherto successful economic development strategies and policies. Prior to the crisis, the region was lauded by the international community as the East Asian Miracle. Over the past three decades, many and Southeast Asian countries experienced high sustainable economic growth rates and marked improvement in living standards. It certainly did appear that Asia possessed winning formula (in economic development) which eluded so many developing countries in the past. However, this miracle became nightmare with the onset of the Asian financial crisis. Nobody expected the crisis to be so severe and devastating to the affected economies in the region. Five years may have past but the implications of this crisis to Asia are still unfolding. Hence, this edited volume with contributions from eminent scholars comes at timely moment as it takes a fresh look at the regional experience in the 1990s and to extend and revise as necessary the findings of the World Bank's Asian Miracle, published in 1993 (p. v). The contributors to this book were given the task of assessing the economic and industrial policies that were implemented in the region, as well as provide recommendations on how these economies can sustain relatively robust growth in the future. In the first chapter, Shahid Yusuf provides an overview of the key issues that will be covered in this book and summarizes the main elements of the Asian His opening chapter dovetails with the other chapters that re-examine different aspects of Asia's economic and industrial development through either country or regional perspective. Takatoshi Ito makes an important observation in Chapter 2, Growth, Crisis and the Future of Economic Recovery in He finds that the region has successful manufacturing sector that coexists with weak financial sector. Hence, it is precisely this weak link that contributed to the regional crisis. He noted that once domestic financial markets and institutions are strengthened, these economies would be less vulnerable to external shocks or financial contagion. Therefore, sound financial policies (which includes strong financial supervision) and capital market development should be important components in re-evaluating existing strategies in Asia. Howard Pack tackles the total factor productivity (TFP) debate in Chapter 3 Technological Change and Growth in Asia: Macro versus Micro Perspectives. This debate relates to the issue as to whether there really was miracle or were the high growth rates in Asia driven by capital and labour inputs rather than TFP. Krugman (1997, p. 27) puts it more bluntly that Asia's phenomenal growth was mainly matter of perspiration rather than inspiration. However, Howard Pack noted that the rapid economic turnaround in Korea, Malaysia, and Thailand in 1999 and 2000 would suggest that the accumulation of capital, skilled labour, and technological knowledge was stable and long term. Moreover, there is also an ongoing debate over the methodology used to measure TFP which was highlighted by Joseph Stiglitz in his concluding chapter. …" @default.
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• W338997945 date "2002-08-01" @default.
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• W338997945 title "Rethinking for East Asian Miracle" @default.
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