Asian Economic Recovery: Policy Options For Growth & Stability

The traditional Asian economic model was characterized by the strategy of state-directed, rapid industrial catching-up. The first-growth period for Japan was 1953-73, while that for the NIEs (Korea, Taiwan, Hong Kong and Singapore) was 1966-86. Between 1987 and 1996, prior to the Asian financial crisis, there was indication that Southeast Asia and coastal China had been replicating the same Asian economic model. While showing a considerable degree of success, the developmental model has its shortcomings, and the financial crisis in 1997-98 exposed the flaws in the economic and political structure. However, with IMF financial assistance, steady improvement in the trade balance, rising foreign reserves, and gradual corporate and banking restructuring, economic recovery began to take place in 1999 and 2000. This is a collection of papers presented at the Conference on "Asia in Economic Recovery: Policy Options for Growth and Stability", organized by the Institute of Policy Studies, Singapore, in June 1999. It discusses the issues and policy options regarding Asia's economic recovery.