For almost five decades the capitalist answer to the socialist development in Asia and Latin America was the spectacular rise of the East Asian economies. This paper adopts a liberal position in examining what went wrong in East Asia, why the bubble of capitalist growth burst and why the IMF bail-out did not succeed. It provides a detailed analysis of the situation before, during and after the crisis.
Get full access to this article
View all access options for this article.
References
1.
BagchiAmiyha Kumar, May 2, 1998, Economic and Political Weekly, New Delhi.
2.
BankNegara Malaysia, Central Bank of Malaysia, may, 1998, “The East Asian Crisis — cases, policy response, lessons and issues”, Working paper No. 4, Submitted at VIII Summit of the G-15 held in Cairo, Egypt.
3.
MichaelCamdessus, February 7, 1998, “Reflections on the Crisis in Asia”, Address to the Extraordinary Ministerial Meeting of the IMF Group, Caracas, Venezuela.
4.
StanelyFischer, January 22, 1998, “The Asian Crisis, A view from the IMF”, an Address delivered at the Midwinter Conference of the Bankers’ Association for foreign Trade, Washington, D.C.
5.
StanelyFischer, June 1998, “The Asian Crisis and the Changing Role of the IMF”, Finance and Development, Volume 35, No. 2, Report of IMF.
6.
MorrisGoldstein, March 1998, “The Asian Financial Crisis”, Policy Analyses in International Economics, Institute for International Economics, Washington.
7.
MorrisGoldstein, June 1998, “The Asian Financial Causes, Cures, and Systemic Implications”, Policy Analysis in International Economics, Institute for International Economics, Washington.
8.
CallumHenderson, 1998, “Asia Falling: Making Sense of the Asian Crisis and its Aftermath”, McGraw Hill, New York.
9.
PaulKrugman, January 1994, “The Myth of the Asian Miracle”.
10.
PaulKrugman, January 1998, “What Happened to Asia”, Fortune, New York.
11.
RichardLacayo, December 8, 1998, Time, New York.
12.
SteveRadelet, January 1998, “The Onset of the East Asian Financial Crisis”, Financial Times, London.
13.
RangarajanC.“Indian Economy — Essays on Money and Finance”, VBS Publishers’ Distributors Ltd., New Delhi.
14.
BhanojiRao V V, June 6, 1998, Economic and Political Weekly, New Delhi.
15.
NourielRoubini, 1998, “An Introduction to Open Economy Macroeconomics, Currency Crises and an Analysis of the Causes of the Asian Crisis”, Papers on Macroeconomics, Stern School of Business, New York.
16.
SachsJeffery De, December 1997, “IMF approach to the Asian Crisis”, Financial Times, London.
