The Asian financial crisis of shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. This book explores what went wrong and how did the Asian economies long considered 'miracles' respond, among other things. The combined effects of growing unemployment, rising inflation, and the absence of a meaningful social safety-net system, pushed large numbers of displaced workers and their families into poverty. Resolving Thailand's notorious non-performing loans problem will depend on the fortunes of the country's real economy, and on the success of Thai Asset Management Corporation TAMC. Under International Monetary Fund's IMF oversight, the Indonesian government has also taken steps to deal with the massive debt problem. Economic reforms in Korea were started by Kim Dae-Jung.
Login or Register Information of interest. Introduction The economic record of East Asia over the past three decades is impressive by any measure. As a result of policies favoring outward-oriented growth, high savings and investment, and sound fiscal positions, per capita incomes in the region are, on average, 10 times higher than 30 years ago. Rapid growth has been the basis for equally impressive improvements in social indicators: reductions in poverty, increased investment in human capital, improved health care, and lower incidence of disease. Since the s, life expectancy in the region has risen, on average, from 60 years to 70 years.
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