Obstacles To Implementing Lessons from the 1997-1998 East Asian Crises

Jomo Sundaram

Working Papers from United Nations, Department of Economics and Social Affairs

Abstract: Various different and sometimes contradictory lessons have been drawn from the 1997-1998 East Asian crisis experiences. The ideological implications and political differences involved have complicated the possibility of drawing shared lessons from the crises. The seeming calm and increased growth in most developing countries in the period since 2001 have also undermined the possibility of far-reaching developmental reforms following the experience. Perhaps most importantly, the vested interests supporting existing international financial governance arrangements continue to impede the possibility of implementing lessons drawn from the experience. Such interests are generally supported by conventional wisdom and reinforced by the financial media.

Keywords: Asian crises; currency crises (search for similar items in EconPapers)
JEL-codes: F32 F34 F53 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2008-08
New Economics Papers: this item is included in nep-his, nep-ifn and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:une:wpaper:66

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