From 'Miracle' to 'Cronysim': Explaining the Great Asian Slump

Robert Wade

Cambridge Journal of Economics, 1998, vol. 22, issue 6, 693-706

Abstract: Was the Asian slump caused by the buildup of vulnerabilities in the real economy, with panicky investor pullout as merely the trigger or messenger of a necessary market correction? Or was it caused largely by the normal workings of underregulated national and international financial markets, the panicky pullout itself being a prime cause? The short answer is some of both. This paper describes the double helix-like interaction of real and financial causes. It then outlines a strategy of escape from crisis, including the reintroduction of capital controls and creation of an Asian financial facility. Copyright 1998 by Oxford University Press.

Date: 1998
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