How Taiwan Weathered the Asian Financial Crisis

Erh-Cheng Hwa
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Erh-Cheng Hwa: Poverty Alleviation and Economic Management Unit, East Asia and Pacific Region, The World Bank, Washington, DC, USA

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2000, vol. 03, issue 04, 491-518

Abstract: This paper attempts to explain why Taiwan was able to cope with the East Asian financial crisis more successfully than other economies in East Asia. It pinpoints Taiwan's competitive industrial sector as the most likely relevant underlying factor. It also shows that while sound macroeconomic policy and prudent financial policy all contributed to allowing Taiwan to avert the crisis, an effective industrial policy that fostered industrial restructuring, strengthened industrial competitiveness, as well as helped to restore macroeconomic equilibrium, was the most instrumental factor.

JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2000
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Citations: View citations in EconPapers (3)

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DOI: 10.1142/S0219091500000248

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