The Long March to Asia. Investing in Asia After the Crisis

Jyrki Ali-Yrkkö, Catherine Reilly and Jian-Guang Shen

No 155 in ETLA B from The Research Institute of the Finnish Economy

Abstract: The “Asian miracle” ended in the autumn of 1997 when many East Asian economies fell victim to the Asian crisis. In this study, we analyse the reasons for the crisis and its effects on the world economy. We study why market players were unable to predict the crisis and identify the main lessons which both analysts and investors should learn from the crisis. The Asian crisis has not altered the long-term growth prospects of East Asia. On the contrary, the crisis will help to fix the weaknesses of the East Asian economies. The emphasis is on how the Asian crisis has affected the restructuring of China and Japan. Other economies covered are Hong Kong, Singapore, South Korea, Taiwan, Thailand, Malaysia and Indonesia. In addition to the Asian crisis, the study also considers the experiences of foreign companies which have invested in China. Through a case study of Finnish firms we investigate the main difficulties which foreign companies have encountered in China and identify the keys to successful investment in China.

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