Globalization and Openness: Lessons from the Recent Crisis in Southeast Asia

Chirathivat Suthiphand and Mansoob Murshed

No DP2001-35, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: Up until the recent crisis, the Southeast Asian region had been regarded as one of the most dynamic regions in the global economy. Their industrial structures have undergone a process of adjustment into more capital-intensive and technologically sophisticated manufacturing sectors. These adjustments created intra-regional flows of foreign direct investment (FDI) followed by the expansion of capital and intermediate goods intrafirm and intra-industry trade among regional economies. The paper argues that globalization and openness are not entirely responsible for the recent Asian crisis.

Keywords: Financial crisis; Globalization; Foreign investments (search for similar items in EconPapers)
Date: 2001
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