TITLE

Restoring Growth in Asia After the Late 1990s Economic Crisis: Need for Domestic and International

AUTHOR(S)
Aggarwal, Raj
PUB. DATE
September 1999
SOURCE
Multinational Business Review (St. Louis University);Fall99, Vol. 7 Issue 2, p22
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This paper finds that the primary causes of the late 1997 Asian economic crises were 1) stronger international competition among Asian countries, 2) high levels of political influence in private economic decisions and poorly developed domestic financial markets, and 3) a weak international financial architecture. Restoring economic growth in Japan and other industrial countries and the avoidance of competitive devaluations are important for Asian economic recovery. In addition, it is important that domestic financial systems in Asia are reformed so they are no longer characterized by low disclosure levels, high debt ratios, positive feedback circles, and high political influence in credit decisions. Finally, the international financial architecture must be strengthened to cope with high levels of cross-border financial flows and financial liberalization.
ACCESSION #
2214008

 

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