Overview
"This book reveals significant lessons on how economic prosperity was secured for people over three decades in eight Asian countries. It focuses on the careful way in which these nations designed and implemented pro-growth, liberal economic and financial policies. A new phenomenon - namely financial fragility - in the more liberalized fast growth Asian economies is also examined." "The authors explore why only some of the early reformers among China, India, Indonesia, Korea, Malaysia, Pakistan, Singapore, and Thailand succumbed to a serious financial crisis in 1997 whilst others did not. They also analyse the impact of policies implemented by the crisis-hit economies, either under the IMF restructuring programs or independent pursuit of capital and currency controls. The book goes on to identify the weaknesses of the banking sector in order to explain the reasons behind the financial crisis. The book concludes with lessons for other emerging economies undertaking economic and financial development through liberalization. These examples reveal policies that could be prescribed in order to prevent future problems." Focusing on post-crisis reforms and their policy impacts, and on post-crisis evaluation of restructuring implemented in the financial sector, this book will appeal to academics and those with specific interests in Asian studies and/or banking and finance. Policymakers - in particular those at central banks and treasuries, along with professionals in financial institutions and multinational firms, will find the book to be a fascinating read.Synopsis
To demonstrate how economic and financial liberalization can help the well-being of peoples of poor nations, Ariff (finance, Monash U., Melbourne) and Khalid (economics and finance, Bond U., Australia) document and analyze the myriad liberalization steps undertaken in eight Asian countries, identifying potential lessons for other countries pondering how to improve the human conditions in the newer and increasingly globalizing world of the 21st century. In 2000, they published a similar work on 13 Asian countries over a 35-year span ending in 1998, and here narrow their focus to eight of those in order to bring the story forward another five years. Among their examples are China as a command economy responding well to market signals for a long while now, liberalization in Indonesia amidst exchange rate and now growing political stability, and continual reforms to maintain financial center status in Singapore. Annotation ©2005 Book News, Inc., Portland, OR