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Implications of financial crisis for East Asian trend growth

Crafts, Nicholas (1999) Implications of financial crisis for East Asian trend growth. Oxford Review of Economic Policy, 15 (3). pp. 110-131. ISSN 1460-2121

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Abstract

The article sets the Asian financial crisis in the context of the developmental state model of Asian development and sees it as, in part, the downside risk of a financial liberalization that was badly handled but nevertheless appropriate as a stimulus to better productivity performance. The East Asian economies are shown still to have a large labour productivity gap with the leading OECD countries and substantial scope for further rapid catch-up growth. Historical experience suggests that the policy response to the crisis is fundamental not only to immediate recovery prospects but also to realizing this remaining fast growth potential.

Item Type: Article
Official URL: http://oxrep.oxfordjournals.org/
Additional Information: © 1999 Oxford University Press and the Oxford Review of Economic Policy Limited
Library of Congress subject classification: J Political Science > JQ Political institutions Asia
Sets: Departments > Economic History
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 17 Feb 2010 15:39
URL: http://eprints.lse.ac.uk/7341/

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