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
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.
|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|
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