This book reveals significant lessons on how economic prosperity was secured for people over three decades in eight Asian countries. It focusses 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 liberalised 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.

This timely book examines the effects of financial liberalization in the more advanced economies of Southeast Asia. The book also analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example. The weakness of the banking sector is examined in order to explain the reasons behind the currency crisis and to prescribe policies to avoid a similar episode in the future. Further, the book documents the individual steps taken to liberalize the economies over a period of about 20-30 years in each country. The analyses reveal that liberalization led to high growth in economies undertaking such reforms while unwillingness to take such reforms appear to have led to poor growth and hence low social development. This finding contradicts the common belief that liberalization led to the financial crisis and then to growth collapse. An efficient and liberalized financial sector is an essential precondition for promoting and accelerating economic growth and welfare. Arguments supporting this policy are based on the experience of Southeast Asian economies, particularly the pioneers such as Malaysia, Singapore, Indonesia and Thailand. This has led some less developed countries in East and South Asia to initiate the process of financial sector reforms and to realize the potential benefits of such reforms. The authors analyse the reform process and the lessons to be drawn from the experiences of these economies in their quest for sustained development in East and South Asia.

Given the importance of globalization in today?s world, this salutary and timely book explores how globalization is specifically shaping the Asia-Pacific. It investigates future prospects and challenges, identifies the key winners and losers, and concludes in many cases that the portents for globalization are not particularly promising. Prominent economists and policy scholars examine a wide range of topics pertinent to globalization and economic integration in the Asia-Pacific, encompassing macroeconomic coordination and financial market integration; regionalism and preferential trade agreements; and immigration and labor markets, including gender issues and the impact of outsourcing. Through these analyses, the expert contributors illustrate the importance of market participants and regulators clearly understanding the risks associated with the present stage of globalization. They show that national policy makers need to reconfigure the regulatory framework following international lessons from previous financial crises experienced in the last two decades, and that financial literacy is essential for market participants, especially in emerging economies. Many of the issues discussed will prove useful in promoting the development of a new international financial architecture, comprising measures that will help reap the full benefits of globalization.This stimulating and challenging book will strongly appeal to academics, advanced undergraduates, postgraduates, researchers, and policy makers in the fields of Asian studies, international economics, and international business.

This fascinating book presents a lively discussion of key issues resulting from the recent financial crisis. The expert contributors explore why the global financial crisis occurred, how it destroyed wealth, triggered mass unemployment, and created an unprecedented loss of control on employment, monetary policy, government budgets. Important topics encompassing the origin and impact of the crisis, governance failure, regulatory forgiveness, credit splurges, asset bubbles and the greed of institutions are analysed from wide-ranging perspectives of not only academics in both economics and law, but also from industry practitioners and regulators. This multidimensional evaluation of what went wrong concludes with an outline of what is currently being done to prevent another major crisis, and prescribes recommendations for the implementation of further preventative measures. This book will prove a compelling read for economics, finance and law scholars, as well as for practitioners including accountants, lawyers and financial market players. Contributors include: R.P Buckley, M. Bond, W. Byres, J. Carmichael, F. Clarke, K. Davis, G. Dean, J. Diplock, J. Farrar, A. Fels, N. Gaston, A. Khalid, R. MacKinnon, T. Makin

This book reveals significant lessons on how economic prosperity was secured for people over three decades in eight Asian countries. It focusses 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 liberalised 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.

This fascinating book presents a lively discussion of key issues resulting from the recent financial crisis. The expert contributors explore why the global financial crisis occurred, how it destroyed wealth, triggered mass unemployment, and created an unprecedented loss of control on employment, monetary policy, government budgets. Important topics encompassing the origin and impact of the crisis, governance failure, regulatory forgiveness, credit splurges, asset bubbles and the greed of institutions are analysed from wide-ranging perspectives of not only academics in both economics and law, but also from industry practitioners and regulators. This multidimensional evaluation of what went wrong concludes with an outline of what is currently being done to prevent another major crisis, and prescribes recommendations for the implementation of further preventative measures. This book will prove a compelling read for economics, finance and law scholars, as well as for practitioners including accountants, lawyers and financial market players. Contributors include: R.P Buckley, M. Bond, W. Byres, J. Carmichael, F. Clarke, K. Davis, G. Dean, J. Diplock, J. Farrar, A. Fels, N. Gaston, A. Khalid, R. MacKinnon, T. Makin

The D-8 (Developing Eight) organisation was officially formed in 1997 and has Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey as full members. The D-8 economies encompass nearly 62% of the Muslim population or about 1.17 billion people globally. The economic, cultural, social, political and geographical diversity that exists amongst the D-8 member countries differs radically from other Muslim or regional blocks. Furthermore, D-8 member countries are developing economies that do not solely rely on oil, ancient civilizations, or roles as historical powerhouses, but their populations aspire to be better educated, scientifically more advanced, have higher incomes and improved human rights. It is imperative to study the implications of these developments for cultural identity and life quality. This book studies the contemporary socio-economic developments and challenges faced by D-8 countries. It explores questions on the socio-economic and political formation, sustainability, economic participation, and the vitality of the D-8 member countries. It deepens our understanding of recent global economic systems and governance, and suggests areas for future research and publications.