The Asian road to the market has generally been seen as a model of success and the object of widespread admiration. But even in countries experiencing sustained growth, there have been unmistakable signs of deep social strain. This book evaluates the experience and debunks widespread myths about Asian growth. It does so by identifying the link between alternative transition models, public policies and household responses on the one hand, and key welfare changes on the other.

The Asian road to the market has generally been seen as a model of success and the object of widespread admiration. This volume evaluates the actual experience and debunks some of the most widespread myths. It does so by identifying the link between alternative transition models, public policies and household responses on the one hand, and key welfare changes on the other. Even in countries experiencing sustained growth, there have been unmistakable signs of deep social strain.

The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 raise serious concern about the net benefits for developing countries of large inflows of potentially reversible short-term international finance. The contributions to this volume - a mix of analytical approaches and case studies - examine the policy dilemmas confronting public authorities in the emerging economies as they deal with short-term capital movements, especially in the period before the outbreak of these crises.