[Title Page]
Contents
Keynote Speech 4
An Evaluation of International Economic Coordination in the Asian Crises / Edwin Truman 5
INTRODUCTION 7
ORIGINS OF THE CRISES 7
IDENTIFICATION 8
DIAGNOSIS 8
TREATMENT 9
FISCAL POLICIES 10
MONETARY POLICIES 10
EXCHANGE RATE POLICIES 11
FINANCIAL RESTRUCTURING 11
EXTERNAL FINANCING AND PRIVATE SECTOR INVOLVEMENT 12
TREATMENT SUMMARY 12
RESULTS 13
Session 1. The Global Financial System and the Asian Financial Crisis 16
Managing Global Liquidity in the Financial System / Anoop Singh 17
1997-1998 Asian Crises Lessons Lost? / Jomo Kwame Sundaram 20
International Monetary and Financial System: Developments and Challenges of Asian Countries since Asian Crisis / Soyoung Kim 28
Review of Policy Responses 30
Limitations and Future Directions 34
Some New Challenges 37
Lessons from the Two Crises / Jun Il Kim 43
Session 2. The Asian Financial Crisis: Country Cases 54
Overcoming the 1997-98 Crisis / Dongchul Cho 55
I. The Korean Economy before the Crisis 57
II. Initial Responses: the IMF Program 60
III. Macro-policy Adjustments 63
IV. Summary and Assessments 66
Miracle and Debacle in Southeast Asia: Growth, Crisis, Recovery / Jomo Kwame Sundaram 68
Why did Asian Countries fare much better during Global Financial Crisis than during Asian Financial Crisis? / Donghyun Park 77
Introduction 79
Stylized facts: East Asia-5 as a whole 80
Empirical framework 89
Key empirical results 92
Concluding observations 94
Session 3. Prospects and Policy Implications for Global Financial Stability 96
Economic Risk and Resilience in Asia: What's Changed since the AFC? What more can be done to Improve Crisis Preparedness? / Barry Sterland 97
Developing CMIM and AMRO / Yasuto Watanabe 108
Global Financial Outlook and Risk / Hung Tran 111
[Back Cover] 119