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The Asian Economic Crisis and Japan

Author

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  • Yamazawa, Ippei

Abstract

The East Asian economies have been hit by a currency crisis and their miraculous growth has stopped abruptly. More than a year has passed since the crisis started, but the recovery of economic growth has been slow. Individual governments are struggling to overcome their severe economic difficulties, but they find themselves trapped and unable to recover on their own. Japan quickly contributed 37 billion dollars to these countries, but the Japanese economy itself has been stagnant. This paper tries to respond to the Asian request for help and seeks to explain how Japan is positioned in the current crisis and what scenario Japan can propose for overcoming it. The paper emphasizes closer cooperation to restore a stable currency regime, and calls for macroeconomic policy coordination, the strengthening of liberalization and facilitation, and greater economic and technical cooperation within the Asia Pacific Economic Cooperation community.

Suggested Citation

  • Yamazawa, Ippei, 1998. "The Asian Economic Crisis and Japan," The Developing Economies, Institute of Developing Economies, Japan External Trade Organization(JETRO), vol. 36(3), pages 332-351, September.
    • Handle: RePEc:jet:deveco:v:36:y:1998:i:3:p:332-351
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    Cited by:

    1. Solikin M. Juhro & Bernard Njindan Iyke, 2019. "Monetary Policy And Financial Conditions In Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 21(3), pages 1-20, January.
    2. Ruoyu Chen & Chukiat Chaiboonsri & Satawat Wannapan, 2021. "The Perspective of Thailand Economy After the Effect of Coronavirus-19 Pandemics: Explication by Dynamic I-O Models and Agent-Based Simulations," SAGE Open, , vol. 11(2), pages 21582440211, June.
    3. Bernard Njindan Iyke, 2019. "A Test Of The Efficiency Of The Foreign Exchange Market In Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 0(12th BMEB), pages 1-26, January.

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