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Implications of Financial Crisis for East Asian Trend Growth

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  • Crafts, Nicholas

Abstract

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. Copyright 1999 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 15 (1999)
Issue (Month): 3 (Autumn)
Pages: 110-31

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Handle: RePEc:oup:oxford:v:15:y:1999:i:3:p:110-31

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. Crafts, Nicholas, 2010. "The Contribution of New Technology to Economic Growth: Lessons from Economic History," CAGE Online Working Paper Series 01, Competitive Advantage in the Global Economy (CAGE).
  2. John Calverley & Sarah Hewin & Kevin Grice, 2000. "Emerging Stock Markets After the Crisis," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  3. Aloi, Marta & Lasselle, Laurence, 2007. "Growth and welfare effects of stabilizing innovation cycles," Journal of Macroeconomics, Elsevier, vol. 29(4), pages 806-823, December.
  4. John Calverley & Sarah Hewin & Kevin Grice, 2000. "Emerging Stock Markets after the Crises," SUERF Studies, SUERF - The European Money and Finance Forum, number 6 edited by Morten Balling, November.
  5. Leandro Prados de la Escosura & Joan R. Rosés, 2008. "Proximate causes of economic growth in Spain, 1850-2000," Working Papers in Economic History wp08-12, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  6. Marta Aloi & Laurence Lasselle, 2001. "Growing through Subsidies," Discussion Paper Series, Department of Economics 200109, Department of Economics, University of St. Andrews.
  7. Nicholas Crafts, 2004. "The world economy in the 1990s: a long run perspective," Economic History Working Papers 22334, London School of Economics and Political Science, Department of Economic History.

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