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Regional Responses To The Southeast Asian Economic Crisis: A Case Of Self-Help Or No Help?


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  • Ramkishen S. Rajan


  • Chang Li Lin



The currency crises of the 1990s, particularly the one that hit Southeast Asia since the devaluation of the Thai baht on July 2, 1997, are suggestive of the relevance and pervasiveness of contagion or negative spillover effects that are largely regional in scope. As such, one of the mantras since the onset of the Southeast Asian economic crisis has been the need for “regional solutions to regional problemsâ€. Given that the two focal institutions in Southeast Asia, viz. the Association of Southeast Asian Nations (ASEAN) and the Asia-Pacific Economic Cooperation (APEC) were perceived as being successful in their past attempts in problem-solving, there were high expectations that such regionalism would be key in finding solutions to the Southeast Asian economic crisis and mitigating the after-shocks. Accordingly, this paper evaluates the regional responses to the crisis, taking stock of both preventive and curative initiatives of significance. While the focus is on ASEAN and APEC, consistent with the concept of ‘loose’ or ‘non-institutionalised’ regionalism in Southeast Asia and the larger Asia-Pacific region, other ad hoc unilateral or bilateral initiatives of significance by other Asian member countries in APEC are also examined, particularly those by the region’s dominant economic power, Japan. [Working Paper No. 8]

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Paper provided by eSocialSciences in its series Working Papers with number id:2685.

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Date of creation: Jul 2010
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Handle: RePEc:ess:wpaper:id:2685

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Keywords: Southeast Asia; Association of Southeast Asian Nations (ASEAN); Asia-Pacific Economic Cooperation (APEC); problem-solving; economic power; Japan;

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  1. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 544, Board of Governors of the Federal Reserve System (U.S.).
  2. Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 13(4), pages 85-104, Fall.
  3. Chan Huh & Kenneth Kasa, 1997. "A dynamic model of export competition, policy coordination and simultaneous currency collapse," Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco 97-08, Federal Reserve Bank of San Francisco.
  4. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, Elsevier, vol. 38(3-4), pages 964-973, April.
  5. Ramkishen Rajan, 2010. "The Currency and Financial Crisis in Southeast Asia: A Case of 'Sudden Death' or Death Foretold'?," Working Papers, eSocialSciences id:2583, eSocialSciences.
  6. repec:imf:imfpdp:9807 is not listed on IDEAS
  7. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 110(3), pages 641-80, August.
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Cited by:
  1. Ramkishen S. Rajan & Sadhana Srivastava, 2010. "Implications Of The Economic Rise Of The PRC For Asean and India: Trade and Foreign Direct Investment," Working Papers, eSocialSciences id:2680, eSocialSciences.
  2. Mamoru Nagano, 2005. "Investment And Export-Led Industrialization: Financial Constraints And Export Promotion Of East Asian Firms," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, Chung-Ang Unviersity, Department of Economics, vol. 30(1), pages 81-93, June.
  3. Anisha Sabhlok, 2010. "The Evolution of Singapore Business: A Case Study Approach," Working Papers, eSocialSciences id:2818, eSocialSciences.


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