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Revisiting the East Asian Financial Crises: Lessons from Ethics and Development Patterns

In: Economic Growth and Financial Development

Author

Listed:
  • Andrea Gatto

    (Wenzhou-Kean University
    University of Greenwich
    Azerbaijan State University of Economics (UNEC))

  • Elkhan Richard Sadik-Zada

    (Azerbaijan State University of Economics (UNEC)
    University of Cambridge Energy Policy Research Group
    Ruhr University, Faculty of Economics, Ruhr-Universität Bochum)

Abstract

This book chapter offers a conceptual contribution to the development economics and financial development literature by reviewing the East Asian development patterns through an ethical interpretation. The flight of foreign capital and the financial crises that affected some of the most successful East Asian economies led to a critique of their development pathways. However, Japan and the Asian Tigers displayed a lead role for ethics in both their economic and business historical process, as part of the Confucian capitalism. The Asian miracle carries a strong ethical message, to be kept for policy recommendations. These lessons can be useful for regulation purposes and to smooth the risk of upcoming financial crises.

Suggested Citation

  • Andrea Gatto & Elkhan Richard Sadik-Zada, 2021. "Revisiting the East Asian Financial Crises: Lessons from Ethics and Development Patterns," Springer Books, in: Muhammad Shahbaz & Alaa Soliman & Subhan Ullah (ed.), Economic Growth and Financial Development, pages 23-31, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-79003-5_2
    DOI: 10.1007/978-3-030-79003-5_2
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    Cited by:

    1. Drago, Carlo & Gatto, Andrea, 2022. "Policy, regulation effectiveness, and sustainability in the energy sector: A worldwide interval-based composite indicator," Energy Policy, Elsevier, vol. 167(C).
    2. Sarmann I. Kennedyd & Rob Kim Marjerison & Yuequn Yu & Qian Zi & Xinyi Tang & Ze Yang, 2022. "E-Commerce Engagement: A Prerequisite for Economic Sustainability—An Empirical Examination of Influencing Factors," Sustainability, MDPI, vol. 14(8), pages 1-24, April.
    3. Rob Kim Marjerison & Matthew Andrews & George Kuan, 2022. "Creating Sustainable Organizations through Knowledge Sharing and Organizational Agility: Empirical Evidence from China," Sustainability, MDPI, vol. 14(8), pages 1-23, April.
    4. Saeed Awadh Bin-Nashwan & Adel Sarea & Meshari Al-Daihani & Abdullahi Bala Ado & Halima Begum & Mushari Hamdan Alosaimi & Hijattulah Abdul-Jabbar & Mohammed Khalifa Abdelsalam, 2022. "Fundraising Appeals for the COVID-19 Epidemic Fight: A Cross-Country Study of Donor Responses," Sustainability, MDPI, vol. 14(11), pages 1-20, May.

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