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Obstacles To Implementing Lessons from the 1997-1998 East Asian Crises

  • Jomo Kwame Sundaram
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    Various different and sometimes contradictory lessons have been drawn from the 1997-1998 East Asian crisis experiences. The ideological implications and political differences involved have complicated the possibility of drawing shared lessons from the crises. The seeming calm and increased growth in most developing countries in the period since 2001 have also undermined the possibility of far-reaching developmental reforms following the experience. Perhaps most importantly, the vested interests supporting existing international financial governance arrangements continue to impede the possibility of implementing lessons drawn from the experience. Such interests are generally supported by conventional wisdom and reinforced by the financial media.

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    File URL: http://www.un.org/esa/desa/papers/2008/wp66_2008.pdf
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    Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 66.

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    Length: 28 pages
    Date of creation: Aug 2008
    Date of revision:
    Handle: RePEc:une:wpaper:66
    Contact details of provider: Web page: http://www.un.org/en/development/desa/working-papers.html
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    1. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
    2. Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
    3. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
    4. Asli Demirgüç-Kunt & Enrica Detragiache, 1998. "The Determinants of Banking Crises in Developing and Developed Countries," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 81-109, March.
    5. Jan A. Kregel, 1998. "East Asia Is Not Mexico: The Difference between Balance of Payments Crises and Debt Deflations," Economics Working Paper Archive wp_235, Levy Economics Institute.
    6. Martin Mayer, 1998. "The Asian Disease: Plausible Diagnoses, Possible Remedies," Economics Working Paper Archive wp_232, Levy Economics Institute.
    7. Martin Mayer, 1998. "The Asian Disease: Plausible Diagnoses, Possible Remedies," Macroeconomics 9805015, EconWPA.
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