Economic Development of Emerging East Asia presents economic studies of Taiwan and South Korea, compares them chiefly with Japan and the United States and finds that these East Asian countries are still in the process of emerging in the world economy. A timely quantitative and econometric analysis of the regional economies of emerging East Asia, the volume examines development indicators, effects of the 1997 Asian financial crisis, productivity growth, catching up and convergence of long run real GDP per capita growth, the time required for a country to catch up, colonialism and economic development in Taiwan and India. Arranged in increasing complexity of economic analyses, the chapters in this book provide a comprehensive understanding of emerging East Asian economies. In addition to serving as a handy reference for regional economists, policy analysts and researchers, Economic Development of Emerging East Asia can also be used as a textbook on economics and business.

An examination of the political and economic causes and consequences of the Asian financial crises.

After years of strong performance, Korea’s economy entered a crisis in 1997, owing largely to structural problems in its financial and corporate sectors. These problems emerged in the second half of that year, when the capital inflows that had helped finance Korea’s growth were reversed, as foreign investors—reeling from losses in other Southeast Asian economies—decided to reduce their exposure to Korea. This paper focuses on the sources of the crisis that originated in the financial sector, the measures taken to deal with it, and the evolution of key banking and financial variables in its aftermath.

This study not only examines the countries most severely affected by the Asian financial crisis, but also draws lessons from those whose economies escaped the worst problems. The author focuses on the political economy of the crisis, emphasizing long-standing problems and crisis management tactics.

Taiwan's Development Experience: Lessons on Roles of Government and Market scrutinizes the main features of the Taiwanese development experience under five interrelated themes and domains: Outward-orientation vs. inward-orientation; Sources of growth; Dynamic balanced growth process: the interaction between agricultural and non-agricultural sectors; The role of government in the transition to a more market-oriented economy; and The potential transferability of the Taiwanese development experience to developing countries. In addition to highlighting the essential contributions of papers, the Editors also bring out the views and contributions, under each of the above headings, of two distinguished former Cornell University colleagues who are honored at the sponsoring conference - T.C. Liu and S.C. Tsiang.

This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. It argues that voter vulnerability to different reform strategies varies, and that these vulnerabilities influence the type and timing of governments' policy responses to economic crises. Empirical analyses at both the individual level across a broad range of countries and case studies of national policy responses to financial and economic crises in Asia and Eastern Europe support the argument.

In the summer of 1997, a tidal wave of economic problems swept across Asia. Currencies plummeted, banks failed, GNP stagnated, unemployment soared, and exports stalled. In short, the vaunted "Asian Economic Miracle" became the "Asian Economic Crisis"—with serious repercussions for nations and markets around the world. While the headlines are still fresh, a group of experts on the region presents the first account to focus on the political causes and implications of the crisis. The events of 1997–98 involved not just property values, financial flows, portfolio makeup, and debt ratios, they argue, but also the power relationships that shaped those economic indicators.As they examine the domestic, regional, and international politics that underlay the economic collapse, the authors analyze the reasons why the crisis affected the nations of Asia in radically different ways. The authors also consider whether the crisis indicates a radical change in Asia's economic future.