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The Asian financial crisis and the need for regional financial cooperation

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Title The Asian financial crisis and the need for regional financial cooperation
Similar Titles
Material Type Reports
Author(English)

Wang, Yungjong

Publisher

[Seoul]:Korea Institute for International Economic Policy

Date 1999
Series Title; No KIEP Working Paper / 99-14
ISBN 89-322-4057-4
Pages 60
Subject Country Indonesia(Asia and Pacific)
Malaysia(Asia and Pacific)
Philippines(Asia and Pacific)
Singapore(Asia and Pacific)
South Korea(Asia and Pacific)
Thailand(Asia and Pacific)
Taiwan(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KIEP; KDI School

Abstract

The Asian financial crisis and its policy implications can be understood on the national, regional, and global dimensions. At the national level, both directly and indirectly affected countries have to strengthen their self-defensive countermeasures to prevent a future financial crisis. For this purpose, countries under the IMF program, including Thailand, Indonesia, and Korea, have undertaken macroeconomic stabilization policies and bold structural reforms in financial and corporate sectors. As a result, usable foreign reserves have accumulated dramatically and the structure of external debts has much improved. In addition, policy-makers are very serious about structural reforms, although a sense of complacency can be observed among consumers, businesses, and trade unions. At the regional level, there were also many calls for financial cooperation just after the Asian financial crisis broke out. However, the discussion on regional financial cooperation has largely remained within the realm of academia and has not been able to produce any tangible result. (The rest omitted)