Chapter

East Asia's Response to the 1997 Crisis

Yung Chul Park and Charles Wyplosz

in Monetary and Financial Integration in East Asia

Published in print July 2010 | ISBN: 9780199587124
Published online September 2010 | e-ISBN: 9780191723377 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199587124.003.0001
East Asia's Response to the 1997 Crisis

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The 1997 crisis has left a long-lasting imprint, both in terms of economic performance and in the way the countries of the region relate to the rest of the world. The crisis has exposed pre-existing weaknesses both at country level and in terms of regional cooperation. This chapter reviews the various reform efforts that followed. The record is mixed. Much country-level reform has taken place but much remains to be done. Regional peer review and regional surveillance has had a beneficial effect but, like Europe's method of soft coordination, there are clear limits and East Asia has not yet built a common institution like Europe's Commission.

Keywords: crisis; economic reform; regional cooperation; soft cordination; European Union; peer pressure; surveillance

Chapter.  11122 words.  Illustrated.

Subjects: Financial Markets

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